How CRM Is Helping Startups to Grow
Starting a business is not an exercise for the faint-hearted. You will face a barrage of challenges that you must overcome to stay afloat. Research shows that up to 20% of small businesses will not make it through the first year. By the end of year two, a further 30% will no longer be operational.
At year five, 50% will have closed shop. In 10 years, only 30% will be hanging on. The reasons for business failure are many. They include cash flow problems, improper staffing, and market fluctuations. Then there is also the critical role of sales.
To survive, you must have customers to buy your products or services. Customer relationship management (CRM) software may provide a fantastic tool for managing processes.
Read on to find out how a CRM can make a difference to startups.
Better Data Management for Startups with a CRM
Data is the backbone of any business, whether new or established. A lot of information comes in and out of the organization daily. If you do not have a proper way of managing such, you will not realize the benefits.
The data insights provide a solid foundation for any sound decision-making. For startups, it can be difficult to manage the data inflow. Let’s take the example of the contact center. It receives tons of data from all communication channels.
Multichannel and omnichannel marketing mean connecting with customers from many different channels. These include websites, social media, analog media and more. Investing in the best contact center software provides a tool to bridge the communication channels.
Inbuilt CRM integrations in the cloud contact center solution gives quick access to customer information.
You can categorize the data as you wish. The AI contact center solutions allow you to understand your customers better. You can personalize messages and target customers with the right tools. All these have a huge impact on the customer experience.
A recent research claims that customer-centric companies can achieve up to 60% more profit than those that aren’t. One out of four customers have no issue spending more if the level of customer service is high.
The CRM should help with customer engagement both online and offline. Integrate it with loyalty programs, in-store analytics, and customer support systems for better customer service.
Better Time Management with a CRM
It is easy to get lost in the business’s different logistics. You are so busy trying to ensure everything goes right. It is not uncommon to drop the ball because time never seems enough. To achieve a high-functioning team, it is crucial to manage time well.
CRM hardware automates some of the manual processes. That way, the teams can manage other tasks without falling behind. They can prioritize tasks, keep up with daily reporting, follow up on leads and more.
Cloud contact center software gives quick access to information. Anyone with access privileges can take care of customer issues wherever they are.
All the information is in a central dashboard. With a glance, the teams and project leaders know the status of each task.
Third-party integration with the CRM further improves the efficiency of the system. Take the example of integrating the CRM with Outlook. You get help with tasks like tracking emails, leads and customers.
Trend Identification with a CRM
The success of the business depends on your customers. You must understand their purchasing and interaction patterns. That way, you can provide goods or services that meet customer demands.
We talked about artificial intelligence in cloud contact center solutions. AI features like machine learning (ML) and natural language processing (NLP) help with trend detection.
Based on past purchasing behavior, the tools can tell you what leads are likely to convert. That way, the team does not waste time following up on cold leads.
Trend identification is also essential in the personalization of services. Let’s say the trends show that a customer purchases particular items at specific times within the year. It becomes easy for the marketing team to send targeted messages to the customer. The trend data will also be a great help when predicting future processes.
A CRM’s strength is not only in its data management abilities. You can update customer data at each point of their buying journey. You get to track the customer interactions with the brand at every part of the cycle. That way, you can be more proactive in handling their issues.
A CRM is also a fantastic way to capture any customers that may fall off along the way. If you start to notice that the customers seem to be interacting less with your brand, it could signal a problem. That allows you to take steps to re-engage with customers. You can offer discounts to incentivize the customer to complete the purchase.
Business Scalability with a Cloud-Based CRM
When setting up a company, you may not have too many customers. Indeed in the initial phases, a contact book is more than enough.
But, once you launch and start to get attention, the numbers will grow. Effective marketing strategies also mean a concerted effort to find and convert customers. You need a more practical solution than a contact book.
In-built contact management applications within the CRM can be a lifesaver. It allows for the effective management of customer data. You don’t have to go through handwritten entries in your contact book for information.
Further, cloud-based solutions are ideal because they allow for scalability. There is no need to invest in extra hardware, software or infrastructure. Cloud contact center providers can increase your capacity by elevating you to the next subscription level. If you need to scale downwards for whatever reason, the same applies.
Final Thoughts
As a startup, you need all the arsenal you can get to gain a competitive edge. And one of the most powerful tools available is a CRM.
A CRM provides an easy way to manage data. Task automation frees up the team from manual processes. Data analytics provide critical insights for the running of the business.
Cloud-based contact centers allow for scalability. Quick access to information is also critical for handling customer issues. Remote access means the teams can work from anywhere and at any time.
