Today’s market has become so dynamic that survival is highly determined by the kind of relationship you build with customers. SMEs begin their relationship with customers from the first time they connect with them.
Many SMEs in today’s market find it more than five times costlier to attract fresh clients than it is to keep current ones. SMEs that focus on building better customer experiences use the following metrics to measure their relationship with customers;
- Frequency of contact
- The rate at which sales are closed
- Satisfaction score
- Rate of retention
- The lifetime value of customers
- Up-selling and cross-selling rates
What SMEs expect from the CRM
CRM is used by SMEs to provide accessible advantages that support gainful growth, breed revenue and realize business operational excellence. They also offer platforms for customer management, networking, marketing and funding.
CRM software is therefore not wholly viewed as a marketing tool, but a dynamic business management system that SMEs can use to attract, delight and nurture customers in all stages of their interactions. For Example, Creatio CRM can also be used as a networking tool by SMEs to source for funding because the software has features that can project appropriately defined personas.
With that in mind, we can now look at the various ways CRM helps SME in a bit of a detail.
1) Reduced costs
Sales and marketing processes eat much into the revenues of small and medium enterprises. CRM increases efficiency, reduces errors and fewer sales reps are needed to handle marketing tasks, which means reduced spending to the companies.
2) Leverages big data
Traditional sales and marketing teams have to collect large chunks of data and spend much more time organizing and analysing them to produce results. By automatically collecting and consolidating data in one place, as well as segmenting customer data as per their behaviour, past buying characteristics and other user-predefined criteria.
Data collection and campaigns can, therefore, be more targeted, leading to more effective campaigns and higher ROI to the SMEs.
3) Integration with other apps
CRM tools seamlessly integrate with other business applications. This makes accounting and customer interaction processes easier and less costly. Data transfer from one application to CRM or to other apps also becomes easier and cheaper with no needs for manual data entry.
4) Improves decisions
The relevant reports SMEs get from CRM dashboards, the comprehensive insights on customers and many other results that CRM displays, makes it easier for managers to see opportunities, raise issues as well as monitor trends that govern informed decision making towards improving business processes.
5) Business growth
CRM enhances business growth by making business processes and operations management hustle free. From the marketing campaign to closure of deals, payment and product delivery, free CRMs can also offer the business an all-round view of existing customers together with leads, opportunities, competition, sales and orders.
6) Marketing and sales support
Building your marketing, sales as well as support criteria as an SME is crucial for developing a robust and efficient customer relationship. CRM software broadly uses customer-based information by incorporating sales and marketing support.
With processes and procedures that enhance business management centred on an all-round customer system, the CRM system helps SMEs to run their external and internal customer collaborations for greater profit margins.
A good CRM for SME systems can transform the way small and medium enterprises win and retain customers, by developing an interconnected workplace. This extends across enterprise solutions and has the capacity of empowering sales teams for a robust employee-customer experience.
7) Increased business agility
CRM solutions offer platforms for increased agility. This makes it possible and easier for the businesses to accustom their activities to the ever-changing markets, coordinate enterprise operations across the organization and beyond as well as metamorphose themselves into customer centred businesses.
SMEs niche that use CRM
This table summarizes the companies and SMEs that use CRM.
|7||Alcohol and distillery|
|8||Food and beverages|