INSIGHTS

CRM

Özer Aydın

30.01.2023

What Is The CRM?

The concept we call Customer Relationship Management (CRM) is a strategy that companies use to manage their interactions with their customers and prospects. CRM helps organizations streamline processes, build relationships with customers, increase sales rates, improve customer service and increase profitability.

What Does CRM Software Do?

CRM software serves to record many customer contact information such as e-mail, phone, website and social media profiles. In addition, this software can automatically pull many other information such as the latest developments about the company’s activities and store details such as a customer’s personal preferences in communication. CRM software uncovers the information needed to better engage with customers and creates an all-round view of customers. Thus, it improves customer relationship management.

Why is CRM Important?

CRM software enables companies to deepen and develop their relationships with customers, service users, colleagues, partners and suppliers. Building good relationships, keeping track of potential customers and current customers is crucial to acquiring and retaining customers, which is at the heart of a CRM function. It allows you to see everything in one place. It is a very simple and customizable dashboard that can tell you a customer’s history with you, the status of their order, outstanding customer service issues, and more.

How Do Different Business Functions Benefit From Using CRM?

Let’s explain in order:
• Via CRM software, sales managers can better understand sales channels. For instance, individual team members can access reliable information about their progress towards meeting their sales goals, and individual sales teams can also see information about how well products and campaigns are performing.
• By using CRM software, marketing teams can make their forecasts simpler and more accurate, meaning they can gain clear visibility into every opportunity or potential sale. They can map out the stages of the entire customer journey from inquiry to sales, giving them a better understanding of the sales pipeline or potential incoming business.
• Customer service teams can monitor the conversations between channels effectively and efficiently by using CRM software.
• Supply chain, procurement, and partner management teams can better manage their relationships using CRM software.
• The HR team can use CRM software to speed up the entire recruitment process and better monitor employee performance.

What Are The Benefits of CRM?

The possibilities provided by CRM are as follows:
• Developed contact management
• Cross-team collaboration
• Upgraded productivity
• Empowered sales management
• Definite sales forecasting
• Trustworthy reporting
• Advanced sales metrics
• Augmented customer satisfaction and retention
• Increased marketing ROI
• Enriched products and services

What Are The Types of CRM?

There are 3 main types of systems under the name of CRM: collaborative, analytical and operational respectively. These are detailed below:

Collaborative CRM Systems:

We can say that one of the most important goals of collaborative CRM systems is to break down silos. To generalize, we can say that for the marketing team, sales representatives and customer support representatives, these departments are located in different departments that feel disconnected from each other. For larger organizations, each of these departments is further differentiated from each other based on factors such as their geographic location, channels they serve, products they focus on, or skill specialties. However, there is a need for a way to share information in real time across the entire organization to provide a seamless customer experience throughout the customer’s journey. At this point, collaborative CRMs enable all teams to access the same up-to-date customer data in real time, no matter what department or channel they work in.

Operational CRM Systems:

Operational CRMs help a business streamline its customer relationship processes. It provides tools to better visualize and more efficiently manage all customer milestones, even when it involves multiple touchpoints.

Analytical CRM Systems:

The main focus of analytical CRMs is helping you analyze the customer data you have to gain important insights.

Why Do We Need CRM?

A CRM system can efficiently store and manage your customers’ information, increasing the number of leads and helping your marketing team find new customers faster and supports sales teams to close more deals faster. All companies are required in certain circumstances to enter new markets or introduce new products. But when it is difficult to keep up with the business being created, it may be necessary to invest in an integrated CRM solution. A CRM can rank, analyze and prioritize sales leads. Thus, sales teams can focus on potential closing opportunities and provide accurate answers to customers quickly and efficiently. In addition, the customer service team will have the information they need for additional and cross-selling.

When Is The Right Time To Adopt A CRM?

Timing is crucial when investing in a CRM platform. If you start too early, the program can feel overwhelming to you and your team. But if you start too late, you could lose customers and even worse, potentially even gain a bad reputation for poor customer service. Although it differs from company to company, the following 5 reasons generally cause companies to adopt CRM:
• When it takes more than a week for customers to make a purchasing decision,
• When you need to send different emails to different customers,
• When it takes longer to create and analyze your campaigns
• When your analytics don’t provide detailed data about your campaigns,
• When you target different demographic groups

How Much Does A CRM System Cost?

On average, a CRM implementation can currently cost between $10,000 and $20,000 when handled for a sales team of around 10 users. Although it could cost more, we can say that this is an average value. This amount is built to include time spent choosing and implementing a CRM, costs of consulting, training, and decreased productivity during the transition.


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INSIGHTS

CRM

Özer Aydın

30.01.2023

What Is The CRM?

The concept we call Customer Relationship Management (CRM) is a strategy that companies use to manage their interactions with their customers and prospects. CRM helps organizations streamline processes, build relationships with customers, increase sales rates, improve customer service and increase profitability.

What Does CRM Software Do?

CRM software serves to record many customer contact information such as e-mail, phone, website and social media profiles. In addition, this software can automatically pull many other information such as the latest developments about the company’s activities and store details such as a customer’s personal preferences in communication. CRM software uncovers the information needed to better engage with customers and creates an all-round view of customers. Thus, it improves customer relationship management.

Why is CRM Important?

CRM software enables companies to deepen and develop their relationships with customers, service users, colleagues, partners and suppliers. Building good relationships, keeping track of potential customers and current customers is crucial to acquiring and retaining customers, which is at the heart of a CRM function. It allows you to see everything in one place. It is a very simple and customizable dashboard that can tell you a customer’s history with you, the status of their order, outstanding customer service issues, and more.

How Do Different Business Functions Benefit From Using CRM?

Let’s explain in order:
• Via CRM software, sales managers can better understand sales channels. For instance, individual team members can access reliable information about their progress towards meeting their sales goals, and individual sales teams can also see information about how well products and campaigns are performing.
• By using CRM software, marketing teams can make their forecasts simpler and more accurate, meaning they can gain clear visibility into every opportunity or potential sale. They can map out the stages of the entire customer journey from inquiry to sales, giving them a better understanding of the sales pipeline or potential incoming business.
• Customer service teams can monitor the conversations between channels effectively and efficiently by using CRM software.
• Supply chain, procurement, and partner management teams can better manage their relationships using CRM software.
• The HR team can use CRM software to speed up the entire recruitment process and better monitor employee performance.

What Are The Benefits of CRM?

The possibilities provided by CRM are as follows:
• Developed contact management
• Cross-team collaboration
• Upgraded productivity
• Empowered sales management
• Definite sales forecasting
• Trustworthy reporting
• Advanced sales metrics
• Augmented customer satisfaction and retention
• Increased marketing ROI
• Enriched products and services

What Are The Types of CRM?

There are 3 main types of systems under the name of CRM: collaborative, analytical and operational respectively. These are detailed below:

Collaborative CRM Systems:

We can say that one of the most important goals of collaborative CRM systems is to break down silos. To generalize, we can say that for the marketing team, sales representatives and customer support representatives, these departments are located in different departments that feel disconnected from each other. For larger organizations, each of these departments is further differentiated from each other based on factors such as their geographic location, channels they serve, products they focus on, or skill specialties. However, there is a need for a way to share information in real time across the entire organization to provide a seamless customer experience throughout the customer’s journey. At this point, collaborative CRMs enable all teams to access the same up-to-date customer data in real time, no matter what department or channel they work in.

Operational CRM Systems:

Operational CRMs help a business streamline its customer relationship processes. It provides tools to better visualize and more efficiently manage all customer milestones, even when it involves multiple touchpoints.

Analytical CRM Systems:

The main focus of analytical CRMs is helping you analyze the customer data you have to gain important insights.

Why Do We Need CRM?

A CRM system can efficiently store and manage your customers’ information, increasing the number of leads and helping your marketing team find new customers faster and supports sales teams to close more deals faster. All companies are required in certain circumstances to enter new markets or introduce new products. But when it is difficult to keep up with the business being created, it may be necessary to invest in an integrated CRM solution. A CRM can rank, analyze and prioritize sales leads. Thus, sales teams can focus on potential closing opportunities and provide accurate answers to customers quickly and efficiently. In addition, the customer service team will have the information they need for additional and cross-selling.

When Is The Right Time To Adopt A CRM?

Timing is crucial when investing in a CRM platform. If you start too early, the program can feel overwhelming to you and your team. But if you start too late, you could lose customers and even worse, potentially even gain a bad reputation for poor customer service. Although it differs from company to company, the following 5 reasons generally cause companies to adopt CRM:
• When it takes more than a week for customers to make a purchasing decision,
• When you need to send different emails to different customers,
• When it takes longer to create and analyze your campaigns
• When your analytics don’t provide detailed data about your campaigns,
• When you target different demographic groups

How Much Does A CRM System Cost?

On average, a CRM implementation can currently cost between $10,000 and $20,000 when handled for a sales team of around 10 users. Although it could cost more, we can say that this is an average value. This amount is built to include time spent choosing and implementing a CRM, costs of consulting, training, and decreased productivity during the transition.