The income of a professional is directly related to his/her ability to manage their relationship with their customers. CRMs are systems specifically designed to nurture these relationships and are the “magic bullet” solution for most professionals.
According to bntouch, a mortgage CRM developer, these systems are more than just a piece of technology, they’re part of a comprehensive and effective marketing strategy. In this article, we’ll dive into just why CRM matter more than ever in 2019.
The Business Landscape
Customer acquisition costs (the marketing price of acquiring 1 new customer) are slowly increasing. Markets are quickly becoming saturated. The only way businesses are standing out is through innovation. In short, the business landscape is evolving and the companies that evolve with it will thrive while those that don’t are destined to slowly wither into the red.
One of the most important avenues for income these days is customer retention because it’s a lot cheaper to keep a customer than it is to find a new one. On top of that, customers who buy from a company once and much more likely to do it again. And so many companies are focusing on having multiple transactions with the same customers and they’re using CRM to manage the relationship.
Benefits of Using a Marketing CRM
On top of customer retention, savvy companies are looking for data to help identify the right buyers and reduce marketing expenses. CRMs help gather said data and give insight into customer behavior, they help identify the right buying windows, and they give you a method of segmenting customers into profiles.
While all of this sounds robotic and impersonal - it’s quite the opposite. This data lets you custom tailor your services and product to each customer segment and lets you sell to your customers when they want your product instead of when you want to market. It’s more human and less invasive.
By smoothing out the sales process, you’re giving your customers a better experience with your brand which can lead to more transactions, higher retention rates, less wasted marketing dollars, and dramatically higher profits.
What Are the Typical CRMs?
Across the web, there are hundreds of CRMs. Any business that sells is likely to benefit from one. Popular ones include Salesforce, bntouch, Constant Contact and more. Each varies in the scope of what they offer.
For example, bntouch specializes in mortgage software that focuses on 3 main things: lead prospecting/generating, simplifying 1003, and nurturing the customer relationship after a loan is closed.
Others such as close.io offer many similar features but tailored to a sales audience. For example, they’ll offer constant dialing programs where customers are automatically called and the salesperson just stays glued to their phone.
CRMs are the future of marketing for business. They’re an efficient way to lower customer acquisition costs while also increasing customer retention rates. While implementing a CRM generally involves some kind of learning curve, it always pays off.