As a small business, in order to grow, you need to invest in the areas that deliver the biggest dividends. That’s why more and more businesses are implementing a small business CRM or customer relationship management system. CRM software not only helps you stay organized and build better relationships, it pays back $8.71 for every dollar spent. That’s a 774% return on your investment.
That means if you have 3 employees on your CRM, a small monthly investment in software delivers an annual return of $20,799 for your small business. Choosing an automated customer relationship management software is not only smart business, it can transform your operations. It does so by boosting your sales, helping you understand and support your customers, and helping to create optimal processes for your teams.
Still having second thoughts about investing in a CRM for your small business? No worries, check out these 4 big benefits for your business:
1: Boosting Sales
The primary benefit of any CRM for small business is that it helps to streamline sales and boost your revenue. In fact research shows that CRM systems can increase revenue by a whopping 41%.
It starts with lead management. An online CRM allows your small business to capture more leads from your website and track them throughout the entire sales process. With your CRM stocked full of new contacts, you have the ability to nurture prospective buyers in your sales pipeline with targeted email campaigns until they are ready to buy.
That means your sales team can prioritize leads–spending less time on unqualified people who are never going to pull the trigger and more time closing deals.
Another big bonus of a small business CRM is that it helps you make smarter decisions necessary to grow sales. It delivers insights such as which lead sources are driving the most sales, which sales reps are struggling to hit their numbers, and what your short and long-term sales forecasts look like.
2: Understanding your customers
Small business CRM software is particularly useful for companies selling complex products or companies that have longer sales cycles. The constant data collection allows you to continuously perfect how you interact with each and every customer. Months of customer behavior data can be effortlessly recorded and analyzed, which lets you better understand the different decisions that guided customers throughout the entire sales cycle.
You can use this information to improve your small business marketing, tweaking your email campaigns, website design, and sales approach until you find the optimal way to reach your target audience.
3: Improving Workflow
No matter how small your business, your sales and marketing process is something that always has room for improvement. The reality is that most business have a ton of manual processes in place, such as sticky notes and spreadsheets, that kill productivity.
Small business CRM software removes the bottlenecks and makes it is very easy to create workflows your team can stick to on a daily basis. Whether it’s automating follow-up on a new lead or delivering a consistent new customer onboarding process, a CRM can improve the efficiency of your entire team, from sales to customer service.
4: Improving Customer Support
Customer support is the backbone of every small business. It not only impacts customer retention but also your revenue. The truth is, your customers will pay more for a great experience with your business:
So how do you deliver an extraordinary customer experience? By giving your support team instant access to detailed information about each and every customer: their online history, their order information, and their past interactions with your company. A huge plus of CRM software is that it collects customer data in one place, making it easier to segment your customers based on their specific needs and interests.
By investing in a CRM it gives customer service the tools and data they need to wow and delight your customers. It can also help improve retention within your customer base which directly affects profits. In fact a 5% increase in customer retention can increase a business’s profitability by 75%.
With customer relationship management software in place, your small business can drive more sales, delight your customers and be more productive. It may be hard to imagine how investing in one simple system can completely change how you do business. The best way to see a small business CRM in action is to check out this quick, 60 second overview video.