14 October, 2019

What is Customer Relationship Management ?

Customer Relationship Management (CRM) is an umbrella term for all the structures your company uses to guide interactions and relationships with customers.

It includes not only guidelines for how direct interactions take place, but also systems for organizing and tracking all the relevant information — meetings, proposals, sales conversions, and more.

A CRM system pulls together lots of data to show your business how well (or poorly) the relationships with customers are being handled, and how that’s affecting business.

So, in simplest terms, think of your CRM as a unique system for managing client relationships.You can do all activities related to your prospects and clients like calling, sending emails, creating reports, scheduling appointment, adding notes, managing your pipeline and finding out who has opened your emails without stepping out of CRM.

Why CRM is necessary

Many businesses don’t have an organized system for managing their relationships with customers. And that’s a big problem. Executives are used to managing their employees. But often, they leave it up to salespeople to manage their relationships with customers however they want — whether those customers are individuals (in B2C) or other businesses (in B2B). This means that multiple people at the same company may have wildly different ways of operating. This lack of direction often leads to failure. It’s a big reason that nearly half of salespeople miss their annual quotas.

Adopting a CRM solution changes that.

Essential Features of a CRM

1. Lead management

A CRM tool captures the whole world of your client. Latest conversation with lead on your website, activity on the website and recent tickets. You can perform important actions like calling, sending emails, jotting down notes, setting up appointment without leaving screen. 

2. Pipeline management

Sales pipeline is the whole process of the customer from lead to customer. Sales pipeline is for sales rep takes to move from start to close. CRM systems helps you to visualize the number of open deals, status of each deals, expected sales, distribution of deals among sales rep and more through visual sales pipeline.

3. Email

Switching between CRM and email client is time sink. In a CRM tool, you can integrate Gmail, Office 365 and other clients. Moreover, you get additional features that you don’t find in your normal email tool. You can store email template in your CRM which can make your work fast.

4. Reports

If you can’t measure your performance, you can’t improve it. It gives you ability to create custom reports. You can compare deals closed this month v/s last month. So, that you can understand what’s working and what’s not.

5. Automation

CRM tools let you automate various activities. Like whenever, billing date is closer you can send your client automated emails.You can send important reminder emails from the CRM on your behalf, at right time and you don’t have to worry about it.

For small businesses and startups, one of the best CRM systems in Sri Lanka is Vhesta. Vhesta is a Web based CRM Solution that covers the full spectrum of your company's processes such as leads, sales, marketing, quotes & employees and can also be paired with Vhesta ERP to cover inventory control and accounts.

For more information visit www.vhesta.com.