Importance of CRM in the Modern Business Environment: Why You Need One

Why CRM is Important?

CRM stands for customer relationship management. CRM solutions are a combination of tools using which organisations can analyse past communications and plan the future interaction with customers.

Customer relationship management importance is highlighted by the fact that these CRM solutions help organisations gather user response from different channels such as social media channels, email, website, live chat and more. This helps you understand how customers are interacting with your services and what are their expectations.

Importance of CRM Software in an Organization (Real Estate/eCommerce/Banking)

CRM solutions are being constantly adopted across different industries as they are the best way to engage and communicate with your customers. We analyse how CRM is being used in prominent sectors and its benefits.

• Need of CRM in Real Estate

Real estate agencies require real estate CRM software to better service their customers which include landlords, tenants and vendors. The significance of CRM solutions in such cases lies in timely listing of properties across different real estate and sending out timely reminders to interested buyers. Here we highlight some other factors detailing the importance of CRM in real estate.

Why CRM is Important for Real Estate?

• Moving on from manual entries

The main importance of CRM in real estate lies in the fact that it automates entries of prospective leads. This makes your business more efficient and productive as you can avoid making manual entries in spreadsheets.

• Faster responses to customer queries

Real estate CRM software usually has auto responders which promptly reply to frequently asked queries.

• Engaging with existing clients

Best CRM for real estate agents allow you to engage with your existing clients in an enhanced manner. You can send them emails and newsletters, informing them about your new services and offers.

• Integration with multiple channels

CRM solutions help track customer queries across multiple channels including social media and alerts your sales team once a query is raised.

• Property management

CRM software’s advanced search capabilities help property dealers find suitable houses for different customers from a humongous data pile of available properties.

• Marketing campaigns

Easily create social media and email marketing campaigns and then analyse their performance on key metrics with the help of CRM software.

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• CRM in Banking Sector

CRM in banking is an important tool for maintaining cordial and productive relations with customers. Banking services are essential for everyone when it comes to managing their finances. It is imperative that people will be gravitated towards institutions which place customer’s best interest at heart. And what can be better than a banking CRM software.

CRM Importance for Banks Explained

• All round assessment of a customer

CRM software in banking integrates well with other banking solutions and keeps a record of each activity of an account holder. This can come handy when the said person applies for a loan and an analysis of their financial habits is required.

• Customer retention

A suitable CRM solution helps deliver personalised banking services to customers right at their doorstep. This includes services such as depositing or withdrawing money, applying for loan and much more.

• Profile updates

The need of CRM arises when significant changes in the profile of a customer has to be made. CRM software puts all information in a single place from where it can be accessed and changed (only by authorized personals).

• Sales and marketing insights

Significance of CRM can be understood from the fact that it provides useful insights related to the success of your promotional campaigns, customer behaviour and scope of improvement.

• Tracking marketing strategies

CRM solutions help banks keep a tab on engagement channels and generate detailed reports for studying customer behaviour.

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• Importance of CRM in eCommerce

Today ecommerce has become all about reaching out to customers at the right timeand creating a unique experience. This approach involves building a robust cross-channel communication to attract new customers and engage with the existing ones.

All this might sound intimidating and indeed is, if done manually. But with retail CRM software, it’s a cakewalk. Read below some of the reasons why CRM is a definite requirement for ecommerce establishments.   

CRM in eCommerce: Exactly Why it is Important

• Better shopping experience

CRM in retail business enables customers to keep a tab on their orders, their movement and delivery date, all in real time.

• A single solution for targeted promotions

Retail CRM software helps you study the purchase history of customers and then extend discounts and offers to them.

• Enhanced efficiency of the sales team

With the availability of CRM in eCommerce, sales teams can automate repetitive tasks such as answering customer queries. This leaves them enough time for productive tasks.

• Inventory planning

By using CRM in retail, you can get a know-how of the most popular products and their real time availability in the inventory. This helps you to restock them if their quantity falls below a certain critical level.

• After sales service

The real importance of CRM comes to the fore when you have to cater customer complaints pertaining to specific orders. You can effectively respond to customer grievances through CRM software. Hence in a way, they help build customer loyalty towards your brand.

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• Importance of CRM in Call Center

CRM importance is truly realized when call center executives have a customer on call and they struggle to retrieve relevant information. A suitable CRM solution helps obtain a comprehensive view of a customer’s previous interaction. The need for CRM software also arises when you want to automate your repetitive tasks and focus more on servicing your clients better.

Importance of Customer Relationship Management Explained

• Better access to relevant customer data

CRM in call centre allows call center executives to obtain a customer’s information and history of interactions. This helps them to serve the customer in a better way.

• Monitoring the performance of executives

A CRM solution provides managers with several tools to monitor the performance of their team on parameters such as call volume handled, no. of calls converted and much more.

• Attaching of priority status

With a CRM software, you have the option of segregating customer requests based on priority. This helps to streamline your business process and solve critical requests first.

• Passing on requests to only the most suitable executive

A major significance of CRM in call centres is that it automatically routes incoming requests to the next available executive. It is also possible for one executive to transfer requests to another.

• Undertaking calls at different stages of the sales funnel

CRM software enables your call centre executives to initiate a variety of calls including those for pre-sales queries, return merchandise authorization, order processing and post sales service.

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• Importance of Customer Relationship Management in Education

Education sector is effectively using CRM tools to improve learning standards and develop better communication between parents and teachers. By using CRM in education, institutions can easily manage the entire parent, teacher and student network. It is also essential for easy management of the admission process by keeping parents abreast of different enrolment stages.

Why CRM is Important in the Education Sector?

• Easy management of students’ information

A CRM solution acts as a central database which contains information regarding each student of your organisation. This information is automatically updated as the student moves through grades.

• Tracking Potential Students

This is useful for higher educational institutions for keeping a track of students interested in pursuing a course offered by them. With the help of CRM solutions, universities and colleges can contact prospective students, solve their queries etc.

• Helps teachers focus more on enhancing learning outcomes

With help of a CRM software, teachers can easily upload tests and assignments, solve student doubts and arrange parent teacher meetings remotely.

• Fee management

By using CRM software in educational institutions, timely reminders about fee payment can be sent through different mediums such as SMS and mails.

• Different channels for reaching out to students

No matter what medium the student used to communicate with you, you can reply back to them either through mail, text or call without having to leave the CRM interface.

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Conclusion

The importance of CRM solutions is now more than ever. The major reason it is being implemented across industries is that it helps you foster a fulfilling association with clients and provide them with the best quality service always.