April is known as Records and Information Management Month, areas MDL Technology specializes in. An excellent way to keep track of customer or client records and information is by using a customer relationship management (CRM) system. There are many benefits to using a CRM system for your data.
Improve Customer Service
A CRM allows you to put all of your customer information in one place that is easy to search through and access. You can also track all interactions the customer had with your brand, from purchasing products to every question they have had after calling in to customer service. When customer information is organized in such a way, it is easy to pick up where one representative left off without frustrating the customer.
Hubspot says 61 percent of sales distributors use a CRM for key access to customer information and data. CRMs create positive customer experiences, causing 70 percent of these customers to refer the company to family and friends.
Streamline Business Processes
Using a central CRM system allows you to streamline business processes across multiple departments from sales to IT. When your employees on trained on the CRM system and use it successfully, they will become more productive since the software makes everything easier to access and use.
It is reported that sales teams saw a 15 percent increase in productivity using CRM mobile apps, let alone a desktop CRM, according to Hubspot. Likewise, 24 percent of companies saw an increase in sales productivity.
When customer information is easy to access and all your employees are trained on the system, sales will increase. Here are a few stats from Hubspot:
- 75 percent of sales managers say a CRM helps drive and increase sales.
- There was a 10 percent increase in cash flow using a CRM.
- CRM has increased profit margins by over 2 percent.
Save Money on Marketing
Hubspot reports that companies with a CRM has reduced marketing costs by 23 percent. A company that successfully uses a CRM system retains their current customers and keeps them happy, meaning they have to spend less money on marketing and customer acquisition. A CRM can improve sales conversion rates by 300 percent and increase customer retention to 27 percent. The less money spent on marketing frees your business to make other investment and business development decisions.
Receive High ROI
On average, a CRM system returns $5.60 for every $1.00 spent on that software. This means a business who invests in a CRM can see an ROI greater than 50 percent. This fact and the many other benefits of a CRM system to your team and your customers show that your business will improve using this software.