The term B2B CRM may be used when referring to CRM as a strategy, a technological system or a process. In this context, “system” refers to a software application that is used to collate and analyze customer interactions and related information by businesses from relevant customer touchpoints. These touchpoints may be online chats, phone calls, email, website, social media, direct mail, meetings etc. The information collected must not be restricted to current data but can also include historical data about sales, quotes, reports, inquiries among any other. CRM then stores this information in the cloud in a centralized database and is therefore accessible to colleagues and any other person with authority to access and use it.
But what is CRM? simply put, CRM is a customer relationship management system. In many cases when the term B2B CRM is used, it refers to the CRM system itself. This system is used by companies to guide leads and prospects through a system of content and messages that begin with brand awareness creation, leads nurturing to sales. If the right system is used to follow up sales with comprehensive care to all customers, it leads to increased brand advocacy and more repeat customers.
In this article, we will focus our discussion on a number of benefits B2B companies get from using a CRM. Below are just some of the few importance of CRM.
Generally, CRM reduces admin burdens. With this system in place therefore, less time is spent in data collection and nurturing leads with lower chances of conversion.
As a result, sales and marketing actions are more targeted. This eliminates elements of trial and error. Sales reps can therefore easily see when it is necessary to move customers to the next level in the funnel. This improves marketing and sales alignment making the process more efficient.
Sales reps were known to spend a lot of time compiling customer data on various B2B customers in order to be able to determine how and when to reach out to them. In many cases even with the lengthy attempts to influence a customer, a lot more of such efforts could not yield anticipated results in terms of conversions. However, with the introduction of CRM system, less time is spent in this kind of analysis with a better visibility.
Without B2B CRM, a lot of time is waste nurturing a lead who may not even be representing serious prospects. This however will usually occur at the expense of other promising leads who are many times unpredictably left unattended. CRM provides effortless visibility of leads in the pipeline making it easier to channel efforts to the right prospects at the right time.
CRM Supports Data-Driven Decisions
B2B CRM uses predictive lead scoring to grade leads based on their perceived likelihood to convert into sales. In addition, it makes it easier for sales teams to identify leads that are best-qualified. This is usually based on previous interactions with them or previous behavior.
On the other hand, companies that use CRM in business get the opportunity to utilize available customer data in a way that is more profitable to the company especially by linking customer analytics with the stages each one of them have passed.
With every customer detail on the cloud storage, sales teams are in apposition to send more accurate quotes on a timely basis.
In addition, CRM updates real-time information about every transaction, prices as soon as they are adjusted, inventory and many other customer interactions. This therefor eliminates or otherwise reduces chances of sending out inaccurate quotes to clients which in turn reduces frustration.
The overall goal of any good B2B CRM is therefore to improve the relationship between B2B companies and customers. By using CRM systems, businesses stop making guesses on key business actions such as sales and marketing and instead base them on verifiable data collated from ongoing observation, monitoring or tracking processes. This increases efficiency of teams, productivity, quality of outputs, the cost of doing business and increases the ROI of sales and marketing.