How CRM platforms Can Influence Revenue Generation for Businesses
The Custom CRM solution has empowered the CRM software which enables the business organization to boost their sales and revenue graph.
The latest CRM trends suggest a meteoric rise of the market for the software platform with the annual growth rate of 16 percent. The sudden boom of marketing technologies and sales platforms has a direct influence on businesses that are offering CRM suites to cater the need of building meaningful customer relations and impacting sales.
But at its core, the CRM technology platforms unlock the value of customer data to drive effective sales strategies which in turn reflect on revenue generation capacities of businesses.
“Organisations are keen to avoid silos of information and to obtain a 360-degree view of the customer,” says Julian Poulter, Gartner’s Research Director in a report.
Poulter also added that revenue generation from CRM software is mainly driven by technology vendors offering CRM solution suites for sales, commerce and services. Post the official roll out of General Data Protection Regulation (GDPR), experts also predicted that the businesses involved in custom CRM development services will be making significant investments for compliance, data loss prevention, information security, security consulting and much more.
All this not only results in making CRM platforms capable enough to avoid privacy violations but also gives the application leaders a better control over customers’ data throughout the sales cycles for better communication and sales.
Once businesses have in place a robust CRM platform that has access to relevant and regulated data, they can optimize it to the fullest for higher revenue generation. Smart Sight has listed out the most palatable ways of making a solid, custom CRM solution into revenue-generation machine tool:
Mapping Customers’ Buying Behaviors: CRM platforms are reservoirs of customers’ information to churn out efficient sales strategies. These solutions also reveal valuable insights on customers’ buying activities and behaviors to map and create approaches that augment customer engagement from the initial stage to acquisition and retention stage. Businesses can use these insights to repeatedly engage with customers and chart out plans that can be implemented in other areas like customer support, communication, product management, marketing and sales for higher profitability.
Identifying Key Customer Sources: Customers are the most important variables in the equation of sales and revenue generation. Before diving into the industry, any brand or business should engage in recognizing the target audience to react, communicate, pitch and involve with for sales. CRM platforms built with strong predictive analytics and data tools help businesses to gain a succinct view of the current market trends, potential targets, industry competitors, product USP and customer expectations to strategize marketing and sales activities. Once these are sorted and executed effectively, businesses can see a direct impact on their revenue earnings and profitability.
Automation: Automation is the new buzzword in the technology and business community. Software platforms with superior automation capabilities are gaining traction as they bring down additional costs and investments involved in core activities for marketing, workflow and enterprise management, sales, customer services and more. In the 2018, many CRM development services companies are using AI to automate time-consuming and repetitive tasks. In the sales department especially, automation can help representatives identify best leads, build relations, optimize schedules and practices to maximize revenue.
Sales Prediction: Sales and customer relations data gathered and stored in CRM platforms can be analysed to make sales forecasts, derive optimum sales patterns, make investments and implement strategies that curb losses and boost profitability in the long-run.
Customer Service and Communication: Sales activities for customer acquisition and retention is largely influenced by the quality of customer services provided by the business or brand. Be it approaching fresh leads or managing helpdesk tickets, businesses need to make customer experience their top priority by deploying AI powered CRM platforms that allow omni-channel engagements, anytime and anywhere communication via multiple platforms, self-service options, shortened wait time, virtual assistants, easy check-out process, instant notifications about sales, etc to drive sales.
Social Media Integration: Social media is a like a goldmine when it comes to finding leads and targeting a larger audience segment. CRM platforms with social integration features helps keep brands and businesses’ marketing and promotional messages fresh and relevant and leverage its online stance to gain more customers and get real-time updates on their activities and preferences to engage in sales.
E-commerce Integration: With buying and sales going fully digital, businesses need to deploy CRM systems that enable customer, sales and inventory data to e-Commerce sites and applications. This creates opportunities for business from omni-channels and not be fully dependant on either brick and mortar stores or online webstores for revenue and profitability. Also, the e-Commerce integration streamlines the buying process and reduces the scope for errors in product or inventory data.
What are your thoughts on core CRM functions on being the new yardstick for revenue generation?