Customers Know Best
Clients are the reason why companies become competitive, businesses are built from ground zero, and entrepreneurial titans get the respect they deserve. In this fiercely competitive battle for customer acquisition and retention, Customer-Relationship Management can be the difference between embarrassing failure and overwhelming success.
That’s why you should focus on checking this expanded digital marketing article and learn about the top 8 myths about CRM.
What is CRM?
Customer-relationship management is a particular method that allows business leaders to manage a company’s interactions with both current and prospective clients. It actually supercharges the boon of data analytics about a client’s purchase history in order to radically improve business relationships with interested clients, always bearing increased sales growth and customer retention in mind.
This is actually the combination of technologies, strategies, and practices that enterprises can use to both analyze and manage data and customer interactions throughout the customer lifecycle. These incredible programs have the ability to compile different customer data on diverse channels which may include live chat, direct mail, a business website, social media, and advertising materials.
They can also provide customer support staff a great deal of detailed information on the client’s personal info, concerns, buying patterns, and purchase history.
For those readers who may be suspicious about the power of this technology, it is important to take some time to analyze these CRM statistics:
- In 2018, CRM software revenues surpassed those of database management systems to actually become the largest of all software markets
- By 2025, CRM revenues will reach more than $80 billion
- 87% of businesses now use cloud-based CRM solutions
- 65% of sales representatives who have adopted mobile CRM have gotten to achieve their sales quotas
- The average ROI for CRM is $8.71 for each dollar spent
- 74% of CRM users state this tech has given them improved access to customer data
- 65% of corporations adopt a CRM within the first five years of their journey
Advantages of CRM
Since these platforms allow data from both current and potential clients to be stored and collected in a specific CRM system, they can basically track info across a plethora of different touchpoints in a specific client’s journey. This is one of the advantages of CRM but there are a lot more.
Here are some other benefits of using CRM:
- It allows you to respond super-quickly to both negative and positive reviews, cater to client’s issues, and rebuild the confidence of your clients
- It allows you to have a platform you can use to provide information to users who might be interested in acquiring a specific product or service
- It builds long-lasting relationships with clients using small but impactful endeavors
- It makes sure companies know where to improve, since they get to be able to evaluate a business strategy integration with third-party apps as well as other CRM services
- It allows you to get a glimpse at conversations regarding your business to get real-time market data as well as invaluable customer feedback
Now that we know what CRM is all about, and know what are the main advantages of using CRM, it’s time to read about the top 8 myths regarding CRM.
Top 8 CRM Myths
1. CRM for Sales is Impossible to Integrate with Other Systems
A lot of intelligent business leaders actually believe that CRM integration with other systems is either impossible or mighty complex. They couldn’t be more wrong.
In fact, there’s an array of customer platforms which are sold as SaaS systems. Moreover, many of these programs have open APIs and these will allow businesses to integrate a variety of third-party applications.
These plugins and varied integrations open up a whole new world, allowing leaders to get to follow-through, and accomplish more tasks. Indeed, they can now integrate telephony, social media, as well as invoicing and billing apps.
2. CRM is Only for Fortune 500 Companies
There are many people who still believe this bunkum and could swear they don’t have the budget needed to use these platforms to the max. This is another impressively deceitful myth.
Any business that faces clients on a daily basis should use this technology without having to break the bank. All companies want to get the Holy Grail: to be able to communicate and sell better to their customers.
With this technology, you get to take advantage of a great deal of tools that allow you to accomplish just that, organize your company, centralize your efforts, and ensure your corporation takes advantage of data to succeed.
The truth is that there are many different CRMs around, for diverse businesses and budgets. That means all you have to do is to spend some time analyzing what is out there, make a decision, and start taking full control of your customer relationship management strategy.
3. CRM is Too Complicated
Most business masters who have been in the game for some time will testify that these platforms are only an option for those companies which can take advantage of a large IT team since they believe CRM platforms are super complicated to deal with.
The truth? Nobody needs to be a tech expert to use this technology. Most of the systems available today are super user-friendly, and they require only the most basic knowledge of computers to be used to the max.
Of course, there will have to be some time devoted to learning about the chosen platform, but that doesn’t mean complexity should scare competent professionals.
4. Only the Best CRM in the Market Will Do
This statement could be true some years ago. Nowadays? A complete myth.
There are a host of different choices that you could be using to start improving your companies with these impeccable customer-oriented platforms. In fact, this market isn’t exactly a monopoly.
This super-competitive market has fostered many different companies, ensuring there are great prices at every turn. Some systems are better than others, but that doesn’t mean you should throw in the towel.
You must go through thorough research, take a look at the different features of each product, and get to choose a platform that is perfect for your specific customer acquisition strategy.
5. Implementing CRM Takes Forever
Time is money, and that’s why this myth can scare a lot of entrepreneurs who are desperate to boost their sales, get added value, and allow customer retention to become a reality. Implementing CRM is dependent on how big a corporation is. The more data a company has acquired throughout its existence, the harder it can be.
Why? Because the amalgamation of data will require a lot more time for companies which have a great heap of insurmountable data.
However, if you get to research different options, you will be able to pick a platform that can be informed about the details of your specific organization, asking them for a time frame in which to compile all the data and use it for strategic customer-focused purposes.
The more resources the CRM vendor dedicates to a company, the quicker the process will be. CRM implementation will only take longer in case data sets happen to be huge or in the event companies pick an incompetent CRM manager. If that’s not the case, the implementation of this tech will be fast, secure, and simple.
6. CRM is Only Good for Sales Teams
Of course, this tech plays a crucial role for sales teams. Nevertheless, let’s be clear: the customer data reports and information it makes available are fundamental for all client interactions and strategic decisions that marketing squads, business leaders, and support teams will be making.
The whole structure of a business can benefit from this incredible tech since it allows for an overall improvement in an array of different categories and Key Performance Indicators. Believing these platforms are only equipped to boost the effectiveness of a sales team is not only wrong but can potentially become a fatal mistake.
7. CRM Consumes a Great Deal of Time
Everyone knows that entering customer info into a complex database can take a lot of time. But that is only true for companies which have an inefficient data storing system.
The truth is that this tech allows you to access and update data more rapidly than ever before. By allowing a company’s data and info to be allocated to one specific platform, these systems can actually provide a time-saving lifeline, ensuring enterprises get to quickly meet the needs of both current and potential clients.
In fact, there are a lot of systems which are built to import spreadsheets in order to actually speed up the process of centralizing a specific database.
8. CRM Systems Can Allow Data to Be Stolen
Great CRM suppliers know how important it is to ensure business data is mighty protected and are always prepared to both maintain and improve security features.
In fact, most of these platforms have a dedicated team that is responsible for making sure data is secured at all times. Since the data will be stored in a plethora of super secure environments with an uptime of over 99%, it will still become available from other secure server locations in the event of a massive security issue.
For most CRM platforms, data backups are a daily ritual (at least two times per day.) This means that data will be backed up for at least an entire week, which makes it possible for company leaders to rest assured knowing they can get access to all the data in case an issue occurs.
Most of these platforms also ensure that they provide highly stable and mighty secure connections, as well as intruder systems and sophisticated firewalls. Indeed, data stored in these platforms will be as safe as possible, ensuring you can always get to take advantage of massive customer retention, increased customer loyalty, and revenue-boosting sales.
From the complexity of installing a CRM to the fear that data might be taken away by a formidably ravenous competitor, there are many misconceptions and nonsensical fears which fuel these 8 CRM myths.
With time and attention to detail, you will get to have faith in these amazing platforms, see your customers become more engaged, take advantage of the boon of repeat purchases, and make sure you have all the tools you need to listen to your clients in order to provide a perfect customer experience every single day.