Customer Relationship Management or CRM originated in the 1980s. At that time it was just a simple database system. However, it soon turned into contact management software in the 1990s. It get a more refined form when the world of technology was trying to cope with the Y2K problem. After that, pre and post-sales features made CRM highly sophisticated and integrated software. Today, there are CRMs for almost every niche you can imagine
- CRMs for Manufacturing
- CMRs for Nonprofits
- CRMs for Small Businesses
- CRMs for Insurance
- CRMs for Startups
Just to name a few.
Some of the most commonly known CRMs are Freshsales CRM, Zoho CRM, and HubSpot CRM. I addition to that Microsoft CRM Dynamics 365 is also a suitable choice. Dynamics 365 is a blend of enterprise resource planning or ERP and CRM. In addition to that, it also has artificial intelligence tools and other productivity applications.
Basics of B2B CRM
In B2B transactions, CRM offers effective automation for the whole sales cycle. This is a composite relationship management that offers vital and crucial insights. B2B CRM not only integrates the sales but also makes the process effortless. It comprises of customer service data, marketing, and sales and covers the whole business strategy. In short, it takes care of all the touch-points that a customer has to go through. Thus, companies can identify the clients’ needs through B2B CRM.
Commonly, Business to Business CRM refers to the following points:
Understanding Customer Needs through CRM
In the sales cycle, B2B CRM is the primary way to realize and fulfill customer needs at each stage. It gathers useful information and analyzes this data. Information is usually collected from communication channels like email, online calls, chats, etc. This data contains inquiries, notices of issues faced, sales report and quotes. This useful information is stored in a cloud-based database. This is completely secure and only company staff can access this data.
Purpose of B2B CRM
The main idea can also be highlighted when we look deeply into sales cycles. You can create brand awareness among customers and guide them through content. The visitors may end up buying your product. If the purchase happens through customer care, you may get a loyal client. However, this procedure is difficult in B2B than B2C. You get companies as clients and they have diverse requirements and viewpoints. Hence, it is not easy to find out what exactly your clients are looking for. That’s where CRM comes into play.
Most importantly, marketing and sales teams can keep track of important details and potential leads. This helps a company to understand how it can motivate clients. The company gets to know how it can urge its clients to move forward with the purchase.
How CRM Helps in B2B Cycle?
When you put a B2B CRM system into practice, you can track clients in the sales cycle. Here are a few benefits that as a company you can get from it.
- More Visibility
Compiling customer database, deciding when and how you can contact them are the key factors. CRM technology helps you determine this quickly and saves time. In addition to that, you cannot know how to influence a client properly without a CRM system. You may end up spending hours on a lead that is not promising. In doing so, you may also neglect other leads which can prove to be more promising.
A CRM system integrated with a B2B cycle provides all team members effortless visibility. They can see which leads are more promising and where they are at a specific time. Thus, you can handle them in a more efficient way by channeling your efforts.
- High Efficiency
Another major advantage of B2B CRM is that it takes off burden form the admin. You don’t have to waste time collecting information or pursuing less promising leads. You can focus on B2B sales funnel with an efficient perspective and pay attention to major prospects. This eliminates the trial and error period for your sales cycle. You can achieve a better ROI as your actions become more targeted.
The alignment of sales and marketing can be improved as well through B2B CRM. It allows the sales and marketing team to get a better perspective on potential customers. They have a better idea when clients should be pushed to the next step.
- AI-Driven Data Decisions
The predictive lead score also becomes more efficient when integrated with a B2B CRM. It helps the sales team to decide leads depending upon their interaction and previous behavior. Thus, the sales team can know which leads are more qualified. It is just like grading clients and potential leads. You can grade them as per their potential of becoming a mature sale.
You can also leverage client data with a profitable approach through CRM. All you need to do is to link the actual stages that the client has passed with abstract customer analytics. By doing so, you can turn your “sales funnel” into a profit-driving and actionable tool.
Optimal Objective of B2B CRM
Improving business relations is the strategic objective when we talk about the B2B CRM system. You get to base your business on evidently defined phases with respect to client observation and tracking. Thus, you don’t have to make a guess for your marketing and sales activities. This not only makes marketing more efficient but also upturns the return on investment for sales. In short, it can act as a growth catalyst for your business.
We know that B2B markets aim to generate qualified leads. And producing a promising lead is not possible if you don’t have worthy information about customers. A CRM system lets you save data and keep track of it only to use it in a better way. Moreover, you always have access to data and can check and update it whenever it is necessary.
Investing in a CRM system not only essential but a necessity for B2B businesses. Statistics show that around 97% of B2B businesses are getting help from CRM. This signifies the importance and value that CRM puts into a company. You can build relations with the companies and keep your data updated through it. In today’s world, things change at a rapid rate and to do business you need factual data. With the help of CRM, you can improve the quality of your business and can get more leads.