Time is money for businesses – if you want to be profitable, you have to be fast. Technology has stepped in to simplify and speed up business processes today, thereby helping businesses to work in a cost-efficient manner. One such solution is the CRM (Customer Relationship Management) software.
A CRM is an all-in-one cloud-based solution that can help you to stay organised, increase collaboration within your organisation, improve your relationship with your customers, and increase your efficiency.
8 Ways In Which CRM Reduces Costs For Your Business
Maintains A Record Of Customer Interactions
Creating a record of every transaction using pen and paper can be a tedious and time-consuming task. Using a CRM system can automate it and allow you to focus more on other important ones. Maintaining a record of transactions helps you to predict customer behaviour and plan your inventory accordingly.
CRM saves you the expenses of stationery and the hassle of carrying paper and a printer around to print out data like client and customer information, sales statistics, important documents, etc. CRM stores your client and customer-related data like their personal information and transaction history on the cloud for you to access on any of your devices while you are on the move to meet your prospects. Shifting to CRM can also increase your business as customers prefer organisations that are environmentally conscious.
Reduces Marketing Costs
CRM allows you to collect details about your customers like their age, location, the time they spend on your website, etc. You can use this information to keep a regular track of your customers’ online activity. The software also allows you to maintain a database of the contact details of your customers, to which you can regularly send customised automated marketing messages. This database is centralised, which means that all the departments of your organisation can access it in a click.
Cuts Down On Production Costs
A CRM system is equipped with built-in analytical tools that can track your inventory. Using CRM, you can check which of your goods are in stock by unit and which ones are still being manufactured. You can also know which are the most and the least selling goods and plan your inventory accordingly to eliminate wastage and excessive production costs.
Reduces Travel Costs
Sales reps need to be on the road most of the time to personally meet prospects. However, travel takes up a huge amount of valuable time that sales reps need to spend making sales, and also costs businesses a lot of money. CRM software helps you to save these costs by suggesting locations that are closest to those of your sales reps and clients, and filtering your clients by location so that you can fix up meetings with those who are closest to your location first.
Reduces Customer Service Costs
Timely customer service is key to increasing your business and improving your reputation. Businesses that provide an enhanced experience in every aspect are preferred by customers. Customer service won’t be a task for you if you are a small business, but it becomes difficult as you grow and your customer base grows. It is difficult for most customers to articulate their issues to customer service executives, and this is where CRM can be useful to them. A CRM system comes with a self-service portal. Customers can use it to easily resolve their own issues. The portal also reduces the burden on customer service executives, eliminates the chances of them missing out on a query, and helps to save money on customer service teams.
Eliminates The Scope Of Human Errors
When details like customer information, order details, and inventory information are maintained and updated in excel sheets manually, the chances of mistakes are high. Employees have to spend hours on it which can lead to a loss of focus after a while. Even one missed or duplicate entry can cost companies a lot of money and eventually customer trust. This can be prevented using CRM which updates these details automatically.
CRM can track various metrics for different departments of your business. It can help to keep a track of new customers and their preferences, interactions on your target marketing channels, the effectiveness of your marketing campaigns, the status of your activities and goals, etc. Better tracking results in fewer errors and helps to plan future tasks.