CRM is a type of software available for business to improve their relationship with their customers and to gain prospective customers. It integrates the four aspects of customer relations i.e. Sales, Feedback, Support and Marketing into one tool. 7 Sure-fire Ways CRM Solution can Bolster your Sales Team’s Endeavors! It is not only helpful in organizing a large customer base but also helpful to gain new customers and keep the existing customers happy with the company. This is very important for small businesses as their customer base isn’t as diverse or voluminous as large corporations.
Better ad targeting
Randomly targeting ads is not a very effective strategy. With limited funds of a small business this strategy can turn out to be very costly with little to no return. Getting to know your customers can help you target your ads better, with more returns. Information like: what particular demographic forms your largest base, what particular trait about your product is most liked by your customers, can be used for better targeting. All of this can be easily achieved through the implementation of CRM systems like Kreato. You no longer have to guess what your prospects would want, CRM provides you with enough data to take informed decisions.
For small businesses, customer loyalty is as important, if not more, as attracting new customers. Keeping the customers happy is very crucial to building up a strong customer base. According to the French Management Review – February 2000, a 5% rise customer loyalty rates can increase the value of the average customer from 25 to 100%. CRM is designed to do just that. Increased knowledge of past customer interactions, customer’s past purchases and complaints help you deliver a more personalized experience to your customers, keeping them satisfied and loyal to your business.
Cost reduction through CRM
A survey conducted by Brother International and SCORE indicates 72% of the small business owners are confident new technologies will be able to deliver greater return on investment than hiring new employees. CRM improves your efficiency in dealing with customer feedback helping you improve your product and/or services, reducing the costs at the same time. Improved complaint handling also helps you remove excessive work load from your employees. You can handle more customers even with less employees.
CRM better for small business than large corporations:
A survey has discovered that small businesses benefits considerably from CRM software. The report shows that 37% of small businesses were very satisfied with CRM software, as opposed to 26% of midsized companies. The level of dissatisfaction was only 25% for small businesses as opposed to 50% for large businesses. This data makes it clear that CRM is a useful tool for small businesses.
Besides that, the fact that large companies often make more generic products to cater to a larger population and small businesses are generally specialized in serving specific kinds of needs makes CRM software much more important for small businesses.