How Important Is Automated CRM To Your Business?
Within the next two years, experts predict customer experience will be the key brand differentiator – overtaking the traditional markers of price and product. In fact, a staggering 86 percent of customers are prepared to pay up to 25 percent more for a product or service if the associated customer experience is superior to that of a less expensive brand.
So, how do you make that customer experience happen? CRM.
Customer Relationship Management is a strategy for managing and improving your customers’ – and potential customers’ - interactions and relationships with your business. When you have an effective CRM system in place, it makes it easy for you to not only stay more connected to your customers, but also to streamline your processes and, ultimately, improve profitability. Studies show that almost three-quarters of businesses with a CRM system in place say they have better relationships with their customers.
There has never been a better time to get into CRM. Previously, the market was dominated by a few mega platforms, such as Microsoft Dynamics 365 and Salesforce. This put it pretty much out of reach of smaller businesses, who simply couldn’t afford the cost, or support the technical installation. Now, however, thanks to advances in Cloud technology, more and more CRM vendors are competing in the space. In fact, research shows that in 2019, 68 percent of CRM solutions will be Cloud based. The huge benefit of this – especially for smaller and medium-sized businesses – is that they are infinitely more affordable and flexible than installed software platforms.
CRM systems are also becoming more tailored for specific industry verticals. This makes a lot of sense, as an estate agent no doubt has different CRM needs to a healthcare provider or insurance company, for example.
Research shows that leads nurtured in a CRM system convert 47 percent of the time! In fact, having a CRM system in place can improve conversions by 300 percent, and boost purchase value by 40 percent.
Today, businesses have the opportunity to connect with their customers across more platforms and devices than ever before. But while opportunities are growing, customer attention spans are shrinking. They also have a reduced tolerance for being “sold to.” They want to be engaged with. They want relationships with their brands, and CRM gives them this.
Why Automated CRM Is So Important
If you had to try and manually process all the mountainous data and customer behaviours taking place in both the on- and offline spaces, you would never have the time to do anything else. You could make hundreds of people work thousands and thousands of hours, but you’d still never get on top of things - because by the time you think you’re finished, there’s another, equally large stack of data waiting for you. All you end up doing is working with stale information.
This is why automating your CRM processes is so important.
CRM automation is a total game-changer. First introduced in the early 2000s, it has rapidly developed and become more sophisticated. Today, artificial intelligence (AI) delivers rich customer insights through the relentless analysis of millions of consumer interactions. These insights then help sales teams predict customer needs.
And it is this prediction that is so absolutely vital for businesses today. Accurate predictions of consumer needs, couple with flawless automation, allow you to engage with your customers at exactly the right time, and with exactly the right message.
“I skate to where the puck is going to be, not where it has been ”
Wayne Gretzky, hockey legend
Foresight and intuition is every bit as important for businesses as it is for ice hockey. It’s what separates you from your competition and elevates you above all the others out there doing the same thing you do. CRM automation gives you a superior understanding of your target market’s future needs so you can create appropriate strategies and campaigns that put your business top of mind.
Other Benefits Of CRM Automation
Modern day, AI-powered CRM systems don’t just offer benefits for your customers, they have powerful advantages for your company too:
• Improve workflow by analysing organisational patterns.
• Analyse how sales and marketing teams use tools and data, then automate those tasks, saving both time and resources.
• Enable company-wide information sharing and collaboration to improve service and productivity.
• Remove silos and give a 360-degree view of customers and prospects.
• House contact management, scheduling, deal tracking and project management in a single platform everyone in the organisation can access.
Ultimately, CRM is all about making your customers feel like your peers. It must be organic, personalised, authentic, relevant and useful. When you automate your CRM processes, you get all this, and a whole lot more.
So, if you haven’t yet invested in CRM, make 2019 your year to do so.