4 ways your CRM can save your business money
Customer Relationship Management (CRM) systems – or Contact Management Systems as we prefer to call them (therefore recognising their reach beyond just clients) are powerful tools that can enable you to manage all your interactions more efficiently.
As a result, a CRM system can help you to save money in several ways.
1. Increased efficiency and reduced cost of sales
A CRM system will enable you to streamline your operations, resulting in increased efficiency. Because all your data is stored in one central location, you can access it quickly and easily. This can help to reduce the time and effort required to manage customer interactions, resulting in increased productivity and reduced resource costs.
Additionally, because CapsuleCRM stores whatever processes you need to run your business, you aren’t continually reinventing the wheel with each interaction. You can complete repetitive tasks more quickly and always deliver the best version of your customer service.
2. Improved customer retention
As a result of this slicker delivery, a CRM system also helps you to improve customer retention rates. It does this through the improved experience mentioned above but also by enabling you to capture valuable insights into customer behaviour and preferences. In Capsule this comes to the fore especially when you use integrated apps such as Transpond and Xero. Doing this means you have all your customer interactions on one screen and can see what they are interacting with and how they are working with you.
Knowledge is always a powerful thing and being aware of your customer’s preferences and interests will result in increased customer satisfaction and loyalty and ultimately, retention. This can help to reduce customer churn rates and the associated costs of acquiring new customers.
3. Better sales management
Importantly, your CRM system will enable you to manage your sales processes more effectively. By tracking your pipeline and analysing sales data, you are able to identify areas where you can improve your sales processes, resulting in increased sales and revenue. This also links closely to the next point, about increasing business with existing clients.
Often, dropped opportunities or a failure to follow up mean money is left on the table. Being able to track your pipeline and have Capsule inform you of the next best step to take will avoid this and save lost revenue.
4. Increased cross-selling and up-selling
It is always more cost effective to retain clients and therefore it follows that increasing the business they have with you is a good option also.
Your CRM system will help you to increase cross-selling and up-selling opportunities by helping you understand the right time to market to them. With the Capsule/Transpond interface, you can get really specific on this. By analysing individual customer activity and click throughs, you can identify which products or services are of interest to them, resulting in increased sales and revenue, a faster journey up the product staircase to achieve long-term value.
In summary, your CRM system offers huge potential for saving money as a business.
Whether you realise this by
- increasing efficiency
- improving customer retention rates
- better sales management, or
- increasing cross-selling and up-selling opportunities
or even all of the above, you will soon repay the initial implementation investment and begin to realise long-term benefits.
Who Am I?
I have been working with CapsuleCRM for over a decade and helped many clients increase revenue, reduce costs, make the most of their contacts, manage their pipeline and deliver great customer service. Capsule is an excellent way to capture your leads and clients once you’ve identified them using your avatar.
I can design and install the perfect bespoke version of Capsule to meet your needs. Capsule really is a great solution for coaches, consultants and business owners and when it is integrated with Transpond and Xero you have really solid foundations in place to grow your business.