Is CRM an asset to your business

Increasing assets and decreasing liabilities is a dream of every business owner. Everyone looks out for the assets they have got in a business from small to large industries throughout the financial year. But does either of them count their CRM an asset? That is a question that most companies and business owners forget to ask themselves and their teams. 

Is CRM an asset to your business? It is a question that was continuously popping in my mind while I was scrolling for the topics related to CRM. I encountered many topics, such as is CRM beneficial to your business, what is the difference between a lead management software and a CRM, etc., but there were only a few articles related to the question banging in my mind. So, to get over this, I asked a few people from my community on LinkedIn and Instagram that would they consider CRM an asset for their businesses?

The community isn’t huge but of 1500 people on LinkedIn and 700 on Instagram. So I got a mixed response, and not much of my surprise, most of them answered that CRM was just another tool they were using for their business automation and leads allocation. 

Now, if these two were the only uses of a CRM, why couldn’t we all continue with excel sheets and docs? Obviously, we needed an upgrade that CRM could provide. 

Looking at the functionality of a CRM, the features involve:

  • Receiving a lead.
  • Arranging it.
  • Transferring it to the funnels.
  • Distributing it to the respective team for further engagement.

But what about automation? What is the role of automation in business that gets simplified by using a CRM? 

When you use automation through a CRM, the void between you and your prospect gets filled. In manual work, your prospect has to wait for your message. Let me help you justifying this through an example, suppose you are seeking the services of XYZ ltd, and you have enquired about it. It is 3 AM in India, and the company is active only between 9 AM and 6 PM. Would you like to have a quick answer or wait for them to respond around 10 AM?

If I were you, I would have wanted an answer right after my question. However, CRM makes it easy to feed a customer’s brain spontaneously, which is known as automation. 

Now in this blog, I will discuss a few points that will justify more precisely why is CRM an asset for your business.

You can register your leads and contacts in one place

You can never know when a visitor can get converted into a lead. So, in such cases, software like a CRM can act as an asset for you as it will forever store the data in your server. 

It is never too late to start out organizing your customers and contacts. First, however, you would like some basic categories to form your data efficiently so that you’ll implement your CRM strategy to satisfy their needs.

To strategize the workflow of a CRM, you would need categories like active customers, inactive customers, lost customers, suppliers, prospects, partners, potential partners, influencers, etc.

You could also consider customer segregation by dividing them into A, B, and C customers, counting on different customer retention programs for every segment. So you would possibly get to obviate your complex spreadsheets once and for all.

You will be able to track internal & external conversations

Next time you ask a customer or prospect, you get the disciplinary hand once you know what that business is talking about. You’ll get the person to feel seen and important. And this history builds a long-term relationship. Emails would be in your system and not in each person’s mailbox.

It would reveal the estimated results, or rather I would say possibilities. Here we can consider a ‘no’ as ‘not today because if your pitch and product are convincing and the prospect is leaving you because of minor issues, you should keep on offering him something to get your next customer.

Tracking what the customer is looking for can be done with the database and tracks stored in your server. So, in simpler words, the prospect will convert into a customer shortly. 

The most important thing ever for a business is a data storage

Using CRM can help you maintain the data aligned and distributed to the respective department even after the person monitoring leaves the job.

Conclusion

To sum it all, I would say that without a CRM system, it isn’t easy to specialize in the business, especially when it is consumer-centric.

But, companies that invest in CRM use its value to place the customer at the guts of their business, which is that the fastest thanks to increasing sales and profits. Hopefully, these 4 reasons above assist you to realize that CRM is no longer optional but a must-have for your business.