In today's business landscape, customers are the driving force behind success. Without a steady stream of customers, even the best product or service is rendered useless. That's why businesses prioritise attracting and retaining customers, and that's where customer relationship management (CRM) software comes into play.
According to Grand View Research, the global CRM market was valued at a staggering USD 43.7 billion in 2020. And with a projected compound annual growth rate (CAGR) of 10.6% from 2021 to 2028, the demand for Software as a Service (SaaS) deployment is on the rise. This means that organisations, whether they're growing or well-established, need to invest in cloud-based customer management software to stay competitive in the digital economy. Relying on outdated legacy CRM solutions simply won't cut it anymore.
If you find yourself in the market for CRM software, or if you've recently realised the importance of having one, this article is here to guide you through the essential features that any top-notch CRM solution should offer. And if you've already implemented CRM software, keep reading to ensure that it checks all the boxes for these crucial "must haves." And if it falls short, it may be time to explore alternative options.
What is a CRM solution?
CRM solution, also known as customer relationship management software, plays a vital role in ensuring that all customer-facing functions of an organisation, such as sales, marketing, and technical support, work efficiently and harmoniously. This seamless coordination guarantees that both existing and potential customers receive adequate and appropriate service.
CRM software is a powerful customer service tool that benefits businesses of all sizes and industries. It enhances customer service quality by effectively managing leads, contacts, opportunities, customer accounts, and cases. By delivering high-quality customer service, businesses can build customer loyalty, thereby increasing profitability.
By providing a comprehensive solution, CRM software enables businesses to manage the entire customer lifecycle seamlessly. Starting from the marketing team's lead generation and evaluation, the software facilitates the smooth transition of leads to the sales team. The sales team then converts these leads into opportunities, qualifying them and presenting proposals. Once a customer is onboard, the customer support team addresses their requests and concerns. CRM software stores real-time customer data, including contact and lead information, quotes, requests, emails, and more, for all these teams. This streamlines the customer lifecycle, from lead to closed deal. Additionally, the software grants authorised employees access to this data, offering a clear and comprehensive 360° view of the business.
Determining which customer management software is the best fit for your business can be a daunting task. However, there are key features that any top-notch CRM solution should have:
1. Integration with a cloud-based ERP solution:
Unlike separate CRM and ERP systems, which can be costly and difficult to maintain, CRM software that is integrated with an ERP solution offers real-time data storage, management, synchronisation, analysis, and distribution. This integration creates a seamless and efficient system that acts as a single source of truth for the entire organisation. By providing a unified database that can be accessed by all employees with just one click, this integrated solution leads to improved customer service and increased customer loyalty.
2. Integrated sales quotes:
CRM software combined with an ERP solution should enable users to access inventory, cost, and price information generated from ERP data. This information should automatically be distributed across the ERP system, making it easy to create multiple quotes for a single opportunity. When an offer is accepted, the system should allow for the generation of sales orders and invoices based on the quote.
3. Customer self-service portal:
With the rise of eCommerce and the shift towards online purchasing, customers now expect quick and easy access to customer service features. CRM software integrated with an ERP solution should offer a customer self-service portal that allows customers to manage their accounts, access support, track shipments, place orders, and more. This portal eliminates the need for time-consuming phone calls or emails and enables customers to get the assistance they need on their own terms.
4. 360-degree view of customers:
An ERP solution with integrated CRM software should provide a consolidated view of customer records for employees across the company. This means that written quotes, invoices, and support cases should all be easily accessible within one system, offering a comprehensive 360-degree view of customer activities and interactions. Additionally, the CRM software should allow for tracking campaign expenses and revenue, displaying lead analysis and response time metrics, monitoring marketing email deliverability, and facilitating rapid response to customer requests throughout the sales cycle. Sharing information with team members should also be seamless and efficient.
By considering these essential features, you can ensure that your CRM solution meets the needs of your business and helps you provide exceptional customer service in the digital economy.
Finding the Perfect CRM Solution
When it comes to researching CRM software, evaluating your options, and ultimately choosing the best solution for your business, it's important to remember that this is not a decision to be taken lightly.
Fortunately, MYOB Advanced has you covered. With MYOB Advanced Customer Management integrated into the cloud ERP solution right from the beginning, you can rest assured that it's not an afterthought. The CRM software encompasses the four essential features outlined in this blog, ensuring that all your customer data is easily accessible to every member of your team. This provides a comprehensive 360° view of all your business activities, from financials and marketing to sales and customer service, and so much more.
If you're ready to learn more about MYOB Avanced cloud ERP software and how MYOB Advanced Customer Management can revolutionise your CRM strategy, don't hesitate to reach out to our team of experts today.
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