A business is nothing if it doesn’t have returning customers. The cost of retaining customers is 10 percent of finding new ones. So it goes without saying that without customer relationship management the business won’t reach the success it deserves.
One would wonder how a management model will help a business build relationship with people they’ve never met or interacted. That’s through social media, which is not only used for advertising and marketing but also for gaining credibility and building a strong public image.
Benefits of Hiring Custom CRM Development Company
Here are five ways how customer relationship management helps in business development:
1. Reduces Cost of Sales
According to Marketing Metrics, the probability of selling a new product to existing customers is 60 to 70 percent and selling to new customers is only five to 20 percent. When you increase sale efficiency by reducing costs by including CRM software solutions in your marketing plan, you can focus on the business’s core values including sales productivity, funding, and starting new product lines.
When you know your set of customers, you get a 360 degrees view of them and move ahead in your business plan the way they want. There’s a less chance of failing that way.
2. Find the right customers
Finding the right set of customers is as important as keeping up with the products’ quality. A study by Pardot revealed that almost 79 percent of marketing leads don’t get converted into customers. It doesn’t make sense to attract those 79 percent people by aggressive marketing because that would only waste capital, time, and resources.
It will take time, but CRM will help you find your right set as these customers are easily convinced and take less time to make decisions, thereby increasing your company’s turnover rates. You can hire a custom CRM development company for helping you find the customers.
3. Higher employee productivity
Research and development are an essential part of every company’s core values. When your employees know whom to target precisely, they will spend more time getting connected with them, rather than finding who their customer base is. According to Harvard Business Review, 52 percent of salespersons agreed that they take complete advantage of their company’s customer relationship data.
And that is why CRM works for every type of company from a web application development company to a retail one.
4. Increase in customer satisfaction and retention
When your employees know their role, they’ll work better to ensure that your existing clients receive exceptional service and engage in impressing new ones. A recently released Harvard Business Review revealed that a five percent decrease in customer base could reduce profits by 25 to 30 percent.
CRM development services don’t only ensure that your customers enjoy being associated with you but also keep coming back. So make sure you invest your time wisely and reap benefits later.
5. Better customer service
If you want to become a successful business, your company should have a customer relations department, who will create a database for your customer service department. When a customer calls you when they face an issue, you can check the person’s history with the company and get an idea of how to deal with them.
Using the right resources, you can send them personalized messages, tips, and solutions because you have their shopping behavior right in front of you.
Salesforce agrees that 46 percent of sales leaders believe that deeper customer relationships hold the key to sustaining long-term success. Without customers, a company has no values, so ensure that you focus all your attention towards making them comfortable and satisfied.