What Does CRM Software Stand for and How It Benefits Business Growth?
According to the customer service statistics (helpscout.net), loyal customers are worth up to 10 times as much as their first purchase. Therefore, providing an outstanding customer experience is essential for expanding business operations.
Nowadays, there are many software products that can help organizations enhance their relationships with consumers on the market. However, the most popular solution used by corporations for improving and managing customer experience, as well as gaining leads, are the CRM systems by far.
CRM software is a special system with one primary purpose – improving relationships with clients by providing businesses with smart tools to effectively develop a successful strategy. Considering the aforementioned point, it is obvious that the CRM definition includes much more than it seems initially. It’s worth noting that implementation of this useful tool can definitely make a huge difference when it comes to standing side by side with some of your biggest competitors.
How CRM Technology Can Fuel Your Business Growth in 2018 and Bring Marketing and Sales Into The Same Orbit
What is CRM Software?
CRM software stands for “Customer Relationship Management Software” and refers to all strategies, techniques, tools and technologies used by enterprises for developing, retaining and acquiring customers. This software ensures that every step of the interaction with consumers goes smoothly and efficiently in order to increase the overall profits.
The software gathers customer data from multiple channels. Hence, CRM stores detailed information on overall purchase history, personal info, and even purchasing behavior patterns.
And the best part is that all of these data are safely stored in a unified CRM database. Therefore, users can easily access and manage a highly important data via one powerful source of information.
How does CRM work?
The system is packed with tracking features that record numerous customer interactions online. In addition, CRM automates various business processes and provides managers with tools that enable to track and measure the company’s performance and productivity. However, the business success, as usual, depends on the right strategy.
Proper alignment of the CRM strategy, overall business objectives and customer needs is paramount. Companies should pursue their objectives with the care for the customer and desire to add value by boosting the efficiency of customer interactions. A properly developed CRM strategy results in better customer acquisition, development and retention.
In other words, CRM software can connect the crucial business operations such as marketing, service and sales activities to boost the customer experience and loyalty from initial contact to repeat purchases. Since any CRM system is meant to streamline the company workflow, it can easily help businesses to close the gaps between marketing, sales, and customer service departments helping the companies of all sizes to reach their end goal at minimal costs.
Why CRM matters for Business?
Modern times require modern measures for staying afloat and surpassing the competition. Luckily, Business Process Management (BPM) technology in CRM allows organizations to quickly adapt to changes in the business environment by granting:
- The immediate access to all the important information, which allows to significantly speed up the workflow.
- Simplified and transparent work processes from the very first day.
- Advanced reporting tools for generating more sales.
- Detailed analytics and reports on the team’s performance.
- Easy information sharing across the company.
- Scalability, security, and mobile CRM access.
- Advanced tools for better collaboration among departments and with consumers.
- Improved CRM strategy for a greater impact on target audience via personalized marketing campaigns.
According to Gartner forecast (forbes.com), the projected CRM market growth should reach a $36 billion of worldwide revenue this year. In 2013, a whole 91% of small-sized companies (buyerzone.com) incorporated CRM systems to ease their workflow, and these numbers continue to rise. Why? Because the adoption of CRM software means meeting sales quotas.
With an easy access to smart devices, CRM increases sales by 29 percent. In fact, 65% of sales representatives who use mobile CRM have reached their sales quotas, while the same results are noted with only 22% of reps who used a CRM strategy without a mobile approach.
Furthermore, the average ROI with CRM systems amounts to $5.60 for every $1 spent. So when thinking about CRM’s importance for business, it’s vital to have such a valuable and convenient tool by your side, to the point that CRM is almost becoming a necessity for developing a strong brand that can withstand all of the market changes.
The Difference between On-Premise CRM and a Cloud-Based CRM
Companies have an important decision to make when considering which CRM system to implement. There are two CRM deployment options depending on what the business objective is. While the organizations might benefit from on-premise software, they shouldn’t dismiss the advantages of cloud CRM deployment.
With on-premise CRM, a company needs to purchase the license beforehand. The software is then located on the company’s servers and, therefore, the process of installation takes much more time and IT resources. Moreover, it is buyer’s task to ensure the constant maintenance of the on-premise system, as vendor has no responsibility for its flawless operation and data security after the implementation stage.
On the other hand, software-as-a-service (SaaS), cloud or on-demand CRM, stores data on the vendor’s servers. In this case, the users have full access to the database all the time wherever they are, and, most importantly, the vendor takes all the responsibility for the non-stop operation of the system and provides all the necessary system updates and support.
The only requirement for cloud system accessibility is a strong internet connection, accompanied by an affordable monthly or annual fee. Hence, cloud CRM is very beneficial both for SMBs, who operate on limited resources, and large enterprises.
For the past few years, the role of Business Process Management (BPM) in CRM has been extended dramatically. In order to remain competitive, companies should be flexible and adapt processes to keep pace with rapidly changing business environment. In the nearest future, we will witness significant growth of CRM solutions that provide process automation features.
The role of CRM in Marketing
The true effectiveness of a CRM system is reflected in email marketing campaigns. In 2017, the majority of digital investments were spent for developing more personalized email marketing strategies. Not only does CRM contribute to the design of tailored advertising, but a quality tool like bpm’online CRM can also help the marketing department work faster” due to the following features:
- Customer database segmentation
- Marketing campaign automation
- Lead generation and distribution
- Email marketing tools
- Event management
- Collaboration tools
- Knowledge management
- Integration capabilities
Raise in Sales with a CRM System
The CRM also serves as a powerful ally when it comes to sales. With CRM tools you can forecast sales, get a bird’s eye view of the sales process and gain efficiency in sales force management. Modern CRM systems should contain the following key features:
- 360° customer view
- Customer database management
- Social media integration
- Lead management
- Sales forecasting tools
- Opportunity management
- Field force automation
- Document management
- Mobile sales capabilities
- Complex data analytics
Bpm’online was named a Leader in The Forrester Wave™: CRM Suites for Midsize Organizations, 2016. In addition, bpm’online has been recognized as a Strong Performer in The Forrester Wave™: Lead-To-Revenue Management Platform Vendors, 2016; The Forrester Wave™: Sales Force Automation Solutions, 2017 and The Forrester Wave™: Customer Service Solutions For Midsize Teams, 2017.
Bpm’online was recognized in Gartner’s 2017 Magic Quadrant for the CRM Customer Engagement Center, 2016 Magic Quadrant for Sales Force Automation, included in Gartner’s 2017 Magic Quadrant for CRM Lead Management.
Nucleus Research consecutively positioned bpm’online in the Leaders Quadrant of the Nucleus CRM Technology Value Matrix 1H 2017 for its unprecedented agility to modify processes on the fly.
Ovum, one of the leading global technology research and advisory firms worldwide, has Bpm’online named among the world’s top 10 CRM vendors in latest Ovum CRM Decision Matrix. Bpm’online has been recognized for its process-centric approach and intuitive platform.
CRM Magazine, the leading publication of the industry, named bpm’online the Leader in Enterprise CRM Suite and Midmarket CRM Suite categories of the CRM Market Awards 2017 by CRM Magazine. This is the third year in a row that bpm'online made it onto the leaderboard in Midmarket CRM Suite category, with impressive scores all around.
bpm’online has been honored as Gold Stevie® Award Winner for the Best Relationship Management Solution of the Year in the 11th Annual International Business Awards. Winners were selected from over 3,500 nominations.
Bpm'online’s customer, Quint Wellington Redwood Group, has become a winner of 2017 ROI Award for the 1,566% ROI after implementing bpm'online CRM
In 2015 for the second time in a row bpm’online is selected as ISM Top 15 CRM Award winner by, ISM Inc., Customer-Centric Strategic Advisors. The company is positioned as a leader in the fast-paced CRM industry.
Bpm’online received a 2015 CRN® Enterprise App Award for its bpm’online mobile CRM application. Bpm’online’s mobile app was selected by a CRN editorial panel based on a combination of critical factors including functionality; suitability to task; ease of use; innovation; and potential value to solution providers, their customers and the market in general.
bpm’online is proud to be named the winner of the European IT & Software Excellence Awards 2013 - the pan-European awards event for IT, ISV and Telecoms channels.
Bpm’online named a CRM Watchlist 2016 winner among the top global CRM vendors.
Bpm'online CRM has won the 2015 CRM Excellence Award, presented by CUSTOMER magazine. The 16th annual award has recognized bpm'online for being a true CRM partner to its customers and clients.
bpm’online was voted a ‘Customer Service Rising Star’ by CRM Magazine. The award is designed to recognize cutting-edge vendors whose products are “Meeting—and exceeding—customer needs.
In 2011 bpm'online was titled the CRM Idol 2011 in EMEA region. The judges of the contest evaluated bpm'online CRM as one of the most elegant process-based CRM applications.