The customer relationship management market is one of the fastest-growing industries. According to Statista, the revenue of CRM businesses has increased from just under $14 Billion US dollars in 2010 to about $69 Billion in 2020. And it doesn’t seem it will stop anytime soon. Grand View Research’s study shows that the CRM software market will grow by 14.27% from 2020 to 2027.
But what is a CRM? What are the different CRM applications? Why should a company use an in-app CRM? Keep reading and discover the answers to all those questions and more, including:
- What is a CRM?
- What are the different applications of CRM?
- What are the benefits of using a CRM?
- In-app CRM
- What do you need to know to scale in September and Q4
Ready? Let’s get started!
What is a CRM?
CRM is a software application that centralizes all the information and data about your customers’ interactions in one place. Thanks to it, businesses can improve their customer experience and boost customer satisfaction and loyalty while increasing the company’s profitability and growth.
But how does it work? CRM software stores customer information, such as their email address, telephone number, website, and social media profile. Moreover, it can collect other information about the company, such as recent news and store details, such as a client’s personal preferences for communication. After gathering information, the system organizes all the data collected and gives you a complete report of your customers, their preferences, and behaviors in order to adjust your customer service experience to their needs. Some examples of CRM software are; ClickUp, HubSpot, and Pipedrive.
There are, in fact, different types of CRM, each focusing on a specific objective. So which one is right for you? Let’s find out in the next section!
What are the different applications of CRM?
You can find various CRM software companies on the internet. However, you must differentiate them based on the solutions they provide. Generally, we can divide them into three categories: collaborative CRM, operational CRM, and analytical CRM.
1. Collaborative CRM
The collaborative CRM tool, also called strategic CRM, allows you to communicate between various customer service departments. It encompasses various business divisions, including marketing, sales, customer service, technical support, vendors, distributors, and external customers. The main purpose of collaborative CRM solutions is to simplify workflows and processes.
With the collaborative CRM, since all the data is shared across the organization, departments can access the information they need and act according to their needs. For example, if your company sells a mobile application, the collaborative CRM will allow different teams to solve customer-reported issues. A technical team can develop other solutions to the problem, the marketing team can tailor future messages, and the customer service team can gather information about the issue to provide faster service.
2. Operational CRM
Do you ever feel bored doing repetitive tasks? Do you wish a machine could do them for you? This is where operational CRM comes into play. This system’s main purpose is to integrate and automate workflows in customer-centric processes. By implementing operational CRM, sales, marketing, and customer service representatives can focus on their most enjoyable tasks rather than boring, repetitive ones.
For example, imagine you’re inside the marketing department of the mobile application company we’ve talked about before. The operational CRM system will allow you to automatically analyze every customer interaction and evaluate the results of each marketing campaign, so your team can see if the department is achieving its goals.
3. Analytical CRM
Have you ever wished you could collect all user interactions with your product to improve your metrics? If the answer is ‘yes,’ say hi to the Analytical CRM solution. The main purpose of this system is to capture and analyze the user actions and interactions with the company to identify different patterns. Your company can pinpoint the trends and behaviors of your customers using those insights and implement tailored strategies.
For example, let’s say you’re preparing to launch a new feature of your mobile app company. You need information and insights before launching a marketing campaign, right? And it would be too much work for an employee to analyze each customer’s behavior. The analytical CRM will improve the market analysis before running a marketing campaign.
All those types of CRM are helpful for different purposes and needs of a company. To decide which is best for your business, try analyzing where you spend the most time, which processes need to be automated, or which ones you should improve to provide excellent customer service.
What are the benefits of using a CRM?
Using a CRM solution has several advantages for your company. Here are the main ones:
- Improves collaboration between departments
- Provides valuable insights
- Works as a central hub for customer information
- Puts your customers at the center of your business
- Improves relationships with customers
- Attracts more clients
- Automates sales management: 92% of salespeople give up after four “no’s”, but 80% of prospects say “no” four times before they say “yes”
- Improves internal communication
Did you know that it’s possible to develop CRM systems as applications? In-app CRM offers fully functional CRM capabilities for teams on the go via tablets, smartphones, and smartwatches. It gives marketing, sales, and customer care departments access to all the information they need wherever they are and whenever they want. What’s more, in-app CRM is super flexible, so you can use it in various ways, including customer tracking, business management, data analysis, and more.
The main benefits of in-app CRM are:
- You don’t have to stay at the office to use it
- Boasts flexibility
- Increases efficiency
- Offers integration between other business apps
- Provides real-time customer tracking
In-app CRM is still pretty unusual, and there aren’t many companies that have implemented it. FROGED developed its app that offers extensive CRM features so you can access all the information about your customer base just from your phone. Check it out here and discover all you can do!
Managing your SaaS business with CRM
As we have seen, CRM applications offer many benefits for businesses. In particular, they can help businesses to manage their customer relationships better, improve customer service, and increase sales and profits. However, it is essential to remember that not all CRM applications are created equal. Different CRM applications offer different features and benefits, so it is crucial to choose the right one for your business.
We hope this article has helped you better understand the different types of CRM applications and how they can benefit your business. Thanks for reading!
Looking for a comprehensive in-app CRM solution to immediately implement into your own SaaS? Check out our FROGED’s in-app CRM that allows you to centralize your customer support, marketing initiatives, and product performance in a single platform, book a demo with us today or discover our FROGED solutions.