Are you still using pen and paper for recording customers’ transactions and other details?
CRM is a software that manages your business relationships with your clients. CRM tracks customers’ data individually and stores all their purchases and other information like contact details etc. Apart from managing customer relationships, CRM also helps in reducing your business costs. CRM system helps you to be more digital and ultimately reducing costs. Let us take look at the ways how CRM assist in cost controlling:
- Lowers production cost:
Customer relationship management software records all purchase history of every customer. This systems, especially which are for retails business are able to give daily stock inventory. Therefore, CRM software tracks highest selling items and same items can be placed for reordering immediately, while items that are not being sold can be discontinued. Thus, making the business spending money less on manufacturing products that are not in demand and not running out of fast-moving stock.
- Curtails the cost of acquiring new customer:
It can cost you a good amount of money in acquiring new customers. Marketing and advertisements, investment on sales force makes your business expenses high and sometimes even not pay off. But, with an effective CRM in place, customers’ satisfaction spikes, resulting in your customer being a marketing tool by getting referrals for you and generating word-of-mouth backing. Thus, assisting in acquiring new customers by utilizing your old customers.
- Minimizes travel expenses:
Sales reps who travels most of the time incurs huge travelling expenditure. CRM systems enable making appointments for his day for a specific closer area rather than going from one place to another far off place, thus, reducing the travelling cost and time and better utilization of the sales representatives time.
- Save paper:
Say “NO” to your print button. Most of us nowadays don’t need many things on paper. Everything can be saved into your CRM system itself, so you don’t have to hit your print button more often now to share something with your employees. You can easily mail everything you need to share and save paper and printing expenditure.
- Improves customer service:
CRM captures customer service issues very quickly and have all customer interactions records making the customer service team efficient an making them deal with the issues effectively and fast at one time and then raising customer experience by building rapport. By doing half of the customer support activities it allows you to hire less customer support staff, thus reducing the costs on staff.
- Creates a self-service portal:
CRM also comes up with a self-service tool which has automated systems. A self-service portal (SSP) ensures quick turnaround time for cases resolving without the need of contacting and pressuring your call centre staff. In addition to this, SSP lets customers use various touchpoints, like a form on the website for some queries, reducing the person-to-person time and overall costs of customer service.
Xobber CRM is an online cloud-based system. Xobber is user-friendly software available at an affordable price and is accessible from anywhere and anytime. It records all customers’ interactions and contacts. This is the best CRM for reducing cost in your business. It has variant features like lead management, interactive dashboard, email automation etc. and is also customizable as per your requirement.