It is expected that the use of CRM in the business arena will grow at 13.5 percent CAGR over the next three years. That is why the year 2020 is regarded as the year of customer experience. Let us look at three such use cases of CRM in businesses worldwide
Fremont, CA: According to a Salesforce survey conducted in 2019, 84 percent of consumers equally value the experience they have with a particular brand, apart from the product and services. Regardless of the features a brand offers for its product, if the experience is not up to the mark, the brand is likely to get a bad review.
Every business competes with each other to survive and stay ahead of the competition. Improving customer experience plays a key role in the market race, even more than the competition for the lowest prices and best products. The advent of CRM has made business relationship between companies and customers easier over the years. Customer Relationship Management or CRM software is a tool that enables the organizations to establish and maintain deeper customer interactions.
It is expected that the use of CRM in the business arena will grow at 13.5 percent CAGR over the next three years. That is why the year 2020 is regarded as the year of customer experience. Let us look at three such benefits of CRM for the business providers.
The CRM software tracks the sales interaction by recording all customer correspondence. It keeps track of all direct and indirect communication with the customers that includes services, marketing, and product sales. It also computes and analyzes the customer's response time, purchase patterns, and retention rates. Thus, the information recorded in this automated system helps businesses to have a better understanding of buyer persona, previous transaction, customer demographics, which can be used to make the experience even better.
Develops Customer Retention
A study by Harvard Business Review shows that a 5 percent decrease in the customer attrition rate leads to a 25-85 percent increase in profits. CRM technology thus helps in improving business revenue, thus increasing customer retention rates. Referring to CRM software for customer feedback gives better insights into the customer's needs and preferences.
Helps in Data Collection and Computation
CRM software enriches the information documentation and organization in the business. It extracts all information from the business channels such as websites, social media channels, customer support logs, and feedback review. All the data are stored in a central database. This helps employees to access the information more easily and quickly.
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