Information Technology

That’s Why I Call CRM A Saviour To MSME

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<p>It&rsquo;s no exaggeration that MSME forms the backbone of the Indian economy. Whether it is the manufacturing or service industry, MSME is mushrooming in a myriad of sectors across the country. Statistics are evidence to present that MSME contributes 29% to GDP and generates approx. 12 crore employment every year.</p><p>However, despite their profound significance, these MSMEs are still in dire straits. Analysis and survey show that merely 5% of start-ups remain alive for 10 years and believe you me scarcely 0.01% of start-ups endure for 100 years. In this country, where youth and brilliant minds are coming up with powerful ideas, they are still falling behind due to the non-generation of good revenue. Initial capital is an issue to commence a business however, sustaining it with a good customer base is another biggest challenge.</p><p>I think we know what it means to have a benign customer relationship with a company. Developing a clientele is not overnight magic. Firms can understand what it takes to acquire and gain the confidence of customers. Maintaining a list of leads, making them prospects, luring them with timely follow-ups, and finally acquiring them as clients. As per the DemandGen report Nurtured leads produce, on average, a 20% increase in sales opportunity versus non-nurtured leads. Missing the client contact information means a big loss in terms of money, reference, recurring income to the firm.</p><p>Have you ever wondered, what if the companies/MSME gets a solution to these problems? The solution is CRM software that can automate the entire sales process. Insidesales.com shows that 35-50% of sales go to the vendor that responds first. This is not only limited to save the leads or contact information but can provide a 360-degree view of the sales cycle. As per the demand gen report, 50% of leads are qualified but not yet ready to buy.</p><div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media-exp1.licdn.com/dms/image/C4E12AQH-orF4xaTLUg/article-inline_image-shrink_1000_1488/0/1613217780093?e=1645660800&amp;v=beta&amp;t=eVbAwUIEuC83aK-UgpS_M3cMUebBmtw7gC6aRCM3h5Y" alt="No alt text provided for this image" data-media-urn="" data-li-src="https://media-exp1.licdn.com/dms/image/C4E12AQH-orF4xaTLUg/article-inline_image-shrink_1000_1488/0/1613217780093?e=1645660800&amp;v=beta&amp;t=eVbAwUIEuC83aK-UgpS_M3cMUebBmtw7gC6aRCM3h5Y" /></div><p>According to Forester research Companies that excel at lead nurturing generate 50% more sales-ready leads at 33% lower costs. Employees can spend less time digging through excel sheets and more time on selling. Not only customers but these tools can connect all 33 operations enterprise-wide and provide intelligent insights. It provides sales dashboards for managers and executives who need visibility on sales performance in real-time. The tool can give timely reminders or notifications to the employee so that the employee can have remarkable follow-ups. According to Gleanster Research, only 25% of leads are legitimate and should advance to sales.&nbsp;</p><p>CRM helps retain existing customers. Not only it can resolve customer cases faster but can provide a proactive approach by storing information in a central knowledge base. This is not limited to one component but can extend to several verticals where Marketing campaigns across multiple channels can be easily managed. According to PRNewswire, 43% of respondents reported a slowing of the sales cycle, putting more pressure on online marketing involved to nurture leads through a prolonged purchase process. It can do seamless integration with various platforms such as Whatsapp, Facebook, Twitter, Google maps, PayPal, etc.</p><p>Data from various organizations show that their sales productivity has jumped by 30%approx. Their deals have surged. Their sales revenue has grown to an unbelievable number after using CRM. Management can make better and informed decisions and precise forecasting through sales reports and dashboards.</p><p>Sirius Decisions informs the fact that the average sales cycle has increased 22% over the past 5 years due to more decision-makers being involved in the buying process. CRM is available at very affordable pricing so that startups can spend their time doing their primary jobs instead of worrying and wasting time brooding over expenses.&nbsp;</p><p>CRM is a solution to the challenges of startups. But buying this software is yet another thorn pricked in the foot. However, there is good news for all the MSMEs who are waiting for an affordable CRM and ERP solution.</p>
KR Expert - Anand Singh Balyan