Technology has left nothing untouched and you can find it anywhere and everywhere. In a world with new technology introducing itself everyday businesses too are inclined towards trying new technologies. New technologies such as Artificial Intelligence, Blockchain, Chatbots are all proving to be a breakthrough in the business world. Another great example of technology in business is the CRM software. CRM software which is the Customer Relationship Management software is making companies collect and store their past and present data. CRM is all about how companies interact with their current and potential buyers. A very common saying “customer is king” clearly suggests how important and essential a customer is to the company.
WHY CRM IS IMPORTANT?
With so much competition existing in the industry, it is very important for your company to match-up. By using CRM software you can build good customer relationship which in return results in customer retention. Raise your hand! if you’ve ever felt left out when your friends hangout without you. The reason could be anything, they must have forgotten to call you or it just skipped out from their minds to check with you. This can result in disappointment for you and also isn’t good for your friendship. Similar is the case in business when dealing with customers manually. It is obvious to skip some details or to follow up with your customers. This is why CRM software is important so that you never miss out on any detail about your customers ever. Know more about customer experiences.
CRM is pretty predictable when trying to understand it, as much of the information lies in its name itself, but only its implementation can provide deeper understanding. Many companies implemented, tried, failed and learnt the use of CRM software. Knowing about CRM and its importance is not enough. To understand the importance of CRM and its application is equally important.
THE IMPLEMENTATION AND COST OF CRM
Before looking at the cost of CRM software first you should decide which CRM software to use and how to implement it. Don’t worry we’ve got you covered. The CRM software you need for your business is Bitrix24. Whether you are a small or large business Bitrix24 is your ‘go to person’ for enterprise resource planning and CRM.
- First it collects data.
- Then the data is segmented and stored.
- Then authorized people can access the available data.
- The available data makes Customers’ purchasing behavior easy to analyze.
- It offers suggestions and solutions to boost the customer experience. More
After knowing why CRM is important and which CRM software to use, the question remains how much does the CRM software cost? In India, the cost of CRM software can start from anywhere between INR 900 to 1000 rupees per month or per user. Every company offers up to 1 to 3 free user accounts as a startup plan. Whereas, Bitrix24 offers you 12 free user accounts accessible for a lifetime. Check out Plans here.
Any software that fulfills your requirements and reduces your workload while maintaining good customer relationship and keeping them engaged is a win win situation for every company. If you are keen to solve your business problems with CRM as its solution, read further to know the advantages and disadvantages of CRM.
CRM Advantages and Disadvantages
• For effective customer relationship management, the system and the methods need to be centralized. The data an organization collects should be easily accessible by the people who need it. Instead of getting lost with different data at different points, CRM allows you to stay on the same page other people are working on. This marks integration of each and every single detail at one place.
• Organizations grow at their own speed, but it is more than obvious that when an organization is growing that means the customer database is also growing. As the number of customer increases, the company’s responsibility towards each and every customer’s satisfaction also increases. CRM proves to be a scalable solution in this situation as it suits any budget and only works in helping the company grow.
• CRM software is not limited up to customer data alone. The organization can obtain particular sales report and other analytics which are beneficial in assisting them to discover better solutions. This can be termed as data mining. Data mining is an advantage of CRM software as it helps the management software to look into areas of progress.
• Previously CRM was accessible only on a computer which had the CRM software pre-installed. That particular computer or laptop was offered by the organization itself. Today, the same facility is cloud-hosted which allows you to use the software anywhere anytime via Internet.
• Variety of data is available to the department heads and management of the business. By analyzing the data the management can target customers with unique marketing techniques. Targeting the customers by reviewing their purchasing behavior is the advantage of using CRM software.
• When all the above points are applied together as a technique, it results in productivity. The biggest advantage of CRM software is the level of productivity it provides and thus reduces cost.
• Some Customer Relationship Management (CRM) software use remote internet connectivity to store customer data. This immediately becomes a disadvantage of the CRM software as the company doesn’t have control over the customer data.
• The selection of correct CRM software is very important. If your company is using some local CRM software the operating expenses associated to it are bound to increase. Select the right CRM for you business with the help of this.
• CRM software takes your business completely into virtual reality. Well, it doesn’t work in 3 dimensions but the human element is lost as everything a company does is automated.
• If your company chooses to personally buy the CRM software instead of getting it installed by another company that provides Software as a Service which is known as SaaS. In this situation you need to incur training charges for the employees to train them for using CRM software.
• The CRM software is by far very secure but data stored in a centralized location can be a danger to your company. The security issues are a disadvantage of CRM as it can’t stop any employee from adding incorrect data, knowingly or unknowingly.
• Outsourcing the work to another person or hiring an expert within the company are the two options associated with CRM support. This is another over budget disadvantage of CRM software. While buying the CRM software, the cost of technical support that involves ongoing support linked with the CRM software is often forgotten.
Only you know what best suits your company and what your business needs. Technology is out there in many forms to help you with your business. CRM software is just what your business needs to become organized and grow. The advantages and disadvantages of CRM both need to be analyzed to understand the importance of CRM software. If you are still confused about which CRM software to choose click here Bitrix24 CRM & ERP.
Kunal Jagdale is working as a B2B marketing and ERP consultant with Notamedia. He has a passion for digital marketing and his focus is on CRM, sales and marketing software, and the interface between people and technology
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