How CRM helps reduce business costs

For every business, managing customer relationships and generating new leads is a top priority. Tools such as customer relationship management (CRM) software streamline this process by enabling your organisation to effectively oversee interactions between your company, customers, suppliers, and sales. In a previous article on ‘What is CRM? Everything you need to know about Customer Relationship Management’, John Cheney, Workbooks CEO, describes CRM as a valuable business asset for all organisations, both large and small. Especially with the current global pandemic, it is an essential tool for businesses who can no longer operate like they used to. So, here are some characteristics of CRM software that can increase profits and reduce overall costs for your business:

It promotes safe and secure information sharing

Instead of using separate systems to manage and track communications channels, using a CRM system can centralise the storage and transmission of data. Chron explains how different departments can convey information in a shared system, decreasing turnaround time. This also promotes teamwork and collaboration as opposed to individual efforts. Instead of spending time tracking down that lost e-mail or key piece of information, having all your information in one place can speed up transactions and help your company function in an organised manner.

It reduces the amount of paperwork needed

Paper records used to be the backbone of every business. But now it’s time to reduce environmental waste and embrace digitalisation. Delayed or misplaced paperwork can be a huge time-waster, especially if it gets lost between departments. A recent article from Verizon Connect describes how cutting down on paper results in higher profits and more efficient use of time. Instead of spending money on printing paper and ink, forms, receipts, and signatures, they can all be digitised, freeing up your staff to complete other key tasks.

It helps your business keep track of customer profiles

Identifying potential customers and keeping their data constantly updated in your CRM software can help you gain clearer insights into their behaviour. A Forbes article explored how learning about your clients can help you tailor your marketing and advertising strategies based on their past preferences and purchasing trends. With the right information delivered to you in real time, you can truly do insight selling. By anticipating your customers future needs, you’ll be able to stay one step ahead of the competition by fulfilling their key requirements. Data analysis can help you decide on the type of loyalty programme to implement and decide which new product or service to launch in the future.

It makes it possible to contact past clients and identify lost opportunities

Losing a client or dropping a lead could be a potential setback for businesses. However, Entrepreneur suggests that CRM software can help you follow up on previous leads in the event that your circumstances change. Viewing prospective and past leads can give you greater visibility on your shortcomings by reviewing what went wrong. Addressing these issues and applying your new insights on future leads can help you become more profitable in the future.

Now that remote work has become the new normal, ensuring that your CRM software is compatible with the cloud and mobile technology will help you stay on top of things even if you’re not at your office desk. If you’re considering a transition to CRM software, you should double-check that it seamlessly integrates with your current email provider, cloud storage providers, and other services. By streamlining your processes, organising your workflows, and keeping your employees connected, CRM software can be an incredibly powerful asset for businesses.

This blog was written by Rhia Jones.

From time to time guest contributors write on the Workbooks Blog – have something to say? Email Emma at emma.wright@workbooks.com