If you are a SMB owner, entrepreneur or start-up creator, you know many factors can influence the success of your business. Your ability to innovate, define clear objectives, a business plan but also a strong marketing strategy is paramount.
However, the most important factor remains the source of your revenue: your clients.
Customer relationships: the financial impact of the right strategy
The conquest of a new prospect is a long and costly operation for your company, requiring significant resources. Also, according to Bain and Co., a 5% increase in customer loyalty can increase a company’s profitability by 75%. It then makes sense to implement a customer loyalty strategy in order to maximize return on investment of your existing customers.
For most customers, the financial aspect a transaction is not the only motivation. An overall positive experience, where they feel listened to and understood, is an essential aspect of their loyalty. This is why a good customer loyalty strategy depends mainly on creating personalized relationships. To do so, avoid offering solutions based on your experience only and make sure your client needs and interests are at the center of the conversation.
Once your customer loyalty strategy is in place, the next step is to figure out how to manage your customer relationships efficiently. The good thing is using CRM software (Customer Relationship Management) can help.
What is CRM (Customer Relationship Management) software?
CRMs were once only available to big corporations because their cost and heavy implementation. But now, a lot of online CRM solutions are available in the cloud in SaaS (Software as a Service), making it easy for small businesses to keep up with their clients. CRM can replace your good old Excel files so you can collect and structure information dispersed throughout your company and various software. Customer relationship management software can include:
- A customizable, centralized database
It contains all the contacts you need and allows members of your team to add necessary information.
- A history of contacts
Mails, phone calls, appointments: you have it all within reach and can easily access it at any time. Some software even integrates with your VOIP solution.
- An analytical tool
You can easily identify customers generating the most revenue and better identify actions making it possible to turn a prospect into a customer or retain an existing customer.
- A collaborative tool
Because CRM solutions are nearly all online software allowing multiple user accounts, you can easily share information with your team members.
- A management tool
CRM software allows you to efficiently manage your business operations by notifying you of customers and prospects to contact and when to do it.
Ready to make the move? Here are some aspects to consider selecting a CRM.
How to choose your customer relationship (CRM) software ?
There are some essential aspects to take into account in your decision-making process. When evaluating various solutions, ask yourself if it’s:
As your business grows, your CRM needs also. Select a solution that can evolve with the economy and technology innovations, as well as your business and your industry.
- In the cloud
In other words “online”. Cloud solutions require no installation, upfront investment or maintenance costs and are accessible from anywhere.
Your CRM solution must enable you to collaborate efficiently and in real time with your colleagues, even on the road.
A comprehensive solution integrating CRM and other features (such as invoicing, inventory management and accounting) is a wise choice.
- Clear and easy to understand
You have better things to do than spend your time analyzing data. Choose software that provides you with an overview of current business actions, for example with dashboards or graphics.
CRM is an essential tool for your company on a day-to-day basis, enabling you to consolidate customer relationships, refine your business strategy and increase productivity.
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This post is also available in: French