Why CRM Is Critical to Small-Business Success Right Now

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Small Business CRM – The coronavirus has dramatically plunged the world economy into a crisis unlike any other, forcing many businesses to transform into cloud-based operations or risk closing permanently. In fact, 1 in 5 businesses are expecting to wait a year before experiencing a full recovery, and the estimated cost of coronavirus sits at more than $64,000 per company.

Small and midsize businesses (SMBs) have been disproportionately affected by the global pandemic as they adapt to stay top of mind without direct access to customers. As a result, many SMBs have implemented customer relationship management (CRM) solutions at lightning speed, and it’s no secret why.

Those that have capitalized on these advanced solutions to improve customer loyalty, engagement, and retention are faring far better than those who haven’t. According to Bain & Company, an increase in client retention as little as 5 percent can provide companies with a 75 percent boost in profits.

As we all know, maintaining customer contact is the lifeline to any company, no matter the industry. Utilizing a CRM is good for business, as there’s a major difference between those who are thriving and those who are struggling to survive.

CRMs Give SMBs the Edge

Long before the pandemic turned the world upside down, customers were demanding more seamless, personalized interactions. There were limitless CRM options for enterprise-level companies, but nothing that spoke to the needs and budgets of SMBs. As the world makes a heavy shift to more virtual connections, now is the time for small businesses to invest in these innovative software solutions.

CRM technology has long been regarded as an essential tool for all businesses. But with new operational challenges due to health and safety restrictions, it has become essential to stay afloat. It not only empowers a first-class customer experience, but also simultaneously drives revenue and gives SMBs a competitive advantage.

Simplified Client Management

One of the main reasons that more SMBs invest in CRM solutions is its incredible ability to simplify client management by centralizing customer data. In fact, a recent report found that 74 percent of CRM users said their system gave them improved access to customer data.

Top CRM platforms streamline the storage of customer data into a singular dashboard, making it accessible to all departments and providing a 360-degree view of customers in real time. This cuts down on time wasted searching for accurate customer information, allowing service teams to rapidly access the data needed to support customers while driving value, engagement, and sales. With simplified processes for small customer service tasks, CRM can drastically increase productivity while generating more high-quality leads.

Seamless Sales Strategy

CRM applications can help increase sales by up to 29 percent, sales productivity by up to 34 percent, and sales forecast accuracy by 42 percent. With CRM helping to easily locate where current and potential customers are in the customer cycle, marketers can prioritize who to contact while staying organized to ensure important leads don’t fall through the cracks. By identifying and re-engaging dormant customers with automated email marketing campaigns, customers will stay engaged at the right time to generate optimal responses.

Backed up by reliable reporting tools and access to customer history, CRM solutions make it easier than ever to accurately forecast a company’s pipeline. Every stage of a customer’s life cycle can be monitored and acted upon while ensuring strategic alignment across the entire business.

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Article Credit: CRM