7 Effective Ways To Boost Your CRM Profit 2024

7 Effective Ways To Boost Your CRM Profit: The first thing why CEOs and managers install a CRM system is, of course, the undoubtful fact that it helps to structure the company data on products, assets, leads, and clients. But few realize that a well-tailored bespoke CRM can greatly improve customer experience, overcome competitors, and increase overall company profitability.

What benefits can you get and how to determine a fitting CRM for your business? Discover right now in our new article on custom CRM software development.

What is Bespoke CRM Software?

A bespoke CRM is a software solution specially built to fulfill all your business tasks, including those that are impossible for any off-the-shelf solutions. The last ones are often rigid and inflexible giants with numerous features that you never use but still pay for, while in a custom CRM, you can pay only for the functionality you need.

How to distinguish a CRM solution that is well-designed for your business? You should compile a list of your requirements and check whether a chosen CRM fits them, as advised by Alexey Kalachik, CEO of Fively custom software development company:

Also Read: What is CRM? Customer Relationship Management – Complete Guide

“The deeper you define requirements before developing your bespoke CRM solution, the better result you will get for your business.” Alex Kalachyk, CEO and Co-Founder at Fively, a custom software development company.

The requirements themselves can be divided into the following categories:

• Feature requirements: these are the list of CRM features you need. In other words, what do you need each feature to do for you and why? Compile a raw list of features you think you need and keep in mind that it may change in the end;
• Functional requirements: these are specifications for features, e. g. how exactly each feature should be implemented? Discuss with all the company departments what specific use cases you have. What does each of your working processes look like? What is the core value?
• Business requirements: these describe how the future solution will help to solve your existing business problems. Think of your internal processes: which of them look chaotic and messy? Where do you start losing leads, and what information are you losing? The deeper you dive into these problems, the more answers you will get;
• Non-functional requirements: describe the actual amount of info you need to add every day and how fast are you growing. You need to state the desired volume and scalability of the system, and its backup and disaster recovery abilities to prevent possible system crashes;
• Design: requirements for design should describe your brand vision and mission, as well as the preferences of your workers. For example, will different teams need different dashboards? What information will be shown in each dashboard?

The moment you compile your requirements list, you will easily find the top CRM software for your business with all the supplementary benefits. By the way, what are they and how can they help you to boost company profits and overcome competitors? The answers to these questions are right in the next section.

List of 7 Effective Ways To Boost Your CRM Profit

Let’s start with the main advantages of using a bespoke CRM that helps to optimize your sales department workflow, save the time of your employees, and increase your overall company profits:

Also Check Out: Benefits of Using Supportability Analysis Software 2024

1. Link key departments together

Smooth integration of bespoke CRM software with your marketing, sales, and finance departments’ applications will boost overall company productivity, giving you a vast competitive advantage.

You will be able to share and view customer-related data between departments, automate the ordering process, connect purchasing with inventory, optimize your workflow and resources management, and see what product is the most beneficial for you. You’ll boost profits by making customer service quicker, smarter, personalized, data-driven, and free from manual errors.

2. Boost productivity and reduce admin work

According to the HubSpot report, as much as 32% of sales representatives waste over an hour on data search and entry day by day.

But when your website and software for CRM are integrated, you won’t waste time manually copying and pasting data from websites and importing it into the CRM. You will be able to reduce admin work, better allocate resources, and allow your sales team to focus on things that matter.

Now let’s proceed to the most valuable (from the business side) advantages of using a bespoke CRM that can greatly boost your profits:

3. Increase customer satisfaction

Statistics prove that as much as 70% of your customers will never come to you again due to the fact they perceived you don’t care about them, or were unsatisfied with the level of services you’ve provided.

If you don’t provide your customers with full support at every stage (the initial research of your products, price comparison, conversation with the sales team or customer service, and providing the supplementary info), then you risk losing them.

A bespoke CRM allows you to structure and analyze the data on clients, streamline communication with them, discover what they like and dislike, and personalize your services. As a result, you make them more loyal and eager to return to you. All these features can be especially helpful when you’ve grown into a bigger company with more customers every day.

Other CRM bonuses like automated sending of follow-ups, handy file storage, and timely notifications will also take your interaction with customers to another level. They will feel more satisfied with your services and come back again.

4. Get real-time customer insights and predict their buying behaviors

The biggest blind spot of all sales departments is that they don’t know their customers well enough to offer them relevant products and personalized experiences, and just hope for success. While the key benefit of any bespoke CRM system is that it can profile leads and define what they might purchase their pain points and needs, and even their desired budget and lifetime value.

All these predictions are possible due to in-built business analytics tools such as real-time visual data, user-friendly dashboards, timely reporting, etc. Having all these, you can be better and, what’s essential, faster informed about your customer’s buying habits, reallocate your resources, reduce operational costs, and boost sales.

Several additional advantages can facilitate and accelerate your sales cycle, raising your profits:

5. Use built-in engagement tools to connect with prospects

Social selling is becoming more and more valuable among all the other sales strategies, as connecting with leads allows your team to build trust with them, identify blockers, influencers, and decision-makers, and quickly give them the info they need.

Also Read: CRM and How Companies Could Benefit from Software Use

6. Streamline the sales lifecycle

To close the set KPIs and increase profit, your sales and marketing team should have the sales lifecycle process with all the needed materials and information well-tuned, organized, and intuitive.

The more time and effort it takes for a sales representative to answer a lead’s question, the more the chances are that you’ve already lost your potential customer.

A tailored CRM, and vice versa, keeps all the info structured in one place, allowing customers to move seamlessly through the sales funnel with a feeling that they are being treated well. Plus, thanks to a CRM, you can see how long prospects stay in the funnel and what areas need improvement.

7. Be sure that your data is safe

CEOs tend to forget about one more very important benefit of a well-suited CRM: it helps sales and finance departments keep all the data on leads, clients, contracts, and products safe, no matter who and from what devices enter the system. Seems like that’s not a big deal, but potential loss or even improper storage of this kind of data can cost your company a fortune, which is impossible with a personal CRM.

Conclusion – How to Boost CRM Profit 2024

Thus, if chosen properly and used correctly, bespoke CRM software can greatly improve your working routine and boost overall company profits, helping the sales and marketing department in 5 ways:

• Find leads and collect supplementary info on them quicker and easier;
• Have all the company’s data stored and shared with leads safely;
• Make follow-ups, emails, whitepapers, and presentations sent on time;
• Provide customers with a better experience and increase their loyalty;
• Get KPIs close faster and increase profits.

Still, the benefits of a bespoke CRM can’t work on their own, but only if put together with your team’s effort, diligence, and determination to achieve success. The right bespoke CRM solution can always become your assistant in this, helping you to synchronize the activities of your employees and share best company practices.