The presence or absence of customers often determines the success of a company. While having more customers doesn’t necessarily equal success, customer loyalty does. Customer loyalty is a hallmark of successful customer relationship management (CRM).
Staying on top of the success of your business requires knowing everything about your customers’ wants and needs. Because of this, you need a CRM database to manage this treasure trove of information.
What does a CRM database do, exactly?
A CRM database is a tool you can use to store specific information about your customers. All that data gets collected, consolidated, analyzed, and made available across the company.
However, your CRM database isn’t just a static storage repository. This platform also includes a number of marketing tools, sales analytics, and reporting features that process the information and generate insights. Moreover, analysts and decision-makers can use these insights to develop sales strategies and marketing campaigns. As these programs gear toward your customers’ preferences, they are more likely to respond positively to your business.
But who gathers the information that ends up in a CRM database? Well, it usually falls on sales representatives and customer service agents to submit the information they glean when dealing with customers.
The value of customer sales information
Maintaining a CRM database through sales CRM software is an efficient way to organize customer information. This makes it easier for sales teams to learn more about their clients. Let’s look at some of the benefits that could come with investing in a CRM:
Better customer service
A CRM database can give sellers a better understanding of their customers. Knowing their wants and needs leads to improved customer interactions and transactions. Companies can then create highly personalized approaches for their clients using the knowledge gained from their CRM database.
The customer familiarity that comes with a CRM database helps streamline the sales cycle. With more deals closing faster than ever, sales professionals now have more time to close sales. This has led sales teams to also report lower costs as they close deals.
Reduce B2B customer churn
If your sales CRM tool – like Skynamo – has inbuilt functionality that turns customer sales data into insights, then you will know which customers are at risk, and which customers are not. The customers that are on the brink of moving to a competitor can then be given strategic attention in order to keep them on board.
Improved customer retention
With better customer service comes better customer relationships. And with better relationships comes an increase in sales. This is why it’s a no-brainer that 97% of today’s sales professionals consider tools like a CRM database as “important” or “very important”. Additionally, your sales CRM software should be able to show you which customers are the most loyal, and the most profitable. This will inform sales teams on tactics that grow and will continue to improve customer retention accordingly.
CRM databases provide companies with the means to collect highly detailed and diverse information about their customers. This information can result in extensive analytics results that then lead to highly detailed insights.
Improved customer segmentation
Learning detailed information about customers allows companies to better serve them according to their specific needs instead of lumping them into more general markets. This means that companies have a better chance of meeting their customers’ specific requirements.
More accurate sales forecasting
Forecasting becomes more accurate with CRM-enabled sales teams as they acquire improved knowledge of a customer. Knowing both a customer’s specific requirements and their financial capabilities allows you to better gauge their purchasing plans.
What companies can benefit from CRMs?
Every company that fields a dedicated sales team can benefit from maintaining a CRM database. As such, companies looking to optimize their marketing teams should use a CRM. Additionally, sales executives are using CRM databases to create better customer experiences (CX). In fact, a joint Forbes and Salesforce study reported that companies see CX as among the highest priorities in the post-COVID business environment.
Automate your sales reporting process with Skynamo
One of the best ways to retain customers as business partners is to make sure you know their needs. A CRM database can help consolidate all your clients’ data so you can generate better insights and develop stronger strategies.
Skynamo is an all-in-one sales platform that helps sales teams learn about their customers. It offers a streamlined CRM platform that provides field agents with updated customer information at all times. Learn more about Skynamo’s effortless field sales team management. Chat with us and we’ll be happy to help out with a free demo.