March 28, 2022 • 5 minutes read
If you ask a business manager what their most valuable asset in the business is, you’ll get various types of answers, some interesting and some not-so-interesting! One of the most amusing ones we have encountered to date was when a business manager said “ME, I am the most valuable asset”. We were as confused as you are right now, to say the least! Well, we are no strangers to the fact that businesses are growing exponentially nowadays and with that, harnessing the most important asset is mandatory for companies to grow to their full potential. In many companies, a lot of data is stored manually through print mediums. This in turn causes a lot of hassle, not just with storage or outdated information but the environmental aspect of using so much paper comes into play as well. The success and growth of a business are heavily dependent on how they handle, manage and retain their customers. We at Apric firmly believe that the most valuable asset for a company is its Customer Relationship Management system. What is a CRM system you may ask? Well, A CRM system allows companies to register, manage, collect customer leads and contact them all under one database.
It allows companies to keep a tab on all sorts of communications between the customers and stores it to enhance opportunities. Without CRM, it would be time, energy, and money-consuming to store and keep a tab on all the data. If we tell you that reports state that the total revenue generated from the CRM industry will surpass $ 80 billion by 2025, you wouldn’t believe us, right? Well, this is all true and confirmed through research. The CRM software market has now become the most sought-after software market in the world.
Let us talk about what makes CRM the most valuable asset for your company, Shall we?
CRM gives you deep and actionable insights about your customers. You can get to know a lot about your target audience like who your customers are, what they want/like, or even the trends in the current market. Your business can have a lot of opportunities to delve into if you understand the customer psyche. And not just that, An efficient CRM software can help you gain a competitive edge over your competitors.
There is a 5-20% profitability of selling to a new prospect whereas there is 60-70% profitability of selling to existing customers. Customer retaining is a very crucial element in a business plan. CRM software helps you foster customer relationships while retaining them to their full potential. It adds value to your marketing efforts and increases profits in most avenues.
Building a long-term relationship based on trust is imperative for your business. Keeping all interactions in the loop at all times ensures the effectiveness of the company. Papers and files will consume your time, energy, or even money and in this era, all three of these factors hold paramount importance. A proper custom-built CRM system streamlines and organizes different facets of your business to elevate sales volumes.
Customers love when brands reach out to them and make them feel like they are being heard and valued. The process of converting a customer to a loyal customer is a rocky but fulfilling journey. A CRM system not only keeps you in the loop at every stage of interaction, it also helps you follow up with ease. This opens up the window of opportunity for companies to evolve.
So by now, we know that without an efficient CRM system, a business will miss out on a lot of opportunities and will end up losing focus on the customer. Companies who know and believe that customer is king are fully equipped with a CRM software as they are certain that this is one of the ways of enhancing sales, retaining customers and making profits. Now tell us in the comments below, Do you use CRM for your business? Or are you planning on incorporating one in your business? We will be delighted to know!