I have shared the benefits of a sound, current, and accurate customer relationship management (CRM) software for any business concerned with providing a consistently superior customer experience (CX) in past posts.
Here are the benefits of CRM from my perspective as a marketing executive, business development professional, and technology analyst:
Better client relationships. The more you know, and remember, about someone (customers, executives, prospects) the more they know you care about them. This enables you to forge a much stronger connection and a deeper relationship to establish trust.
Improved ability to cross-sell. The more you know about your clients' needs and wants the better able you are to be relevant and provide the solution to their next problem.
Increased collaboration. This is where many firms who fail to require executives to use the CRM and do not reap the benefits of CRM software. I know this from having managed the implementation of CRM software where the management team thought CRM software was a good idea, but would not learn, or use, the tool themselves.
Improved efficiency. The more you know about clients, the better able you are to serve them. If everyone is using the CRM to record customer interactions, EVERY client interaction, then other team members are able to serve the client with the knowledge of what has been previously discussed. This seamless experience tells clients a lot about how well run your business is -- or is not.
Greater staff satisfaction. The more knowledge your employees have, the more empowered and engaged they are. Having an accurate and up-to-date CRM that everyone uses and has access to helps employees solve client problems. Doing so makes employees and clients happy and business more successful.
Increased revenue and profitability. Once everyone learns, and uses, the CRM productivity increases, sales cycles decrease, you have the ability to provide additional products and services to clients and client satisfaction increases.
Cost savings. While the start-up of a CRM software is expensive and time-consuming, over time the benefits far outweigh the costs. Members of the sales team are able to better schedule meetings with prospects in the same geographic area. Client service reps are better able to resolve clients' concerns. You now have a central client and prospect database that everyone can access rather than everyone keeping a separate spreadsheet or contact database on their computer.
Less client attrition. When a client is engaged with only one member of a professional services firm, the risk of attrition is 40%. When five or more partners are involved in a client relationship, the risk of attrition falls to less than 5%.
CRM is critical to providing a great CX and will enable every member of your team to do so.
Whether you're in a sales or client-centric organization, the more you know about your prospects and clients, the more successful you will be.