If you’re competing in the online market space, you’ve probably heard the term “CRM” being thrown around here and there. For those who don’t already know, “CRM” is an abbreviation for “Customer-Relationship Management.” Exactly as it sounds, it refers to the process (usually done via automated software) businesses and organizations use to manage and analyze large amounts of related data with the ultimate purpose of optimizing their interaction with customers in all aspects – marketing, sales, order facilitation, and customer support services, etc.
In today’s article, we’ll be diving into the world of CRM software and why you should have already integrated one into your eCommerce business:
The Prevalence
CRM software has been around as early as the mid-1990s. It has risen to power over the past few decades to overtake a quarter of the world’s enterprise application software revenue, totaling $193.6 billion in 2018. Understandably, mechanisms to get into the mind of the target audience and respond optimally to their wants and needs have always been a key aspect of business success. With the trend of the pandemic which shoved both business/organization and customer groups alike to stay locked in their homes and turn to the online space to cope, the demand for CRM rose in parallel, and will only continue to grow in the foreseeable future.
Traditional vs. Automation
Keeping track of customers’ names, emails, phone numbers, to booking and cancelling appointments, scoring leads, monitoring sales, noting down non-numerical information such as customer feedback, and trying to derive meaningful reports from these data points are all tasks needed in CRM. Although even something as simple as a spreadsheet can be considered CRM, no business owner in their right mind would ever prefer manually processing such a staggering amount of data when there’s ready-made software available to do it for you. It’s a no-brainer why statistics show that for each dollar spent on CRM, you can reach an ROI of up to $8.71, so in other words, if you’re someone who’s only still considering, you can not only double your sales with CRM, but you can even multiply it by as much as eight times!
Additional Benefits
Mere convenience and the fact that it can multiply sales is not enough for you? In that case, let’s touch up a bit more on the value CRM offers.
Jack-of-all-Trades and Master of One
The thing is, every CRM is generally one and the same: each and every one is already a complete pre-packaged set of tools you need for sales, marketing, support and service, data management, lead scoring, team management, and email integration. The only real difference lies in which of these areas your business needs to focus on. For example, Cliniko is a CRM used mainly by hospitals to manage patients’ bookings and appointments, Nimble is one that’s dedicated for personal trainers and fitness studios, while LittleData seems to have a focus on Shopify integration. Rather than studying CRMs, it is your best bet to understand the needs of your business first, and only then look for a CRM which best suits those needs.
Higher Customer Satisfaction
CRM is designed to improve quality of service. Ensuring that customers are satisfied and delighted should be the primary goal of businesses, because the service will determine whether or not the customer would want to purchase again.
Even loyal customers are hard to please at times, let alone newly acquired customers. It’s crucial for the business to always know what their customers need and want, so they can give a better service that’s inclined to what the customers expect from you.
As your business grows, the number of your customers will also grow, and eventually, it will be difficult to communicate with them one by one and ensure that they’re satisfied with your service. CRM offers improved and more convenient access to customer data, this includes names of customers, previous transactions and important conversations, emails, customer concerns, and more customer-related data that can help improve your transactions with them.
High customer satisfaction is the path to building strong relationships with them. Remember, the more happy a customer is, the more likely they will come back.
A CRM equips your business with a neatly packaged, all-in-one set of tools it needs to take itself to the next level. Combining the right CRM with other e-Commerce marketing strategies you already have can not only help you build a stronger relationship between your business and target market, but also better track and analyze customer data, increase team productivity, multiply sales, and so much more. If you’re looking for more ways to improve your business, check out these helpful links or subscribe to our blog so you can keep yourself updated on the latest news and trends your eCommerce store needs to stay a step ahead of the market.
