Why CRM is a must-have tool for your Business?
By R Y | 03 Nov 2018 | Strategy, Tools, Business Software, CRM,
Although it’s true that everything boils down to the winning and retaining customers, the end results require an organized process and approach that would also help manage customers in a better manner. Customer Relationship Management, better known as CRM is one such approach that has evolved over the years, along with its embedded technologies, and the various practices and strategies associated with it. The objective of this blog is to emphasize the importance of having a CRM tool for every business, and with some insights on the best CRM tools in the market. The Need for CRM Software for Every Business.
Initiating transactions with the customer result in the production of analytical data that further helps in understanding customers in a better way. This serves two purposes, one of which is customer retention as you now know the customer well, and the other, in a way, is adding to the sales, as clients are serviced in a better manner. Besides, every customer, right from the lead generation to placement of orders undergoes a lifecycle, which is another important aspect to be looked at while dealing with CRM. All in all, better customer management is where the need for CRM software surfaces.
Capabilities of CRM Software
While the conventional tools involved the use of files and folders, CRM tools are a modern and a more technological approach towards cementing every customer’s analytical data. Unfortunately, not every company realizes or acknowledges the time and efforts that CRM tools save, and also the analytical information that CRM tools offer. Such businesses are more vulnerable towards turning redundant in the market. But, as a happier fact, most of the modern-day entrepreneurs step in with a CRM tool and use it optimally.
CRM tools, based on the technology used and customized capabilities developed, can automate several activities including marketing, sales force automation, workflow automation, human resource management, lead management, social media marketing, contact centre automation, and so on. CRM software is capable of automating almost every administrative and sales and marketing associated task, thus making it simpler for organizations to organize the related information and save a lot of time as well as resources otherwise incurred into the man-managing these tasks.
Types of CRM Software
CRM software has evolved over the years from being mere tools to comprehensive software capable of managing the entire vertical. Implementing CRM software requires an upfront investment, which in the case of smaller businesses, could be quite of a challenge. However, as a wise and focused business owner, one must take a rational call on the type of CRM to be implemented and also the extent to which the CRM must be customized or scaled. Some of the most prominent CRM software types currently available in the market are as follows.
Open source CRM
Open source CRMs are highly need-based CRMs as in these CRMs the source code is available to the public. These CRMs allow organizations to make changes at no cost to the organization that has employed the system. Besides, these CRM tools also help append and customize data links on various social media platforms. This proves to be a better alternative for companies who look forward to improving their social media practices and quotient. Some of the most commonly used open source CRMs are Opentaps, Concursive, SplendidCRM, Compiere, etc. It is necessary that open source CRMs are used wisely, and must customize only after a thorough review of the business requirements.
CRMs aren’t an exception to the Cloud revolution. These CRMs are also termed as SaaS. The Cloud-based nature of these CRM tools involves data storage on an external or a remote drive, thus enabling easy access to the information at all times, provided the device is connected to an internet connection. Nevertheless, these CRMs could come with security issues as the company cannot exercise physical control over the storage and maintenance of the data generated.
Moreover, concerns such as service providers going out of business or taken over by other service providers could result in data loss or compromise. Other issues including compatibility ones, could also crop up during initial data migrations. Cloud-based CRM is an apt choice for small enterprises that have got limited technological access or expertise. Some of the most prominent Cloud-based CRMs are Salesforce, HubSpot, Pipedrive, ZohoCRM etc.
Further, some companies go for on-premises CRM, wherein the responsibility of activities such as administration, security, control, database maintenance is managed through the CRM software. On-premise CRM requires business owners to make an upfront license purchase, rather than going the yearly subscription way. On-premises CRM software, however, dwells on the company’s own server, and usually, users borne all the upgrade costs. Besides, installing and implementing it would guzzle up time, as a complete integration of the company’s data could take time. On-premise CRM proves useful for enterprises that have got an intricate CRM requirement. The most popular CRMs in the market from this category are Sage CRM, Microsoft Dynamics CRM, SugarCRM, etc.
So, once again, business owners must be careful and sensible enough to choose smart choice for their investment and also the one that is the best fit for their business volume and requirement.
Denying modern tools, especially when it comes to CRM, could prove detrimental to the organization in the long run. This is because if the market does it, your business, as a part of the market, cannot keep itself out of it for a long time. Not implementing a CRM could eternally cost you money and time, let alone the hassles of manually managing every CRM aspect. Having a well implemented CRM software, on the other hand, brings several benefits. Contact us today to learn more about how CRM software could you enhance your customer relations and have a positive impact on your revenue.
Evomatiq helps small & medium size businesses to adopt innovative integrated software solutions to solve most common business challenges and support business growth. If you have are interested in learning more about business software and how they impact your business positively, explore our solutions & services.
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