In India, organisations spend more on acquiring customers than they do on retaining them. Hence, customer relationship management has become an emerging trend for businesses operating in such fiercely competitive circumstances. Many firms are now focusing on their relationships with their existing customers and are trying to retain them while increasing the number of new customers.
In the country, the general notion is that ‘CRM software is for larger organizations’. However, as opposed to this prevailing notion, the applicability of a CRM software service is as much in small and medium organisations as in the larger ones. The software can help increase productivity and customer satisfaction by multiple folds. It can successfully be applied to our market conditions and can be tailored to have many features built-in to meet the need of the businesses in India.
A retained customer is worth two in a pipeline
The advent of e-commerce in India has turned the market into a very competitive place, where the customers have plenty of options and they get to compare products with just by a click. This makes customers highly volatile and poses a real challenge for businesses in retaining them. A CRM software service furnishes a detailed historical view and analysis of all the existing or to-be-acquired customers. This aids the marketing team in delivering personalized messages to the customer like birthday or anniversary wishes, notify on any upcoming offers, or even nominate them for vouchers. Such a move helps the organisation in building a feeling of familiarity and belonging among existing customers and retaining them.
Select the right one and nurture
In a highly populated country like India, a marketing campaign can churn out a huge volume of leads, which could include anybody from a prospective customer to a curious onlooker. In such situations, differentiating a prospective lead from a cold one is the real challenge. The CRM system helps in grouping leads based on different aspects and details according to the type of business that they do, their physical location, etc. These details make it easy to track genuine leads and delegate them properly to ensure focus on each and every customer, which effectively increases the conversion rate.
Lock on to a potential lead source
In a country like India, where marketing should be tailored for different target audiences, investing in a perfectly targeted campaign or using the right channel to get the maximum potential leads within a given budget is crucial. A CRM system helps in tracking each lead, date of entry, their source, interactions, status, etc. and provides a good understanding on which campaign sourced the maximum number of potential leads, which one satisfied the expected ROI, or which one was a complete dud!
Building an opportunity of business
In a close-knit Indian society, existing customers can also be useful in acquiring new customers. The process starts with identifying a potential or a loyal customer and maintaining all the corresponding details into the CRM system, which is also called an ‘Opportunity of Business’. The sales team can then try getting business out of these customers by following up with them and converting them into a winning deal. This is very easily coordinated and efficiently done by using an integrated CRM software.
Value for money
SMBs contribute to more than 60 percent to the Indian GDP. The strongest aspect of Customer Relationship Management is that it is very cost-effective. The advantage of a well-implemented CRM software service is that there is very less need of paper and manual work, which in turn requires lesser staff to manage and lesser resources to deal with. The technologies used in successfully implementing a CRM system are also very cheap and smooth as compared to the traditional way of running a business.
Therefore, installing a CRM system can definitely improve the situation and help in challenging the fast evolving marketing and business circumstances in India.