What is CRM?
Customer Relationship Management (CRM) is the amalgamation of practices, strategies, and technologies that companies adapt to manage the interactions with their customers. This also analyzes data throughout the customer’s life cycle. The objective is to improve customer service relationships & assist in the customer retention process to drive sales growth. All the systems in CRM compile the customer’s data across different channels like website, telephone, live chats, direct mail, or any other social networks.
CRM leverages and heightens the customer base of an organization via effective and efficient marketing. CRM has brought up new aspects in the field of marketing by significantly improving marketing functioning and execution processes. Instinctive CRM-associated marketing strategies like direct marketing, web marketing, e-mail marketing, etc. have thrived during the recent past. These marketing strategies are more promising as compared to the traditional ways of marketing as they help deliver higher performance and a promised walloping business. They also help in refining the response rates in marketing campaigns, cut costs on promotions, and provide higher scrutiny on organizational investments.
The various aspects of CRM IN MARKETING are discussed below.
- Web Marketing– With the growing popularity of the internet, customers are likely bending towards web marketing or web shopping. This helps both customers and suppliers to negotiate in a real-time environment irrespective of their locations.
Some of the major powers of Web Marketing are:
- Relatively very economical as it reduces the cost for tangibly reaching to the target customers for interaction.
- Suppliers can reach more customers in a shorter amount of time.
- All the online marketing campaigns are easily tracked, traced, calculated, and tested.
- Online marketing campaigns are more promotional as compared to manual or traditional campaigns.
- Email Marketing- Email marketing has turned out to be more effective and inexpensive as compared to mail or phone-based marketing strategies. Email marketing is the kind of direct marketing that is data-driven and steers to more accurate customer response and effective contentment of customer needs. More attractive features in this genre are included such as various interactive newsletters, coupons & eCards, provision of saving events into calendars, etc.
- Analyzing customers buying behavior online- A CRM system provides you a platform to scrutinize the customer’s buying behavior on online platforms. This interactive strategy provides greater accuracy with high speed which includes profiling services showcasing elaborated bits of information regarding every customer’s purchasing habits or behavioral pattern. This kind of individualized analysis of such behavior also helps to identify which product or brand the customers are more interested in.
For example, an online selling website www.abc.com can analyze the customers buying behavior by establishing an in-house service with the help of a full-fledged CRM that checks what all products are being bought by a particular customer and under which specific group they fall. This is achieved by minutely analyzing the buying history of customers in the past which predicts future business with those customers also.
- Forecasting future marketing strategies- Marketing strategies have always kept on changing according to the emotional behavioral change as well as the buying capacity of customers. CRM techniques help to understand this change through retrogression and the statistical anatomy of customer behavior online. These are some complex but more precise analysis techniques provided by the CRM system which are proved to be one of the best marketing strategies.
- Building business impact models– An organization needs to have a check on marketing performance regularly so that the techniques never shrink and always match to yield greater results. These CRM directed models help in delivering accurate measurement of marketing performance throughout the organization and to do better every time.
CRM in SALES
Without oversimplifying it, salespeople face the two most difficult challenges i.e. how to qualify & follow up leads and how to prioritize sales activities.
CRM helps salespeople to safely and primarily store their contacts, activities, and scheduled plans in one place, and have steady access to the databases from multiple locations. Rest assured that the data won’t just get lost.CRM also helps salespeople to upgrade their daily schedules and organize tasks to make sure customers are not ignored and the major prospects are contacted on time. CRM allows salespeople to spend more time with customers, which leads to more deals closed and a stronger customer relationship as well as retention. The weekly or monthly reports for management are easily and conveniently prepared with the help of CRM… The process is so automated and transparent that it takes just a few clicks to inform others about what sales are currently in progress and which sales are to be followed up. Segmentation of data and identifying valuable opportunities via criteria based selections is carried out by CRM. This prevents one from hours of cutting and pasting from various documents or surfing in the disorganized lists of data.
CRM in E Commerce Portal
No business, online or offline can survive without customers. Customers are the foundation brick for the success of any business. A business is bound to fail if it cannot attract and retain customers.
Practically, it’s a difficult task to retain customers especially when competition in any niche is too high. But in the eCommerce world, it depends upon how well a business interacts with its clients on various online platforms (be it answering their queries or inviting them to live videos). That’s why eCommerce stores invest money this heavily to reach out to their clients, determine their needs, and learn their preferences. And, this is what Customer Relationship Management systems do for online businesses. We will give you the top 10 reasons why CRM is necessary for an e-commerce portal.
Top 10 Reasons Why CRM is necessary for e-commerce portal
1- Customer Segmentation
The moment we all scroll through our social media accounts after looking up for products on search engines, our feed is flooded with highly relevant sponsored ads and we end up clicking on most of them. By learning our search patterns on various sites, social media displays ads that we are most likely to click because it shows ads of our search patterns. So you are running an online retail business, wouldn’t you want the same with your end-to-end users?
The precise segmented data of their customers to provide personalized customer service to all their customers is seamlessly done by CRM.
By viewing customer groups sorted by gender, interests (fashion, gadgets, etc.), spending history, and so on on the CRM lets professionals communicate with customers in the best possible way.
2- Access to Information
How many customers visit your online store and leave without placing an order or paying for items they added to their cart or just wishlisting the products?
Smart CRM systems give you valuable insights into such kinds of data so that your team can take appropriate actions before it’s too late.
3- Effective use of Time
Do you know sales agents are only able to spend 11% of their total time on active selling? Most of the time is spent on administrative issues and problem solving of the customers.
A proper CRM Customization for eCommerce can automate a series of self-service processes that can save your professional’s time and enable them to focus on their main job i.e to get & convert leads. E-Commerce enterprise workflows now need to be smarter and the best way to achieve that is to acquire CRM Consultancy services before working out for leads.
4- Centralized Social Media Interactions
Social media is one of the most vital components of eCommerce business. No one can ever deny its role in improving eCommerce store’s visibility and online sales. Adding social media integration to a CRM system is pivotal for an eCommerce business as it can bring thousands of fresh leads and helps your online store generate massive profits. The cherry on the top is that leads are more likely to get converted after going through a positive review.
5- Availability of predictive analysis
Predictive Analysis is the usage of data, analytical algorithms, and machine learning tools & techniques to identify the possibility of future outcomes based on previous data. The objective is to go beyond what has happened to provide the best evaluation of what will happen shortly.
Predictive analytics helps CRM for better designing and purpose-oriented blue-print building for an eCommerce company. So, CRM is not just about online sales but also driving methodical information for better services in the future. That’s why an effective CRM solution generates predictive analytics about various in-demand products and services and also helps in successful promotions.
6- Order Management
Order management includes steps from lead generation through to the actual revenue. You can view and act upon order placement, order processing, shipment tracking, delivery, and customer feedback against each product of your choice.
If you are looking for a CRM for an e-commerce portal, order management is one of the most important components to look for. Moreover, if you are just starting your business, you can also leverage the use of CRM to get things in order and maximize business efficiency.
7- Customer Support
The majority of businesses misjudge the importance of customer support. According to Forbes magazine, businesses lose billions of dollars annually due to poor customer service.
But, in the eCommerce business, you can’t afford to lose your reputation nor your customers. So, CRM solutions help in keeping your customers engaged as every CRM has built-in tools and techniques to enhance your interaction with customers. For example, most of the CRM is generated with chatbots which can greatly improve customer service.
CRM for the eCommerce platform widely helps in smooth-running of the workflow of customer support departments.
And most importantly, nothing can satisfy customers more than your speed of resolving their key issues.
8- Payment Data
If your site is keeping up with multiple payment channels, analyzing payment data at once can be difficult for you. With a proper CRM solution, you can manage everything from invoicing and billing to payment failures in just a few taps. You can even integrate your CRM solution with a payment gateway hasslefree.
Advanced analytics in CRM can also track payment trends, empowering you with the ability to analyze easily the following points-
- Sources of the best revenue
- Highest value customers for customer retention
- Several metrics that can help you customize your services according to the type of customers
9- Improved after-sales service
After-sale services should be of the utmost importance for every online business, no matter what they sell. It improves customer loyalty & delight, improves sales, and increases Customer’s value for the lifetime
One of the best advantages of CRM for e-commerce portals is the opportunity it provides to your sales team to directly address any client concerns before they turn into problems. Be it order issues or inventory shortages, and product-related issues, everything can be handled quickly and precisely by sales reps who understand the behavior of their customers via CRM solutioning.
10- Enhanced marketing and promotion
CRM integrated with e-commerce portals offers shop owners a consolidated location for their customer data. This amps up all marketing activities, from planning to targeting and execution in the right way. Your customers can also receive highly personalized email marketing that captures their attention. This kind of marketing is only possible with a CRM system that will have a direct impact on your online shop’s income.
How To Choose The Right CRM
Choosing the right Customer Relationship Management (CRM) system for your business can feel pretty much formidable. With so many options to choose from from the market, each with a different array of techniques, tools, and features, how can you possibly identify the right one for your business is a matter of question.
Below are the mentioned top 5 criteria to be considered while choosing a CRM for your business
- Identify Your Goals
It is very foremost that you understand what problem you are trying to solve with a CRM solution. Put the following objectives in order of importance for your business to determine which CRM tool will be the most effective and efficient:
- Tracking of leads and all kind of lead activities
- Customer base tracking
- Tracking opportunities and closing rates in your business
- Offer ample amount of connectivity between teams at your organization
- Manage interrelationships at the workplace
- Generation of customized reporting
- Organizing business operations
- Increase profitability and productivity
2. Understanding the Implementation
This component is a key factor for knowing the dos and don’ts of CRM. Any time you are changing or introducing new software in the enterprise, there is going to be a period of implementation process which involves training and testing where the system bugs will be worked out and best practices will be established for the users.
- Prepare For User Adoption
The key to putting your salespeople at ease and acknowledge that they are not at risk for losing or sharing their customers with others is preparing them for the change for good through CRM implementation since they own the personal relationship with the client. Involving your sales team in your CRM selection process all the way helps associates feel less threatened by a new system or software.
- Prepare For User Adoption
The key to putting your salespeople at ease and acknowledge that they are not at risk for losing or sharing their customers with others is preparing them for the change for good through CRM implementation since they own the personal relationship with the client. Involving your sales team in your CRM selection process all the way helps associates feel less threatened by a new system or software.
- Understand Product Potency
The potency is key in today’s world. Your sales team will most likely be adaptable and will use a plethora of smart devices to access the new CRM system. Always try to look for a tool that can be accessed using a variety of web-enabled devices. Give them a platform that will be updated regularly and remain current with new technology.
- Layout Your Processes
CRM tools are created with a variety of business processes in mind. Everyone’s processes are different which differentiates you from your competitors. Your CRM must be ductile enough to handle your processes. Likewise, you want a CRM that will grow your business and get flexible to your changing processes without having to be replaced regularly.
5 best free CRM for E-Commerce to Choose
1- Pipedrive
Pipedrive is a CRM tool that is very much centered around sales. One of the best things about this eCommerce CRM is that it has been outlined for teams of all sizes.
In terms of ease-of-use for eCommerce business owners, Pipedrive ticks all of the boxes seamlessly. The dashboard is instinctive yet it is powerful, with user’s usability being the top priority. Whether a beginner or you have experience with CRM software, we are sure you will have no difficulties in getting to know the software.
There is a free trial for all the users to help one determine whether or not this is the right product for you.
2- Copper CRM
Another CRM that is worth looking into is Copper. This has been designed for small companies that are looking to enlarge their customer relationships and manage a greater number of sales with a single tap.
With Copper CRM, the eCommerce managers can easily accomplish tasks that were once made difficult. One of the substantial things about Copper is that it can easily be amalgamated with your website, lead forms, and common tools that a lot of businesses widely use, such as Slack, Mailchimp, and Gmail.
You can avail of a free demo that enables you to see how the product works.
They have territory management, quotes and proposals, internal chat integration, document storage, task management, segmentation, email marketing, and a calendar system.
3- Capsule CRM
Capsule CRM has been represented for businesses that have between 10 and 1,000 employees – most of the eCommerce businesses fall into that category. Capsule can also be merged with popular apps that your eCommerce store might be using, including Zapier, MailChimp, Google Data Studio, and Google G Suite.
There is a free version of the product available, although this is limited, as you would expect. You can also try out the free trial. The selection of features in Capsule is pretty much conventional compared to Copper and Pipedrive. Sales Forecasting is one of the good features of Capsule . Lead management is pretty immense, covering source tracking, pipeline management, lead scoring, lead distribution, interaction tracking, and much more.
4- ZOHO CRM
We obviously cannot talk about mentioning CRM systems for eCommerce without discussing ZOHO CRM as it is one of the most popular options out there. This is major since it has been designed to empower organizations of all sizes. It offers a comprehensive range of features too.
You can even create your unique version of Zoho CRM, ensuring it is fully tailor-made to suit your needs.
There is also a free version as well as a free trial of this product. The eCommerce CRM features that Zoho boasts include everything that you would want and need. This means all the standard features, as well as more advanced features like financial forecasting and customer experience, are included in ZOHO.
5- Hubspot CRM
Our final recommendation when it comes to eCommerce CRM systems is none other than Hubspot CRM. This has been designed for larger eCommerce teams that are very much centered on growth and taking their business to the next level.
The structuring of Hubspot CRM is very impressive. You can see all of the details about a lead in one place, enabling you to make your workforce more sanctioned, which will lead to better customer relationships and improved efficiency.
CRM features are extensive covering project management, scheduling, quotes and proposals, forecasting, and client tracking.
CONCLUSION-
While choosing a CRM system for your eCommerce business, think not just about where you are currently – but where your business is going to be in 12-18 months or more than that. Setting up a CRM system takes time and effort, and so you have to be confident that you won’t outgrow the platform of your choice too soon.
