How to use a CRM to improve ROI?

How to use a CRM to improve ROI?

Today, companies around the world are being confronted with the same issues related to data: information must be reliable, updated, personalized and secure. It is important to establish this in order to adapt to the new expectations and requirements of consumers. It will also enable companies to adapt and respond in real time.

With this in mind, what are the different ways you can differentiate yourself from the competition and stand out? Firstly, by creating a strong and lasting relationship with your customers. To achieve this goal, you need a CRM tool to help you maintain a privileged relationship with your customers and interact with them in a personalized and automated manner.

 

In this article, our digital experts the benefits of a CRM and their top tips on how to improve your ROI by integrating it into your business strategy.

 

What is a CRM?

 

A CRM (Customer Relationship Management) software refers to the management of a company’s interactions with its prospects and current customers to retain existing customers and improve the company’s sales.

A CRM software is therefore a digital solution that not only allows a company to meet customer relationship management needs, but also to automate several time-consuming tasks, especially for team members in charge of sales, marketing and the company’s after-sales service.

A CRM is an entirely customer-oriented system with the key objective of ensuring a personalized communication to current and prospective customers in the most efficient and simple manner possible.

Another advantage of using a CRM software is that it allows you to gather all the data available on your customers and to follow in real time the evolution of your relationship with each of them. By being better informed about your customers and their needs, you can adapt your activity to meet their expectations. The improvement of your customer relationship will allow you to optimize your production and to propose the best suited offers to each audience, which will help to improve your ROI.

The key benefits of a CRM:

 

  • Contact management

In addition to gathering information and sales data on your prospects and customers, a CRM system allows you to collect behavioral data and centralize everything in one place. For example, when it comes to marketing, a CRM can include data on the content viewed or downloaded by a lead as well as their interactions with an email campaign. For a lead generation campaign by phone, the sales representative can add a call report.

In short, using a CRM software will allow you to centralize your data which will facilitate the manipulation and segmentation of your contact base according to different criteria. Thus, it will be easier to launch contextualized and personalized prospecting actions. This tool will allow your different departments to collaborate and use this data to achieve your business objectives.

  • Task automation

A CRM system will allow you to automate repetitive tasks such as reminders and order updates, etc. This will in turn allow your teams to focus their efforts on other, strategic tasks that contribute to the company’s growth and success.

  • Marketing campaign management

With a CRM database, marketing teams can easily access information about leads. This information will is very useful when planning, monitoring and analyzing the performance of campaigns.

  • Reporting and optimization commercial activities

A CRM software allows you to edit customizable reports and create dashboards to analyze and monitor your key performance indicators. This in turn will allow you to optimize your customer approach.

  • Claims management

A CRM covers the entire life cycle of a customer, from the first contact to the after sales service. It is for this reason that a CRM system is very helpful in terms of ensuring customer service and also managing the requests that arise may after a sale.

How to Create a CRM Strategy

 

1 – Analyze what already exists

Before you select your CRM system, it is important to take a moment to reflect on your strategic approach to business. You need to analyze your current situation and identify any problems encountered by the marketing and sales teams with the existing processes and tools. To do this, it is essential to identify your target audiences, your preferred methods of communication and what ways you use to reach out to prospects. By analyzing this information, you will be able to pinpoint what needs to be optimized.

2- Define your objectives

When implementing a CRM strategy, ideally the end objective is to improve your business performance and remove the obstacles that prevent your company from achieving its current objectives. It is therefore necessary to understand the challenges you are facing and identify which tools will be best based on the strategic direction of your company. This is an essential step because it will influence the type of CRM tool you use.

3- Establish scenarios to help your team members to master the new tool

Often, the most difficult phase in the integration of a CRM tool is the team’s adaption to the new system.

Indeed, one of the main causes of failure in CRM projects is a lack of knowledge and understanding of the CRM tool by the team members who are involved. If the team is not fully integrated from the start, there is a risk of them not using the CRM or not using it optimally. This will decrease the profitability of the company if the tool not fully and efficiently being used.

To avoid this problem, it is best to work in collaboration with the marketing, sales and service team members on fictive scenarios with the CRM system. The project manager will then be able to identify the operational needs of everyone and make recommendations on the approach to be implemented and the possible solutions so that everyone can use it according to their needs.

How to optimize your ROI?

 

Customer Relationship Management performance is measured using key performance indicators (KPIs), which are themselves integrated with a solid reporting system. KPIs, which can be broad or specific, must always be linked to the company’s marketing and sales objectives.

Building a CRM scoring system, maintaining good file hygiene and using CRM testing methods are all part of an efficient CRM performance approach.

Reporting: This allows you to visualize the results of your CRM strategy and to follow the evolution your key performance indicators. The implementation of an efficient CRM reporting system requires a reflection on the choice of tools and indicators you select to ensure the creation of a coherent data flow optimized for your business.

KPIs: Key Performance Indicators allow you to measure the performance of your CRM strategy and to better understand the link between your customers and your company. The KPIs used must be adapted to your company. They are only of interest if they are specific, measurable, actionable and can be optimized. The choice of KPIs is the key to a permanent progression of your practice. Eminence can help you make the right choices in terms of what KPIs to track.

The customer file is the foundation of all CRM systems: Lead scoring allows you to qualify the customer file by assigning a score to each customer based on their demographic and behavioral criteria. CRM scoring makes it possible to adapt your strategy to different customer profiles and to personalize messages to each the customer. Lead scoring, segmenting and selecting are the key steps in ensuring CRM performance.

From the customer’s point of view, it is important to find the right balance of content, information and promotions. From the company’s point of view, managing sales pressure effectively is often synonymous with return on investment. Optimizing sales pressure is about finding the right balance between short-term performance and building customer loyalty.

A customer file evolves over time. To maintain CRM performance, there is a crucial aspect to consider which is to ensure that each customer files is up to date within the CRM system. This work consists of organizing the registration of new contacts and deleting inactive contacts.

A CRM allows you to tailor your messages and improve your customer relations as well as to regularly monitor your performance. To improve the ROI of your CRM, you can perform different tests on the CRM. To do this, you need to be able to go into “test and learn” mode. This implies detecting the right platforms to communicate on and adopting the best methods to use.

Finally, it is essential to listen, understand and anticipate your the customer’s needs. Listening and exploiting the voice of the customer must be organized to optimize performance. This is why a CRM strategy is crucial to performance.

If your company is thinking about installing a CRM and you want to know more, contact us by clicking here: https://eminence.ch/en/contact


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