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How does a CRM system work?

A customer relationship management (CRM) solution helps you discover new customers, intelligently segment them, deliver targeted campaigns, develop a nurturing plan, win business, cross sell, upsell and much more. 

With the help of digital journeys, CRM systems start by collecting a customer's profile information, including demographics, email, telephone, social media data, and more, across multiple sources and channels. It may also automatically pull in other information, such as recent news about the company's activity, and it can store personal details, such as a client's personal preferences on communications with the help of integration with widgets or connectors. 

The CRM tool then systematically organizes this information to give you a complete record of individuals and companies overall on a single scree, so you can better understand your relationship over time. It eliminates multi-system hopping and boosts productivity and efficiency. 

CRM solutions like CRMNEXT, with the help of pattern based integrations, can integrate with your favourite business tools and systems, such as document signing, accounting and billing, and surveys, so that multi directional information flows deliver a true intelligence driven 360-degree view of your customer. 

AI based CRM automates routine tasks with robotic automation, automates decisioning with powerful business rules and assigns the right lead or request to the right rep or teams to significantly boost conversion rates and decrease turnaround time. It can turn dumb customer dump into smart insights for more data driven business decisions.

A CRM system works by:

1. Significantly boost margins

A CRM platform can massively increase tangible results, that translates into higher profits and reduced costs. For instance, CRMNEXT has proven track record of increasing

  1. Lead generation by more than 300%. 
  1. Lead Conversion by more than 200%. 
  1. Cross Sell Increase by more than 50% 
  1. Net Promoter Score increase by more than 45% 

Source: As reported by CRMNEXT customers.

2. Lead Aggregation and Allocation

A CRM system helps attracts leads and segments them appropriately. With intelligent allocation rules, the right leads can be allocated to the right sales rep, thus significantly boosting conversion probability. With automated nurturing, marketing can identify leads that demand nurturing and close the loop between sales and marketing.

3. Increase brand advocacy

By understanding your customers better than themselves, you can start selling the right offers at the right time, thus boosting cross-selling and upselling. With faster service processes and digital journeys that deliver instant fulfillment, you create happy customers. Customers who are happy repeat business, spending more than 60% in their later years.

4. Deliver delightful service

With a CRM for service, your teams can capture service requests through multiple channels including branches, call centers, emails, web, ATMs etc. Automated assignment based on categories and subcategories improved turnaround times. With the help of CRM software like CRMNEXT, you can service customers anytime, anywhere and on any device. By fetching data from multiple systems, the CRM system can display a holistic 360 degree view of the customer that captures profile, recent interactions, transactional history, case history and much more. Users have complete visibility of issues raised by the customers, so that they have relevant intelligence and can give the customers status updates on demand..

5. Faster go to market

A great CRM solution will give accurate intelligence on customer profile, including engagement and sentiment analysis. You can proactively identify gaps and close them. You can identify new customer requirement and trending demands and accordingly launch new products and services more quickly and deliver instant gratification any time, anywhere.

 

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