Customer Relationship Management (CRM) is a strategy and technology aimed at managing customer relationships. It includes a set of tools, processes and systems that aim to improve customer interactions, increase sales and customer satisfaction.
CRM plays a key role in modern business, as it not only helps to collect and analyse customer data but also allows you to create personalised service strategies, optimise communication and improve service levels. Every year, the dynamics of business intensify. In 2024, the business environment is becoming even more competitive and demanding. Companies are faced with the need to quickly adapt to changes and find effective ways to retain customers.
In such an environment, CRM becomes an indispensable tool for successful business. It allows to better understand customer needs, improve service quality, optimise sales processes and increase conversion rates. Effective use of CRM in 2024 is becoming a key success factor for companies, allowing them to be flexible, adaptive and remain competitive in a rapidly changing business environment.
About 50% of existing customers of most companies do not generate profit due to inefficient interaction with them.
Pay attention to sustainability and ethics: Buyers are increasingly paying attention to sustainability and the social responsibility of companies. This influences purchasing decisions, and companies are actively incorporating sustainable practices into their sales strategies.
The overall trend in sales 2024 is to deepen customer relationships, leverage data and technology to improve customer experience and meet customer needs in a dynamic and digital business environment.
Business efficiency depends on the work of the sales department. Managers interact with customers, form an opinion about the company, and sell goods or services. A CRM system for the sales department will help to control the work and manage business processes. It is a powerful tool that helps automate many processes, segment customers, establish interaction with them, and improve marketing promotion. CRM for the sales department is the engine of the company that drives it forward.
In 2024, the competition in the market is becoming more intense, so it is important for companies to build an edge based on customer insights. Customer data management becomes a strategic challenge to increase competitiveness. This includes:
Many companies initially believe that CRM implementation is a magic wand that will sell and generate leads at the speed of light. But this is not the case. The system will not lead customers instead of you, and it does not guarantee an exponential increase in profits. CRM is a tool that gives results only if it is used correctly.
A CRM solution will simplify life and increase the efficiency of the sales department. Thanks to the automatic funnel, the manager plans his further actions and records information about the client, which will help to prepare an individual commercial offer in the future. In addition, it will be much easier to monitor the manager's performance.
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Having access to all conversations with customers, information about the reasons for refusals, product returns, and so on, you can adjust the work of the sales department and improve it.
According to “statista”, a leading research company, the total average annual growth of the global CRM market is 10.68% and as of 2023 is estimated at $79.4 billion. This figure is expected to reach $131.9 billion by 2028.
Here are some more recent and interesting facts (2023):
92% of businesses say that a CRM system plays an important role in achieving their financial goals.
Conversion rates can increase by up to 300% thanks to the use of CRM.
72% of companies say that a CRM system gives them access to better customer data.
64% of businesses consider this solution to be very effective.
Sales teams using CRM confirmed that job satisfaction increased by 17%.
So, if the internal skeptic is calmed down, we suggest moving on and finding out the specific benefits of CRM for sales.
Benefits of CRM implementation for sales team
It's much easier and 5-10 times cheaper to close a deal with an existing customer than with a new one.
Single database: CRM gives the sales team centralised access to customer data, interaction history, inquiries, preferences and purchases. This facilitates communication within the team and helps deliver a more personalised service to customers.
Improved customer service: With access to complete customer information, employees can provide more informed and better service, which contributes to customer satisfaction and increases the chances of successful sales.
Process automation and optimisation of sales team working hours:
Task Automation: CRM allows you to automate routine operations such as sending notifications, creating reports, reminding about important events, etc. This allows the sales team to focus on more important aspects of the job.
Sales Funnel Optimisation: CRM allows you to track each stage of the sales funnel, identify bottlenecks and optimise processes to increase conversions. This helps employees focus on the most promising deals.
Reports and analytics: CRM provides the ability to create various reports and analytics based on the collected customer and sales data. This provides management and managers with important information to make strategic decisions.
Forecasting and Planning: The analytics provided by CRM help in predicting trends, evaluating campaign performance and planning evidence-based sales strategies.
Choosing the right CRM system for your team in 2024 involves a number of key steps and criteria, taking into account changes in the market and your business needs. Here are some important aspects to consider:
Functionality: Determine which CRM system features your team needs: contact management, sales funnel, marketing capabilities, analytics and reporting, etc.
Integration: Make sure the CRM can integrate with existing systems (e.g., email, social media accounts, inventory management systems).
Cloud or on-premises system: Decide whether you will prefer a cloud-based CRM or an on-premises solution, considering security, availability, and flexibility.
Scalability and flexibility: Make sure the CRM can scale as your business grows and can be easily customised to meet your needs.
Interface and Usability: Conduct user interface testing to make sure it is user friendly and easy to use for your team.
Support and Training: Make sure that support and training is provided to effectively implement the system and train employees.
Customer Reviews and CRM Ratings: Explore user reviews, ratings and reviews of various CRM systems to get an idea of their effectiveness and customer satisfaction.
Security level: Pay attention to security measures, especially when dealing with sensitive customer data.
Regulatory and legal compliance: Ensure that the selected CRM complies with legal requirements and regulations in your industry.
In conclusion, the use of CRM (Customer Relationship Management) will continue to be essential to successful sales in the future. It is predicted that the evolution of CRM will focus on improved analytics, integration with new technologies, increased personalisation, and a focus on deeper customer insights.
CRM provides tools to collect, analyse, and leverage customer data, enabling companies to create more personalised sales strategies, anticipate customer needs, and deliver better customer experiences. In the future, CRM will further leverage technology and data to improve sales effectiveness and to more accurately analyse and predict market trends.
Key areas of CRM development will include integration with new technologies, improved analytics, focus on customer experience, and increased automation. Based on this forecast, companies utilising CRM will be in a better position to adapt to changing market demands and achieve greater sales success.