This content originally appeared on HackerNoon and was authored by Joseph Chukwube
As personalization became the order of the day in fields like customer service, marketing, and sales, it didn’t take long for Customer Relationship Management (CRM) software to evolve as an essential tool for businesses aiming to foster stronger customer relations and streamline their operations.
\ Right now, the market is booming, with projections estimating it to reach an impressive $82 billion by 2025. This growth underscores the massive importance of CRM systems in the business world. Meanwhile, facts show that 47% of users report drastic improvements in customer satisfaction and retention after adopting a CRM system.
\
\ In any case, even when the benefits of using a CRM system are clear, with so many options available, it might be daunting to make a straightforward choice. In the end, you have to choose a solution based on your specific needs and goals. As you do so, this article will guide you with key pointers you should keep in mind in your search.
Functionality and Integrations
It needs not be said that a CRM should be able to handle core functionalities like contact management, lead tracking, customer segmentation, pipeline management, etc., effectively.
\ CRMs exist to empower businesses to focus on customers strategically, operationally, and analytically by consolidating data and revealing what works. So, besides basic functionalities, you need advanced integrations that expand the functionality of the CRM beyond its core offerings.
\ Yet, according to a State of CRM 2024 survey, the most prominent CRM challenge was technology integration, faced by 41% of leaders.
\ For instance, nowadays, AI-driven analytics has emerged as an important factor in analyzing customer data and identifying opportunities, and the need for this is a major challenge when it comes to CRM systems.
\ A survey reported that 67% of CRM admins were concerned about the readiness of their data for AI/ML applications. In any case, ensure that you are not simply going about shiny new features but prioritizing features that your business needs.
\ Also, depending on the kind of integrations you require and other business factors, you may want to opt for building your own CRM, and you can find a detailed guide here.
\
Seamlessness and Scalability
When selecting a CRM, you want to be sure that it is compatible with your existing tools. This ensures that data flows smoothly between different platforms, reducing manual work and minimizing errors, especially when taking the first steps towards full deployment.
\ So, an ideal CRM system would be one that can fit into your existing ecosystem with minimal friction. This is also crucial because of scalability.
\ Right now, 45% of business leaders consider getting a complete view of customer interactions to be key to maximizing CRM in the next five years. This cannot be achievable without meaningful scalability.
\ A CRM that can seamlessly adapt to any technology stack would also be able to adapt to changes associated with the growth of your customer base or increased operational complexity.
\ For instance, since complex processes emerge as your business evolves, a CRM should be able to allow you to set custom workflows that suit your growing needs.
\
Mobile Accessibility
In 2013, HBR declared the rise of the mobile-only user. The world of business has gone beyond the four walls of the office, and mobile phones have been critical to effecting this change.
\ If you want to truly connect to your customers in a meaningful way, then your CRM must be accessible via mobile platforms, and inclusive of advanced functionalities. This doesn’t simply mean a CRM that has a mobile app; it means your CRM should be mobile-first.
\ You can find more details on adopting a mobile-first strategy here.
\ The benefits of this cannot be overstated. Being able to engage with customers on the go and collaborate with team members in real-time can only be achieved via a mobile-first approach to customer interactions. This ultimately enhances customer satisfaction since the team is better equipped to meet their needs.
Analytics and Reporting
Data-driven decision-making is the backbone of modern business strategy. Your CRM system should not be exempt from providing comprehensive analytics and reporting tools that empower you to make informed decisions.
\ Interestingly, business leaders considered forecasting and pipeline insights to be the most CRM-based activities they were prioritizing. However, this does not seem to be the case in real-world applications.
\ According to a Salesforce report, only 32% of companies can access a single view of customer information, even though 90% consider it valuable. This points to a major gap that needs to be closed.
\ For one, real-time reporting capabilities in a CRM system give businesses the ability to access up-to-date information on sales, marketing, and customer service activities. This timely data allows decision-makers in your team to respond swiftly to changing market conditions and consumer needs.
\ Particularly, advanced CRM systems incorporate predictive analytics, using historical data and machine learning algorithms to effectively forecast future trends and customer behavior.
\ Reports show that sales forecasting can increase by up to 42% with good CRM software.
Data Security and Privacy
With customer interactions, there is no escaping holding some customer data, and you don’t want a CRM that slacks when it comes to safeguarding that data.
\ Features like data encryption, secure access control, security monitoring, and regular audits are basic features that a CRM should offer. It should also offer robust backup and disaster recovery options to protect your data against loss and corruption.
\ Data security is even more critical in light of recent legislation springing up around the world concerning data protection.
\ Non-compliance with regulations such as the GDPR and CCPA comes with heavy fines, which in addition to the risk of data breaches, would take a toll on any business that is flippant with data protection.
Omnichannel Customer Support
Today, customers interact with businesses through multiple channels—email, social media, phone, live chat, etc. An effective CRM should be able to offer omnichannel support, consolidating all customer interactions into a single, unified view, which ensures that your team can provide consistent and personalized service across all touchpoints.
\ More so, this ensures that you better meet customer expectations and build stronger, more loyal relationships. It also helps you to deliver highly personalized experiences by unifying customer data across all touchpoints.
\ Ultimately, this requires seamless collaboration between various departments, which your chosen CRM should be well-equipped to handle.
Conclusion
Remember that the goal is to find a CRM that empowers your business to free your team up to unlock their full potential. Therefore, choosing a CRM should be treated as a business-critical decision, not as though you were selecting a complementary add-on for your business. With the right pointers in mind, you will be able to make a suitable choice.
\
This content originally appeared on HackerNoon and was authored by Joseph Chukwube
Joseph Chukwube | Sciencx (2024-07-15T20:49:56+00:00) 6 Pointers to Look for When Choosing a CRM Software in 2024. Retrieved from https://www.scien.cx/2024/07/15/6-pointers-to-look-for-when-choosing-a-crm-software-in-2024/
Please log in to upload a file.
There are no updates yet.
Click the Upload button above to add an update.