CRM stands for “Customer Relationship Management” and refers to all strategies, techniques, tools, and technologies used by enterprises for developing, retaining, and acquiring customers. CRM solutions used to be a cost-prohibitive technology that was utilized only by large enterprises, but today, these systems have become a necessity for businesses of any scale as they provide a complete hold on every department. According to the Grand View Research, CRM is the fastest growing software market today. It was a $14 billion industry in 2010 and is expected to reach $80 billion by 2025. Aside from enhancing user experience, boosting conversion rates, sales, and productivity, customer relationship management improves team effectiveness.
So, if you have been thinking about setting up a system for your business, now is the right time. Yojji has a professional team of specialists who will develop the latest solution for you in the shortest possible time. In this article, we will explain the main advantages of CRM systems, their types, key features, and provide a brief guide on how to develop a CRM platform tailored to your business needs. Read on!
CRM systems are used by many businesses to attract new clients, make a positive impression, win their loyalty, and retain existing customers. There are a plethora of benefits custom CRM platforms provide, but we will focus on the main ones.
A custom solution gives you enough flexibility in terms of features you want to include. Based on your sales experience, you can create a package of functionality your company needs.
Custom CRM systems cover specific needs and can automate various processes, including customer support, sales, marketing, analytics. Thus, workflow automation benefits client retention and saving funds.
To be on top of the game, you should know your business inside out: identify the bottlenecks, rooms for improvement, and assess your strengths. Custom CRM platforms allow you to explore customer insights by offering a combination of features and filters to analyze customer data.
Business dynamics aren’t static, it changes as your company grows. So, custom solutions allow you to adjust to new demands and modify the system at any time. Therefore, you will be able to proactively react to any transformation, giving you a competitive advantage.
Depending on the purpose, CRM systems can be divided into the following types.
This type is the most popular solution for organizations in the construction, medical, and financial sector, and it allows automating routine tasks: marketing, sales, and customer support processes.
Operating platforms often have the following characteristics:
The main task of a strategic CRM system is to build long-term relationships with customers. It collects information about clients and allows you to organize the workflow to improve communication with them and make the interaction as personalized as possible.
An analytical platform collects information about customers from different sources. The advantage is that it provides real-time data. All statistics and analytics data can be used to solve specific problems and launch marketing strategies. The main tools of analytical systems are reports and charts.
A collaborative platform is aimed at improving communication and teamwork between different departments (marketing, sales, technical support). By enhancing the interaction between branches, the quality of customer service improves.
The functionality of CRM platforms depends on the business niche and the type of CRM solutions. In general, there are two main groups of platform characteristics: core and optional. Core features are standard for all CRM systems. They include the following:
With the help of this feature, all contact information (names, emails, social media accounts) is stored in a database.
This feature ensures you have a centralized hub for important documentation to ensure that all team members are on the same page. This feature is especially relevant for large teams as it improves their interaction and boosts customer experience.
With this feature, you keep track of your sales process. You see a relevant status of every lead in the sales funnel so that you can spot the stage where you lose clients.
Optional features aren’t common for CRM systems, and they are tailored to the needs of a specific business. Optional features are the following.
This system allows you to receive regular reports (daily, weekly, monthly, quarterly, annually) on team performance and sales (sales geography, sales funnel). Thanks to these reports, you can get a clear understanding of the sales process and fix problems in time.
After determining the main objectives and challenges to build a project specification and identifying the user roles (employees who will use a CRM platform), you proceed to the three main stages of CRM development. Let’s briefly describe these steps.
At this stage, a functional design concept, a library of different user interface elements, and a functional prototype are developed and approved.
2. Development and QA
After the design and prototype are created, the development phase begins. A project roadmap with deadlines is approved. After that, engineers build the software architecture and start coding. The final step is software testing (e.g. Functional and load testing). After that, the product is presented to the target departments.
3. Launch and Monitoring
This stage is time-consuming because product integration consists of several stages. First, the product is integrated with the database, installed on users’ devices, and then employees are trained to use the new platform. After a successful launch, the system must be constantly monitored, and based on user experience, effective features and those worth improving are identified. Based on this data, the product is refined and improved.
The cost of development depends on the project complexity and the location of a development team. If you want to find out an estimated cost, contact us for more information.
Building a customer relationship management system is a complex process, which depends on the niche, business goals, and platform complexity. Therefore, it can take from two weeks to twelve months to build a CRM solution from scratch.
Finding a trustworthy IT vendor can be a daunting task, so here are some handy tips. Check vendor’s portfolio and analyze the technical complexity of completed projects, consider industry expertise, and scrutinize customer reviews.
Today, efficient selling and communication processes play a key role in establishing a long-term and flourishing relationship with clients. Custom CRM solutions not only support the existing processes in your company but also make a continuous contribution to your business growth by attracting new clients and retaining existing ones. If you want to create a top-notch CRM solution, feel free to contact us.
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