7 Benefits of CRM Proven to Boost Your Business (With Case Studies)

The benefits of CRM systems are vast, helping businesses effectively identify new leads, nurture them, and retain them through seamless communication. Read on as we shed light on the core benefits of using a CRM service.

Top 7 CRM Benefits for Businesses

The CRM software market is set to hit $88.19 billion in 2024. This is unsurprising when you consider the numerous benefits that CRM software offers businesses of all sizes; whether you’re a small startup or a large enterprise, this software will be a cornerstone of your CRM strategy.

Here are the key ones:

1. Increased Productivity

Sophisticated CRM systems come integrated with automation, allowing businesses to simplify complex administrative tasks such as managing the sales pipeline or compiling reports.

Platforms such as Salesforce come with their own AI assistant, which can fetch data in seconds, freeing up valuable time, so you can focus on things like customer retention or boosting sales.

The potential of a CRM to maximize productivity is evident from the use of Salesforce by Spotify, for example. The platform saw as much as 40% increase in productivity by integrating Salesforce.

It ultimately streamlined the process and consolidated its customer data. Salesforce significantly reduced human involvement, too, by automating tasks and cutting down on meetings and email traffic.

For Spotify Advertising, Salesforce acts as a single source of truth, offering real-time insights into ad inventory, sales pipelines, and customer engagement for better decision-making.

This is just one example of many real-world cases outlining this particular benefit of CRM software. Whether it’s a small or large business, every business stands to benefit from automation.

2. Streamlined Customer Service

A core CRM benefit is the software’s ability to streamline your customer service, which is crucial given that 73% of customers consider their experience a crucial aspect of their purchase decision.

Think of an automated centralized system capable of managing all your contacts, including details like purchase records, demographics, and previous communications across diverse channels.

One real-world example is how Falcon used Pipedrive to map the success criteria of each customer along with their financial details to come up with a unified approach to customer engagement.

With the aid of this CRM, Falcon achieved 98% customer satisfaction. We don’t find this surprising, in our Pipedrive review, we cover how it offers ample benefits to businesses at a low cost.

3. Improved Collaboration

The importance of CRM in business operations extends beyond boosting customer relationships. These tools are also designed to enhance team collaboration.

This is made possible with collaborative documents, file sharing, and team chat, for example. The Genpact case study is worth sharing to show the benefit of CRM software in this respect.

Genpact recorded a 40% boost in collaboration with Monday CRM, as it allowed their global marketing department to shift from scattered spreadsheets to a centralized database.

Genpact was struggling to track and manage multiple ongoing campaigns across dispersed teams, and Monday offered a centralized hub for planning and executing their campaigns.

4. Detailed Analytics for Decision-making

Informed decision-making is among the key advantages of the best CRM software. Most come with built-in tools to analyze data like customer sentiment and campaign success, for example.

These can empower your business with actionable reports on things like bounce and click-through rates to help you make decisions based on real-time data.

Your teams can use CRM tools to create dashboards and organize your clients based on different traits such as age, gender, and location, for example, helping you better segment your audience.

This can lead to a more targeted approach that yields better results, as it did in the case of Cloudnova — which used HubSpot — one of the best solutions for email marketing and insightful reporting.

With over 18,000 engaged contacts and 65 active workflows, the CRM succeeded in handling both B2B and B2C connections, a clear indicator of better customer engagement and optimized operations.

As one of the best eCommerce CRMs, HubSpot seamlessly integrated with the eCommerce platform, creating a central hub for product registrations, post-sale support, and customer engagement.

5. Boost Customer Retention Rates

Customer retention is a genuine concern for businesses. As customer data is shared across departments, you can solve problems faster with a CRM, ultimately boosting retention rates.

Besides, these tools prevent customers from leaving your business due to negligence. CRM tools also empower your service agents to communicate with customers before they switch to your competitor.

According to HubSpot’s research, the cost of winning a new client can be as much as 25x higher than retaining them.

With auto-generated responses and templates, these tools go a long way in finding the reasons behind losing business. This data can then be used to work on any shortcomings.

360 Payments, a financial services company, for example, used Pipedrive to adopt a customer-first approach and saw a 298% increase in net income within 2 years.

During this same period, 360 Payments also recorded a 40% boost in revenue and a 26% increase in new accounts.

6. Generates Leads and Boosts Sales

Lead generation and conversion are the cornerstone goals of every business, and getting consumer data through CRM tools to generate quality leads can help you map your customer journeys.

You can track relationships with leads with all the relevant data you need to know to nurture their relationship with your brand. This includes geographic information, behavioral, and engagement levels.

Using this data, you can better prioritize leads based on their likeliness to convert with lead scoring. Storykit, a video creation tool, proves the power of in-depth reporting and lead scoring.

With HubSpot, Storykit integrated with LinkedIn Ads and saw a dramatic boost in lead generation. From there, they could carry out A/B tests to optimize conversions with HubSpot.

Storykit reports saving 50% of its time in lead scoring and reporting with HubSpot, which allowed the company to track its ads and deal closure, for example.

7. Helps Enterprises Scale Rapidly

The growth potential of your business becomes limited when you use spreadsheets to handle customer data. With CRM software, there’s unlimited scope to scale up your processes.

You can easily switch from one subscription tier to the other as and when your business grows for the added functionality you need.

As an example, Coles 360, the revamped retail media division of Coles supermarkets, used Monday to boost their ROI 10x while running 3,000 campaigns across 11 channels — all in one year.

They were facing the challenge of operating as a startup within the competitive retail media market, but with Monday, they could centralize their activities across departments, suppliers, and channels.

Who Benefits Most from CRM Software?

A wide range of businesses can benefit from CRM software across different industries. Here are the many people and departments that benefit most from these tools:

Conclusion

Every business can reap the benefits of CRM software, including streamlined customer service, better productivity, enhanced collaboration, better customer retention, and detailed analytics.

More include rapid scalability and increased lead generation. With real-world case studies proving how CRMs catapult businesses, there’s no better time to invest in one yourself.

Related:

• Looking for a CRM? Here’s a Guide on How to Choose One
• Not Getting These Benefits? You May Need to Switch CRM

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