Summary
From maintaining a healthy relationship with your customer to closing more deals, a CRM can work wonders. Explore different types of CRM and the ones that make the best fit. Read now to explore more
Customers are king and the way you interact with them defines your business success. Doing the right thing can ensure sustainability and increase brand awareness. CRM guarantees seamless communication at every touchpoint. However, choosing the right CRM software can often feel overwhelming. Here we talk about the three different types of CRM systems and how to choose the right product to improve your company’s customer management.
Interactions with customers largely determine business success. Over 80% of customers prefer conversations when interacting with brands. Interactive experiences to the large extent impact customer journeys, no matter what channels you are using for marketing.
Enterprise CRM Software and their types
Modern CRM software is a collection of sales, marketing, and CS tools. There are many CRM products on the market, each with different features and functionality. On this basis, CRM tools can be roughly divided into three categories:
- Operational CRM
- Cooperating CRM
- Analytical CRM
Operational CRM
Operational CRM supports buyer journeys at every touchpoint. It comes with a wide variety of tools to help businesses with better insight into the customer journey as well as the sales and marketing campaigns. From cold prospects to converting them into high paying customers, an operational CRM tracks the entire lead management process with perfect ease. With it, you can do close monitoring of the customer journey through the sales funnel and track their behavior 24/7 from anywhere.
Operational Systems come with marketing, sales, and service automation capabilities. Automating these three key roles frees employees who can spend significant time on tasks that require human intervention. Help businesses grow by providing excellent customer service.
Collaborative CRM
This one bears the name of their function. It is designed for team collaboration, whether it is with the clients or the With this tool, you can share customer information between departments, vendors, suppliers, and internal and external stakeholders.
Both Operational and Analytical ones come with the capabilities of a collaborative CR. It is best to be used in the hotels, resorts, hospitals and Other similar places where customer service is important and improves customer satisfaction, retention and acquisition.
Analytical CRM
Analytical CRMs like ConvergeHub empower you with customer data to develop various crucial business insights. Analytical CRM software, as the name suggests, is meant for analyzing and probing into the business data and translates it into considerable business insight that is further aimed for extracting business insight. Having an Analytical CRM helps businesses to uncover crucial customer data at every level of the customer journey. It helps decipher customer behavioral trends of the customers, their purchase behavior, pain points, preferences and needs. Based on these trends, SMBs can create and build up their marketing strategies. It helps sales managers decide which leads are potential for sales forecasting. At the same time, it’s easy to keep a track of the average deal cycle, customer retention rates, monthly recurring revenue, and more.
What a 360-degree Enterprise CRM Software does for your Business
Here’s a list of the tasks performed by an Enterprise CRM software
- Automated Contact Management: Managing leads becomes hassle-free with an operational CRM that allows you to keep track of all lead details from a centralized platform. The automation feature captures prospect details as soon as they interact with your brand, making it easier for the team to continue the conversation seamlessly. Moreover, this feature ensures that no contacts slip off the funnel.
- Lead Behavior Tracking: An operational CRM system can track leads’ behavior throughout their journey, enabling you to determine the scoring capability of each lead. You can categorize leads as high-priority, prospective customers, or those spending more time on your website. This helps you identify which leads require nurturing through personal touch or automation.
- Sales Automation: With sales automation features, the sales team is assigned tasks based on customer actions and deal value, making the sales process more efficient.
- Marketing Automation: Marketing to leads becomes more effective with marketing automation. With contact details already in the CRM, you can easily add leads to your email funnels and keep them updated with new information. This feature also helps differentiate warm leads from cold ones and allows for targeted marketing efforts.
- Data Mining: As the name suggests, analytical CRM works like a data center. Store and organize key data in an easily accessible database. Apply statistical analysis to identify behavioral patterns and sales trends in your data and segregate customers accordingly. The goal is to follow the right audience at the right time.
- Up-sell and cross-sell opportunities: Brands gain insights into customer behavior based on their past buying patterns.Make it clear how you target leads: upsell or cross-sell.
- Building a buyer persona: Highly functional CRM software collects data and extracts the elements needed to build a buyer persona. This helps to understand customer needs and preferences and to prepare marketing campaigns accordingly. It helps brands deliver personalized experiences that further impact the bottom line. According to a recent study, 93% of brands using ConvergeHub have exceeded their leads and revenue goals by building a buyer persona.87% of brands reported an increase in customer retention rates by using the tool’s analytics capabilities.
- Sales Forecasting: More importantly, analytical CRM helps you evaluate past sales trends, allowing you to make great predictions for the future. Based on the data, it can predict highs and lows. In this way, companies can make seasonal decisions about inventory, staff and sales.
Wrapping Up
Having a CRM software can save you from struggling with unorganized data and streamlining a lot of your manual process. The result is higher rates of better customer relationships, faster deal closing and of course a better way of reaching out to your revenue goals.