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Why managing customer relations is necessary for a company’s growth?

Updated: Oct 31, 2022

What is CRM?

Customer Relations Management (CRM) refers to a centralised technology that manages a company’s relationship with its customers and improves its connections with potential customers. The major aim of developing a CRM system is to improve the company’s business relationships.

CRM system helps you track the contact with individuals like customers, suppliers, and service users, and maintain a healthy and profitable relationship with them by supporting and providing additional services to improve their business. Imagine buying a smartphone from the vast collection available today. You will choose the one that caters to your needs and adapts to your expectations. This works for choosing any type of technological support.

What does CRM do for your company?

CRM is an effective tool that helps maintain sales management, contact management, service management and much more. Every organisation’s primary goal is to increase productivity and enhance the external relationship of the company. Customer and prospect information is stored in a centralised form which would make customer information and service issues accessible for future use.

CRM tools allow every member of the organisation to track customer interactions, the products and services they have bought, their payment details, and the frequency of their purchases. Transparency and visibility of data provide better exposure to the internal audience in a company and inspire them to develop customer relations and add prospective buyers to the organisation.

In today’s world, every facet of development is linked with the availability and adaptability of technical support that can improve an organisation’s structure and move them one step closer to meeting its objectives. A centralised CRM system provides the company with a customisable data storage system or dashboard that gives you an overview of the customer. It can tell you how the customer has been in contact with your company, their transaction history, whether are there any recurring service issues and so on. Freshworks is one of the leading service providers that helps you track events and customer interactions in order to deliver customised services for their clients.

Marketing and sales are major focuses for customer relations systems. CRM system helps to identify the flow of customers while tracking the most frequent inquiries to rectify the issues of concern for every customer. It also helps to unify the customer inquiries that may spread across various social media platforms. The company would find it difficult to track the variety of customer issues that might be raised through social media, telephone or emails. CRM tools give an overall view of customer history at a centralised location to increase access to any form of customer information.

Why CRM?

Sales and marketing in a company is an expansive process of collecting information on customer values and interests, studying the market trends and evaluating the competitor services to keep up in the market. Salespersons are constantly contacting prospective customers and buyers, collecting notes on their needs and gathering valuable information to improve the company’s sales.

But how can you track and note down a large amount of data and make it accessible for the company as a whole? CRM system understands the company strategy and helps translate the huge amounts of information coming from sales, marketing, customer service, and social media monitoring. Social media activities play a major role in advancing and understanding the competitors' and customers' interests. Once you follow the competitor's social media, you can get an idea of what they are saying, what they are up to in the future and how often they post on their digital platforms.

How does CRM work?

CRM tool gives the company an overall view of their clients and prospective customers while assisting in managing their inquiries and interactions. The success of any website lies in creating more opportunities for client entry through its content and engaging the customers to initiate leads on creating service needs.

Leading software like Freshworks uses AI-based chatbots that allow users and prospective customers to chat in real-time and understand the services provided. The CRM works to turn your website into a lead generation machine and collect visitor information through web forms. This allows the company to understand how long the visitor stays within the content and records their action within the website. The overall tracking of customers helps in the smooth flow of communication across channels like phone, chats, Email, SMS and social media platforms.

To get an overview of the functionalities of CRM, let us go through the checklist of the system characteristics:

  • Gives a 360° view of the customer profile and records customer history with the company.

  • Improves sales with your customers and prospective clients through their automated sales campaigns.

  • Improves revenue by Dynamic forecasting of improving sales.

  • Track the sales and marketing strategies on the activity timeline and access customer information through customisable dashboards.

  • Integrates the team and connects the company’s external and internal audiences efficiently.

  • Helps in automating complex and time-consuming tasks to implement accessible and affordable systems for the company.

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