Why Every Business Needs a CRM Strategy in 2020

Unless you are living under a rock, you would know that the year 2020 has been unlike any other in probably, the history of mankind. Whether it is the pandemic or the various socio cultural movements across the globe, or even the crash and tumble of markets and the businesses within them, this year has been one of unprecedented times. In fact, the word ‘unprecedented’ has been coming to the fore again and again throughout the last six to eight months since the pandemic, the lock down and the consequences of the same began. Things are uncertain for an uncertain period of time, at best.

Yet, like every dark cloud, it comes bearing the proverbial silver lining as well. The past two decades have seen massive amounts of evolution – even more than the past few decades before that – in the world of all things online. While the Internet got off to a slow start, it was not long before every business worth its salt began to enroll online for social media pages, websites, blogs et al. This was due to the plethora of opportunities available at the click of a button and tap of a key. With this, many new technologies and tools were born, notably in the field of business intelligence and harnessing the growing opportunities amid the growing competition as well. CRM or customer relationship management is one of those tools or technologies that has completely changed the way we do business – both online and offline.

Hence, it should come as no surprise that now, more than ever before, businesses the world over are finding the right basis to move online and find business in quarters where they had never expected to generate revenues. This has helped in keeping many businesses afloat even in these uncertain times. Therefore, it can be seen that automation and CRM have managed to offer that ray of sunshine to businesses and now more than ever, every business owner is busy trying to find the right CRM software to embrace. This has accordingly led to an evolution of niche specific CRM systems like CRM software for real estate and others.

But there are still many people who do not understand what a CRM system does and why they need it especially in these times and the year 2020. Well, here are a few reasons why you need a CRM strategy in the year 2020:

• Organize Everything Flawlessly: This is one of the main challenges being faced by business owners today. The world wide web may be a great place to find customers, but it is also just as easy to get lost in the mounds of big data and the explosion of information that meets you when you get online to engage with leads and nurture them. Many business owners and their teams find that they have to run through many dead ends before they actually get a lead that is worth converting. This is also due to stiff competition. So, how can you organize yourself in a way that you capture the right data and get the right leads for your specific niche? This is where the right CRM software steps in to do the trick. With CRM by your side, you can organize all your reach and engagement efforts into an automated framework that will be based on your exact requirements. You can then use the parameters for capturing the right data which would show you the leads who would be most prone to turning into your prospects and eventually, your customers. These parameters and the data captured through them would also have the right functions connected with the same so that automated notifications for action may be sent forth. This would organize your business in a far better manner, especially during the year 2020.  

• Eliminate the Cost of a Bad Lead: This is one of the core benefits of a good CRM strategy and the right CRM software. When you embed the information and functions seamlessly to mine the exact data and the people attached to that data, then you are saving time, energy and money. Yet, if you do not use a CRM software and you are mindfully looking everywhere and trying your hand with every lead, you are incurring a very heavy cost that could lead your product or service to lose its relevance even before a handful of the right leads have had the time to try it out. This is the point where your product becomes obsolete and the next evolution comes into the picture. Thus, a bad lead could cost you a number of great leads and revenue opportunities for better and more improved products. This is a cost you can get around with the right CRM software by your side.

• Understand Your Markets and Customers: When you let the right CRM software and strategy capture the relevant data for you to act on, you would be in a better position to use this data to understand your markets and customers in a better way. This will help you improve and articulate your pitch so that the engagement process is a flawless one filled with many conversions and success stories. When you use the analysis and reporting tools that come with the CRM strategy, you would also be able to gain the right insights and data that can help you further improve your efforts and organize your teams in a far better manner. This would give you an even better understanding of what your customer really wants and how he or she would like to hear about your product or service. Based on this information, you can find the right terms to engage with the customer so that you put across the solution through your products and services in a way that is relatable for them.

The year 2020 is all about finding opportunities online like never before. Don’t let the lack of a CRM strategy stop you.