CRM Software And A Surge In New Business

By Troy Netreba

CRM Software (or customer relationship management software) has recently experienced a surge in popularity. What´s behind this trend? Many authors cite the rise of web based CRM software which is generally more affordable, easier to install and more suitable for small to medium sized companies.

But why should you implement a CRM software system? Will it bring you more business?

The short answer to this question is no. Installing CRM software will not magically create a few extra zeros in your company bank account. But CRM software, if implemented properly, can have a positive impact on your bottom line in a number of ways.

For starters, while CRM software cannot make leads appear out of this air but it can help you increase your conversion rate on existing leads. Your customer relationship management (CRM) system records and stores all the key information on prospects and leads. The benefit of this is that your staff can easily access data on their clients to build stronger relationships. Information such as where they met the client (a trade expo perhaps or at a friends BBQ), how many children the client has, why they said they were interested in the product and most importantly the method they prefer to be contacted through (i.e. phone, email or post). Buying is often more about the sales experience than the actual purchase, so by building strong rapport with potential clients you improve your results and CRM software helps you give personalized attention to a larger number of people without relying on memory alone.

One the marketing front CRM software can help you make more strategic decisions and ultimately better returns. Most CRM systems include source tracking and reporting modules. Using these features correctly means that you should be able to pinpoint exactly where about 95% of your new customers heard about you. You can then run reports to see which marketing activities are performing well and which methods costing you money and should be discontinued. You might learn that the cheap ad you run in the tiny local paper brings in at least 20-30 new customers each month, while that radio spot you purchased for a small fortune has returned less than 10 new clients. there, drop the under performers and realize greater profits.

As an added benefit, when you implement a CRM software package you can expect to see an overall improvement in company efficiency. Now bear in mind it won´t happen overnight, you will probably need to run the system for 3-6 months before you start seeing significant improvements. This will depend greatly upon the particular CRM provider you choose. Some systems are easier to use than others and require less training. But once you have the system running and your staff using it with confidence many problems that plagued your company before will disappear. Important customers will receive regular service without anybody falling through the cracks. Any complaints will be able to be resolved quickly and efficiently as your CRM software will keep a complete log of correspondence and past transactions made by each client. Some systems even include full accounting capabilities which makes your life so much easier when tax time rolls around.

So CRM isn´t a quick fix solution that will throw new leads into your lap but it is a long term solution to many of the problems that can cripple businesses of any size. Issues with lead conversion, marketing returns and administrative waste can all be helped with a successful CRM software implementation. It won´t happen overnight but given time CRM software can improve all aspects of your business and ultimately your bottom line.

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