McKinsey says many companies aren't reaping the benefits of technology, and CRMs aren't just for giant companies with the resources to scrub databases chock full of hundreds of thousands of customers.
CRM simply involves having a few theories about customer segments and a variety of marketing campaigns to test these theories—it's not really about focusing on technology. Therefore, "a company's first CRM customer database need only be big and accurate enough to support well-thought-out, statistically relevant test campaigns," the report concludes.
So, what's their conclusion?
McKinsey states businesses that pilot CRM in "do it now, fix it later" campaigns enjoy growing market shares those that don't risk losing customers.
Consider how your business can benefit most from a CRM, which will likely be a focus on sales. How do you find more leads? How do you reach new customers? How do you increase win rates and counter the competition? Sales and marketing automation and AI-enabled tools mean that your CRM is more important than ever to efficiently grow your business.
CRM software is vital for sales reps in scaling businesses, going beyond just managing contacts. When utilised to its full potential, CRM empowers sales reps to dedicate more time to engaging with customers and prospects. This increased customer interaction leads to more closed deals and fosters greater customer loyalty.
Companies of all sizes will benefit from a fully integrated, cross-functional CRM solution like HubSpot.
In the B2B space, the industries that have embraced CRM use are largely Services, Manufacturing, Finance and IT firms, as illustrated by the chart below.
CRM usage by Industry
If your company finds it challenging to keep up with the current business generated, it might be time to consider investing in an integrated CRM solution. A CRM can help streamline, analyze, and prioritize your sales leads, allowing your sales team to focus on promising opportunities and provide prompt and accurate customer responses. Additionally, your customer service team will have all the information to keep customers satisfied and effectively upsell and cross-sell.
You don't want your top customers to feel undervalued, and identifying them can be challenging. A reliable CRM tool can help pinpoint these valuable customers so that every team member interacting with them can show appreciation, offer tailored incentives, and cultivate their loyalty for long-term success.
If reports are still generated by downloading data into spreadsheets, it can be unsustainable and prone to errors. This can hinder effective planning and forecasting, taking valuable time away from your sales team's primary focus—selling. A reliable CRM system centralizes data in one easily accessible location, simplifying the process of producing accurate, real-time reports and forecasts.
CRM solutions assist in monitoring contacts within a business to enable sales and marketing teams to personalize communication. Effective CRM tools can enhance their account and contact data by integrating information from third-party sources, ensuring that all details are current and complete. This means that if a contact changes jobs, your sales, service, and marketing teams will be informed, enabling them to nurture and strengthen these crucial relationships.
Incomplete and inaccurate data can pose significant challenges for brands. Effective CRM solutions seamlessly integrate second and third-party account and contact information into your CRM system, automatically filling in missing details and intelligently eliminating duplicates.
If you're noticing a decline in customer retention or have a low net promoter score, it might be time to consider investing in a CRM tool for your service team. By providing a unified view of your customers, your reps can offer exceptional service and support. Your CRM should also include features such as digital assistants/chatbots for handling common queries, knowledge management tools for assisting agents, and a range of digital customer service options like live chat and video chat for customer interaction.
HubSpot's innovative product development approach combines key elements of lead, prospect and customer experience management - including content, messaging, automation, data, and reporting - into a single customer platform designed to scale with your business.
Each HubSpot product is powerful on its own, but the real magic happens when you use them together.
HubSpot CRM platform offers an integrated suite of solutions for sales, marketing, customer service, and content management.
Implementing HubSpot can help streamline operations, enhance customer engagement, and boost business growth by offering a unified platform for all your Sales, Marketing, Customer Service, and Support requirements.