Having customer information gives a blueprint to approach various groups of consumers based on their journey. Subsequently, this decreases the frustration of repeatedly going through the same process, making more space for the sales team to build a stronger bond with the users and create lucrative business opportunities. Thus, Customer Relationship Management(CRM) has become a requirement of every industry to provide a quality consumer experience. Among many divisions of the system, Collaborative CRM(CCRM) acts as a medium to synchronize and integrate customer interactions with companies via a variety of channels.
As a collective tool, CRM software comprises numerous features to associate functionalities of various industries. Based on roles, the customer relationship management tool is divided into three parts: Operational CRM, Analytical CRM & Collaborative CRM. This article will shed light on collaborative CRM tools and the advantages it brings to the table for companies.
The collaborative CRM tool aims to facilitate proactive communication and sync between different departments, such as sales, marketing, accounting, and delivery teams, including customers and stakeholders, in order to strengthen the customer experience and encash potential opportunities. This tool works in two methods to ensure impact results.
Types Of Collaborative CRM
I. Interaction Management: This system designs, tracks, collects, and analyzes communication between two parties. These channels involve emails, messages, phone calls, social media platforms, and virtual or face-to-face meetings, depending on the comfort of customers and stakeholders.
II. Channel Management: After interaction management, this tool empowers different channels to conduct constructive interactions with stakeholders like distributors, suppliers, existing and potential customers. Information collected through channel management helps sales and marketing teams to strategize moves.
Advantages Of Collaborative CRM:
Due to individual preferences, companies approach each customer on various platforms and continuously keep track of their activities. Such detailed information is then combined and centralized in a place in order to provide leads to different departments and offer a personalized service to the customers. Productive leads integrated with customer service improve customer satisfaction. More customer interactions help companies invest in better technology and channels based on demand and supply. CCRM’S real-time information on a consumer enables the possibility to offer new products and trends, resolve complaints, introduce new products, discount drives, invite new customers, and much more. These strategic actions retain customers and foster better relationships by earning their trust.
The features of collaborative CRM help to divide roles and responsibilities based on employees’ skills and knowledge. This adaptation gets quick and best results through collaboration and communication. Employees get the opportunity to come up with innovative ideas so that they can smartly accomplish their goals and targets. Collaborative CRM’s document storage and sharing features facilitate flexibility and agility in workflow models. Multiple companies optimize hybrid work models and freelancing approaches to get their work done without disturbing employee workflow discipline. Such tactics save resources and expand businesses with the help of experts across the globe, removing stress and burden from employees. Forbes indicates that a smart workplace environment improves employee experience and improves overall productivity.
Different departments of a company need to be on the same page for a robust and streamlined workflow. Centralized information accessibility encourages proactive communication between departments to plan sales and marketing strategies and discuss budget requirements promptly. Once internal communication becomes transparent, it becomes easy for heads to set expectations and work through difficult situations. Clear communication among teams also welcomes quality results, quick decision-making processes, fewer mistakes and modifications, employee satisfaction, outcome efficiency, etc.
Powerful work culture with the help of CCRM results in higher customer satisfaction. Hence, customer loyalty directly converts into rapid financial growth, which is bigger profit margins and faster ROI. According to Harvard’s experiment, investing in existing customers through feedback and surveys trigger positive feelings toward the organization. Customer databases via CCRM can leverage a better understanding of the market.
A lack of accurate customer data collection makes it hard for companies to reach out to each customer based on their pattern. Digitalization has given brands new methods to follow a customer journey and understand their requirements and needs without disturbing them. This modernization eliminates tedious field work, unwanted resource expenditure, unnecessary travel and meeting expenses, and many more. Chatbots, Autobots, feedback emails, etc., have supported customer care executives in saving time, resources, and money. Technological advancement allows customers to choose the communication channels they want to connect. E.g., specific customers prefer interactions through emails due to different time zones, and a group of customers would prefer online meetings to cut down travel time and energy. Thus, employees can connect with customers on their choice of channel, making it more effective than ever.
The global CRM software market is estimated to expand upto $49.6 billion by 2025. Collaborative CRM undoubtedly acts as a business-changing technology. Introducing this software to your company can integrate systems, bring practical solutions, maximize sales and boost your business.