Managing customer interaction, along with the technologies, strategies, and practices involved calls for a dedicated process. This process is known as Customer Relationship Management.
A CRM system basically derives information regarding consumers from their sales funnel. The data is then analyzed and transforms into actionable information that works towards enhancing business relationships.
The initial concept of CRM got underway when marketers started recording sales data using a pen and paper. The very first CRM software was introduced in the 1990s.
In present times, CRM comes by as an indispensable marketing tool for businesses. It has rendered its effects over just about every technology for business communication. The right use of CRM delivers a competitive edge for organizations.
- CRM boosts customer retention rates
According to the industry experts, customer retention rates can improve by as much as 27% with the use of CRM. In the present era, marketers go oblivious to an extent regarding the value of CRM for their organization.
The most significant factor for customer relationships is maintaining customer data online and enhancing the relationship with them at a personal level. A CRM aids with the cause by helping recover relevant information regarding customer behavior and relevant purchases instantly.
- CRM maintains cloud-based data
A majority of CRM systems that we come across nowadays are cloud-based. More and more CRM systems are migrating to the cloud. Cloud-based CRM systems essentially come with a host of advantages. They are easy to access from anywhere in the world and are easier to integrate with other technology solutions and software. This allows marketers to use CRM data strategically in order to target the chosen consumer demographics.
- The advent of Beacon technology
Customers nowadays tend to change their smartphones and tablets frequently. Offering a seamless experience comes by as a challenge for marketers.
Beacons make the process sustainable. This simplifies communication and sends push notification to customers by collecting data. Hence smartphones receive notifications when they are in the vicinity of marketers.
For marketers, beacons come by as a good source of information. Customer signals can be captured both, in-store and online. The data can be combined with CRMs for enhanced customer engagements.
- CRM Predictive Analytics
New age CRM solutions that we nowadays come across have inbuilt predictive analytics. This enables marketers to keep their marketing efforts organized and focus over the desired customer demographics in the most lucrative of ways. Past purchases and buying behaviors are some of the prime metrics for marketing decisions.
Marketers also have the choice at switching technologies and going ahead with the one which offers them the most lucrative and accurate predictive insights through mediums.
- CRM as a social savvy tool
CRM software that we nowadays come across is social friendly. This comes across as advantageous for marketers, and enables them to track customer interactions across segregated social media platforms.
People-based marketing techniques are the norm over Facebook. With integrated CRM software, the marketing strategy turns out to be easier to implement still.
In its short and concise journey, CRM software has traversed a long distance. It started out as a tool to manage client relationships. Sales automation is nowadays a part of new-age CRM software that we come across. People-based marketing is one of the prime focus areas, while customer engagement is more effective.