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Published August 06th, 2016 by

Fostering Healthy Business-Client Relationship Through CRM

Fostering Healthy Business-Client Relationship Through CRMShifts and trends in businesses are inevitable aspects of market behavior. From mass production, to client oriented innovations, one can expect that the market will go on over many different angles; with businesses expected to follow suit.

These days, the market has turned the knob on having customers being the barometers for a business’ success. The importance of client-business relationship lies in the power of influence, and the collaborative way of developing products and services. Consumers nowadays tend to be more active in expressing their ideas and insights to businesses. The rise of social media influence has significantly uplifted the freedom of expression, thus providing businesses with personal commendations and unasked for feedbacks. The proactive approach between business and clients paved a way for a more open communication between two important elements in the market.

Nurturing business-client relationships are like planting trees. Trees don’t just grow, but also yield a lot of benefits like providing shade and bearing fruits. Like a healthy client relationship, the benefits of having it in the business produce long term impact as well.

Significance of Excellent Customer Service

Unarguably, customer service is the front runner over the other aspects executed in the business. It serves as a gateway for customers to reach a business, and it being critical, it can either make or break an opportunity to make clients out of leads. Communication systems, leading to customer service centers, must also be optimized and varied, in order to maximize lead generation.

An excellent customer service differentiates itself from a good customer service is that the former exceeds the “standard” for customer satisfaction, which is actually difficult to gauge in the first place. Consumers have varied tastes and preferences based on their situations or societal levels, and a way to engage more of them are to either test the waters everytime, or go an extra mile all the time.

An infographic revealed a statistical claim that the probability of selling to a new prospect is around 5% to 20%, compared to 60%-70% with that to selling to an existing customer. This implies that the impact of gaining loyal customers is worth more than making new ones.

A report went on to conclude that 92% of the consumers would believe their families and friends for their product and service recommendations over other forms of advertisement or marketing campaign. It just goes to show that word-of-mouth marketing is still the most effective, and timeless strategy of all. An excellent and memorable customer service has been always a part of it.

What Is CRM?

Customer relationship management, or CRM, distinguishes the impact of customer-oriented processes and services, from being a product-centered type of business management. It focuses on fostering healthy business-client relationships that are multi-faceted, which can give more worth for a business for a very long time.

CRM software help businesses in managing business-to-business (B2B), and business-to-client (B2C) relationships by providing a single platform, that can gather all forms of valuable data across multi-channels and sources, automate manual and repetitive processes, and communicate with clients and business partners in a more efficient, more convenient, and timely manner.

The social and personal aspect of CRM tools let it be perceived as a business philosophy rather than a technical solution for customer relationship management. But nonetheless, it could be more effective if will be supported by technology.

The key objectives of implementing CRM in the business are recognizing, acquiring, satisfying and retaining highly valuable customers for increased profit. This is also a mutual benefit for the customers as well, because will be nurtured and treated well, even before, or after sales had been rendered.

A CRM system is the business’ way of ensuring that only the highest quality, and most relevant products and services will be given to its clients. It is a manner of giving more worth for the buck; whether to the client’s money, or to the company’s investment.

Benefits of CRM Softwares to the Business

A customer relationship management software is a broad strategy in the business which deals with client interaction and customer data. It aims to foster mutual benefits for both the business and the client, to ensure a lasting relationship, that help each other grow to be better in their respective industries. Benefits of customer relationship management tools for the business are as follows:

  1. Business-client relationships that are built on trust and confidence

Some say, first impressions last. This is most likely to be true for customers dealing with businesses for the first time. CRM softwares enable better handling and facilitation of customer relationship management because of the consistency (partly due to automation) it can give when serving client inquiries and concerns. This is due mainly because of CRM tools can analyze customer data from various sources, and can give reports where businesses can see how a specific type of customer wants to be treated, or what is is his buying preferences are. The more that a business can satisfy clients for what they expect, the more that trust is built, and the confidence of making repetitive transactions with the same business also grows stronger.

  1. Cost efficiency

Creating loyal customers may not just entail repeat sales and free marketing through recommendations to colleagues, and according to White House Office of Consumer Affairs, getting new clients is actually about six to seven (6-7) times more expensive than keeping the ones that you already have. In the long run, it can actually be more cost effective to provide additional capital for an effective CRM software now, than sticking with traditional marketing campaigns and strategies.

  1. Leverage and competitiveness

Nurturing clients that stick to your brand, and spread the word about the excellent service they received from your business, create that leverage and competitive edge over your competitors in the market. Marketing campaigns may be boosted by creative inputs, but a credible testimony for a product creates reputation, which is worth more than momentary fame.With this kind of relationship of advantage, clients who experience top notch customer service may set higher expectations for other competitors.

  1. Brand awareness

Through CRM softwares, brand awareness is promoted to the next level, because people tend to talk about the goodness in your business in more ways especially in the social media. And it doesn’t just promote a positive image for your business, but it can actually improve your business profitability. According to Mc Kinsey, about 70% of purchase experiences were based from how customers felt at that moment they were engaged in a sale. If they felt they were treated superbly, then most likely they will push through with the purchase.

  1. Banking on buyer preferences

Customer data is an important aspect of a CRM software. It contains substantial facts and information, on how a business can cater a targeted and personal approach when dealing with its customers. Banking on buyer preferences can give more benefits for business profitability, and innovation in the future.

  1. Maximize customer interaction

An efficient communication system is part of a CRM software system. It creates a centralized communication platform where business and client can make effective interaction by enabling more insights and suggestions to rise out of it. Being in a comfortable communication environment can encourage better understanding between the two. Businesses can also maximize every customer interaction by coming up with better and targeted suggestions for a product or service.

  1. Productivity in the workplace

Because all processes involved in customer service management are centralized into a single platform, there is increased productivity among employees in their workplace. This is also achieved because the processes are automated, and there is less time in reconciling customer data and in streamlining workflows.

  1. Process support

The application of technology in CRM points out to better support for the causes and goals of customer relationship management. Customer relationship management tools can also store and backup important and historical customer data, which may support future innovations as well.

Benefits of CRM in the Clients

Mutually, clients have also benefited greatly from improvements on how the business deals with, and regard them, for their role in the market. Through CRM, clients can benefit from business through the following:

  1. Access to more information without the hassle

CRM softwares allow customers to access comprehensive information about a product, service, or company through websites. This enables them to gauge first if it is what they are looking for exactly, before delving into a purchase. These websites have optimized content, which is supported by CRM softwares from customer data analysis from other channels or sources.

  1. Social media marketing

This may overlap with the same for businesses, but clients can also benefit from social media marketing. Customers can have the freedom to express their own satisfaction or dissatisfaction over a product or service through the company’s social media accounts. Since this is staged in a public network, other potential customers can read on these and may influence their decisions. Feedbacks from other clients can also impact buying decisions which is very similar with word-of-mouth marketing.

  1. Transparency with transactions

Since CRM softwares are centralized working platforms, a client can be given a primer on how the business transaction is processed in a simple and understandable way. Clients can also track the status of their transaction with ease, by just calling the company’s customer service center. Businesses can also give reasonable time frames for transactions and delivery.

  1. More friendly and connected agents

Since the business is more informed about how to deal with specific types of clients and inquiries, it can train more friendly agents that can easily connect with the clients too.

  1. Relevant products and services

Customer data analysis is important in developing more innovative products and services that are relevant to the needs and preferences of the clients at a given market situation. CRM softwares employ data analytics to customer data, which aids in discovering more potentials and opportunities for business to serve their clients better.

  1. Faster response and action to inquiries and concerns

Real time management is also achievable through CRM softwares. A CRM dashboard is a tool that CRM softwares use in order to make real time monitoring of key performance indicators in the business, and in making it visually appealing and quick to glance. Dashboards are usually shown on one page, and show real time status of processes. This allows businesses to respond faster and better to problems in customer service management, and to spot possible problem areas before it even affect the business in a bigger way.

Collaborative or Mutual Benefits of CRM to Clients and Businesses

Crowdsourcing is a business model that opens the door for businesses and consumers to collaborate in order to create innovative solutions for different needs. It enables individuals, or teams, to create, innovate, share insights, and fund meaningful projects for the benefit of many. An example for this is Wikipedia, wherein anybody who have substantial knowledge and expertise over a certain topic can contribute to it, provided that he/she can cite credible sources to support the narrative submitted.

In 2011, Oracle announced that it is going to integrate crowdsourcing into their Oracle CRM On Demand software, through their partnership with the company Accept. Through the software integration, enterprises can have greater access to innovative ideas no matter what or where the source comes from. This can create better understanding between clients and businesses when it comes to what products are relevant to their needs, and what can profit businesses more.

Fostering productive and mutually beneficial business-client relationships is not an overwhelming task anymore because of the best CRM software. Reading on CrowdReviews.com’s top list of  CRM software may also help you in achieving the actual benefits it has for your business.

Keith Moore

Keith Moore has worked with several leading Android development agencies to build customized mobile apps enabling businesses to extend the use of their services to smart phones and mobile devices.

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