The Importance Of Communication In Business
One of the most important elements in the success of any business is making and nurturing contacts. Lasting relationships, whether personal or professional, require consistent communication. Communication takes time, and in the past, if you had a lot of friends, some were bound to occasionally feel neglected after not having received a phone call, card or letter during traditional holidays.
Social media has proved to be a great tool for helping people maintain long-term friendships over time and distance. A single occasional update on Facebook enables you to reach all your friends simultaneously, and a single click of a mouse on the like button can let someone know you’re thinking of them.
In the professional world, business success requires a far larger number of contacts than it would be possible to maintain without the help of modern technology. Customer Relations Management (CRM) software was developed for just that reason. Every business that offers products and services has a need to continually expand their contact base, without neglecting their valued regular customers.
CRM software is designed to do just that, and much more. Through the magic of analytics and automation, you can maintain value-added contact with your customers. Let’s take a closer look at what we mean by analytics and automation. With CRM you can:
- Gather a wealth of information at every customer touch point, including when they visited your website, what platform they used during their visit, browsing history, information requested, questions asked, purchase history, and of course their personal details;
- Store the data for ease of analysis;
- Deliver usable data that will assist you in contacting your prospects and customers at the right time with the right information, incentives, and offers.
CRM doesn’t produce cookie-cutter results; you need to evaluate the data that you gathered about your audience to personalize your approach.
Why you need CRM
Almost everyone, before investing in CRM software, asks something like: “Is this gathering, storing, and delivering of actionable information really going to make a difference for my business?” Data gathered from adding and implementing CRM software often proves to be a fantastic investment. According to Storyteller Media and Communications:
- ROI of CRM is more than $5 per $1 spent
- 75% of sales managers queried said that CRM software increased sales
- Potential sales growth by up to 35%
- Boost in short term sales by more than 40%
CRM offers fantastic ROI and in my experience, most sales managers who use CRM software would recommend it. Many businesses haven’t fully implemented a CRM program because they don’t know how to use the aggregated data or don’t have a sales team confident with utilizing the data.
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