Customer Relationship Management (CRM) often involves workflows related to the collection and storage of customer data, and later analyzing it to help you gain more understanding of the status of your business.
It employs business intelligence technology which allows you to learn how you can improve operations and collaborations, both internally and externally.
Depending on your data, CRM could give you accurate predictions of the future and provide accurate insights about your market.
For most businesses, CRM is helpful across different business departments, such as sales, marketing, human resources, etc. Thus, it has a wide-range application that can help each of your departments with their analysis and decision-making needs.
Here are four ways CRM can shape your business in 2024
Below, we discuss how CRM can help your business prepare for 2024:
1. Trend Forecasting
The word “Trend” in general terms means a general direction in which something is changing or developing. In the business world, a trend is comparable to a tide for a surfer. It is a window of opportunity for which if a business can catch on, a boost in growth and profits is ensured.
Businesses always find ways to forecast future trends to identify opportunities for growth. They try to shape a picture of what the future might look like based on what had gone in the past for increased market advantage.
Traditionally, analysts spend so much time on trend forecasting. However, with the increase in innovation and growth of technology, trend forecasting can now be done via CRM solutions.
To do this, CRM systems are equipped with a lead-scoring feature. CRM solutions like Saphyte, have an automated lead scoring tool that allows you to ditch manual calculation of lead scores. This gives you up-to-date information and realistic forecasts.
Here’s how we configure lead scoring using our system.
Furthermore, these systems are also equipped with Sales and Business intelligence. What these tools do is that they collate customer data, contact information, and even customer behavior, so that it can come up with the next best action.
Through analysis, both small and large businesses, are better equipped to adapt to trends brought about by the advancements of the time. And with forecasting, you can preclude possible business failures and pitfalls.
2. Marketing Strategy Optimization
Usually, in the past, businesses had to manually conduct surveys and correlate sales with educated guesses to determine a good marketing strategy. Although this is still effective, it takes so much time and effort. And in a fast-paced world, more than this kind of method would be required.
With CRM and applying its trend forecasting tools, the marketing department of your company can gain more insights as to where they should concentrate their marketing efforts. This would lead them to higher lead conversion rates with lesser expenses and effort.
Also, CRM solutions are beneficial for marketing strategy optimization because they show you current updates on your marketing efforts. Thus, you will immediately know which marketing campaigns work and which don’t. One of the best examples of this is Account-Based Marketing.
This strategy works by getting information from your CRM tool and segregating which groups of individuals or organizations have the same interests. You can then do personalized email marketing, email segregation, or other marketing efforts that are specified for these groups.
Indeed, knowing what motivates your potential customers to become actual customers is the key. When you combine the results of CRM analysis tools with your marketing efforts you and your sales reps will be able to convert more prospects to loyal customers.
3. Optimum Analysis Reports
Analysis reports are the best tools that help businesses know about their current status. Through these reports, you can tell which months your products and services are not selling very well and through analysis, you can determine why. If these reports are organized well and the data gathered are accurate, helpful conclusions can be drawn from them.
With the help of CRM tools, you will not have to worry about mistakes. Since the computer system processes the data you’ve gathered, your analysis would have zero to minimal mistakes.
Moreover, analysis Reports are necessary for many aspects of your company, especially in the Marketing and Finance Aspects. This is because having a clear picture of your business status will help your team perform better. Through CRM, these reports are presented clearly and visibly via a dashboard.
CRMs, like Saphyte, allow you to customize your dashboard to show you the analysis reports at a single glance. You no longer have to browse pages or open a complicated spreadsheet. In just a click, all the data analysis that you need to remind yourself of your business goals is there.
Also, you can create a customized dashboard for each of your teams. Since Saphyte has a friendly user interface, customization is easy. You will have no problems setting them up.
So, If your marketing team is concerned with your sales leads and sales cycle, they can have their own dashboard different from the rest of the team.
4. Increase in Customer Satisfaction
CRM systems allow you to understand the customer’s life cycle better. And when you truly know your customers well you will be able to provide a good customer experience.
Having analysis reports on the trends and interests of these customers will give you an edge compared to other businesses that do not have Analytical CRM yet.
Plus you also have an added bonus. Since the CRM system processes data reliably fast, you can cater to customer questions, needs, and demands more quickly. So, you not only give quality customer service, but you also entertain a higher quantity of customers in a shorter period of time.
Conclusion
Our day-to-day business process is important. But we must consider the changes and disruptions in the business environment. Having the necessary tools that help us project future possibilities helps you prepare for the worst and even take advantage of emerging opportunities.
Learn more about customer data collection, analysis, and insight generation from our experts. Book a FREE demo here.
