Today, 91% of the companies with more than 11 employees use CRM software. It is not a new thing to discuss the benefits of a CRM Software, but there are some hidden benefits that the software provides which are essential to discuss.
Besides building strong customer relationships, this software has much more to offer. Let’s have a close look on these hidden benefits and see how you can make the best of a CRM Software.
1. Finding out your best customers
A CRM Software starts helping you from the moment someone is interested in your product or service. The CRM software plays an important role in the entire process of converting a prospect to a customer. But, it also records the entire conversational journey with your customer.
According to Pareto Principle, 80% of your business profits are from 20% your customers. To identify that 20%, the CRM software can help you a lot.
With various analytic tools and graphical representations, you can identify the sources of your income. You can also identify the genre from which you are getting the highest business. Now, you know your strengths, and you can target more towards these customers. On the other hand, you can set up a special strategy for such customers to increase your revenue.
2. Customized offers to your special customers
As we discussed, the CRM will help you identify your apex customers. Now, you can send personalized offers to increase the probabilities of sales.
You can also send a personal email or a message to your loyal customers to offer your services, and use upsell.
On the other hand, there are some customers who require your special attention. These customers may eat up your valuable time, but they certainly cannot be ignored. You should design few common techniques for such customers, as there is a wide base of such customers.
There are customers who requires a little of your attention, and a special offer. These customers are not giving you groundbreaking profits, but they can be converted to your “Loyal Customer” with few efforts.
3. Get your methods right
When your sales are taking place and you are earning good profit, it is not necessarily the best method! Yes, there could be better ways to close deals with lesser efforts.
When you use CRM, it records your entire sales process. As a wise sales person, you should know each and every aspect of your sales process, and that’s where CRM will help you.
With the CRM data, you can analyse the entire sales process, and make necessary changes. On the other hand, you cannot adopt same techniques for all the customers. As we discussed, the creamy 20% requires a different attention where offers must be groundbreaking. On the other hand, there should be a mindful strategy for the customers who provide you the least profit.
With a CRM, you can closely look into your each activity, and change where there’s a modification needed.
4. Upsell and Cross-sell
Who doesn’t want more profit? There are multiple methods which can be extremely helpful to increase your sales numbers, and Upselling and Cross-selling are in that list.
Upselling is a method of selling a higher version of the product/service to your customer to generate more profit from one channel.
But, customer satisfaction is still at the top. You can offer a better version of your product/service with an exciting offer, so the customer is also happy, and you get can generate more profit!
CRM gives the data of buying behavior of your customer. You can observe a personal behavior of one particular customer. Based on the data, you can offer him, the higher version of the product with an extra benefit.
For Ex: Try selling the yearly package of your software instead of monthly package by providing 20% discount. Explain your customer that he is getting 20% discount with unlimited software user, access to each and every feature!
Upselling is a proven method of sales, but you must be careful with the customer satisfaction, alway!
Cross-Selling is also one of the most effective methods of sales where you try to sell other products which are related to the main product! For example, with a laptop purchase, you will get an offer to purchase Anti-Virus Software.
The CRM software will show you the history of a particular customer, and his buying requirements. You can merge two of your products, and try to cross-sell.
For example: If you are a Digital Marketing Agency, try to cross-sell Social Media Optimization Pack, with your main service – Search Engine Optimization, with an exciting offer.
5. Better Customer Retention
As we know, CRM software gives you all the buying behavior of your customers; you will definitely know the customers who have shown less interest in your product recently.
By using this data, you can bring back these customers, and make strong customer relationship. If it is required, you can also offer various deals to such customers to show how important they are to you. Even Though, the customer will leave, you will leave a good brand image!
A CRM is not just super efficient, it is also deadly necessary for businesses today. Investing in a good CRM software will never backfire because apart from providing obvious benefits, there are tons of data driven benefits which the software will provide.