5 Facts Every Business Owner Needs to Know About CRM
Customer relationship management (CRM) software might seem like an “extra” thing a business owner can add to their suite of tools whenever they get around to it. But in reality, CRM should be your business’ center of gravity.
Here are 5 things every business owner needs to know about CRM:
There are various price points.
Some business owners stay away from investing in CRM because they think it comes at a heavy price… And it can. But it doesn’t have to.
Most modern CRM software has a tiered structure or different solutions to meet your needs (such as SugarCRM). Whether you simply need to capture leads or do something a bit more sophisticated, you may be surprised at your price options.
BONUS: Make sure your CRM fits your needs before you buy. After you sign up, you don’t want to feel like you’re caught needing to pay more to get the features you need.
Customer Retention vs Customer Acquisition (Spoiler Alert: CRM can do both.)
Yes, CRM is a commitment. You have to invest in the software (at your price point). And you have to take the time to train employees and make sure your sales and customer service teams are using the system to improve your customer service.
Even though CRM can help improve your lead management, it’s not just about that. It’s also about better serving your customers, forecasting their needs, and keeping your records up to date. And remember, acquiring a new customer is five times as expensive as retaining an existing customer.
CRM can track profitability.
When some people think of CRM, they just think about the client management aspects of the software. But it’s so much more than that. By incorporating profitability tracking into your CRM, your accountants will no longer need to worry about tracking every penny of revenue. Instead, they can focus on calculating shipping costs, product discounts, and more. CRM can turn into an efficient bookkeeping system that offers more accurate financial reporting.
It can integrate with other systems.
Thinking you don’t want to mess around with CRM because you’re so immersed in your ERP system? Or your marketing automation system? QuickBooks? No problem. Many CRM software can integrate with other software, which will give you a fuller scope of customer data.
It can streamline and organize tedious tasks.
CRM can streamline your business processes in so many different ways.
Here are a few examples:
- You just obtained a new ISO certification. Awesome. Store the information about this certification inside your CRM. Then you’ll have quick access to this info when you need to send it to current and prospective clients.
- According to your policy, customers send in requests for replacement parts through your website. Did you know this step can go right into your CRM? So you can link the software to your warehousing, in order to see if you have that replacement part available.
- You had some great chats at the tradeshow last month. On the way back, you created a mantra: “Don’t let these new contacts fall by the wayside because you didn’t follow up with them. Don’t let it be like last time.”
Nevertheless, you got distracted by the 800 tasks piling up on your desk. And a month later, your contact list is still sitting in your inbox, mocking you.
No worries. Your CRM can help you document and schedule times to follow up with your leads, so you won’t lose track.
Whether you want to better follow up on prospects, increase your customer service or track profitability, a CRM can assist you with all these —and more—business needs.
Are you a business owner looking for support? We can help. Contact us today.