Startups all across the globe are glorified as the ultramodern way of taking control of your life, is circumventing nine to five jobs, and throwing them into the bin.
Nevertheless, according to a report published by Small Business Trends, it states that approximately 40 percent of startups are profitable, while 30 percent of them are at break-even points and the rest 30 percent losing money.
Therefore if you are having any second thoughts on your big idea, read through this article as we unravel the real problems and issues that can stall your super ideas and how adopting the best sales and marketing CRM tools can change that for you and make your company find business growth.
What is CRM?
CRM is both a technology and an awesome strategy that integrates into itself several dimensions of customer relations, which helps to convey real value to the customers and retain the same for businesses. With CRM related IT solutions, world-class customer relations can be easily attained and utilized to create brands in the marketplace.
In other words, best business CRM is a tool that helps one understand their target customers, their needs, and how brands can sustain that customer relationship to propel your startup on the basis of that relationship.
Now there are three types of easy to use CRM software that is available in the marketplace:
1. Strategic CRM
This is a CRM software that is based on delivering value to the customers, better than the rest of the competitions, and integrates the same in product development and structure of the business.
2. Operational CRM
This CRM software focuses on the automation of sales, production, and service as per the requirement of the consumers.
3. Analytical CRM
This CRM software focuses on gathering, storing, distributing, and thereafter integrating and analyzing consumer-facing data to cater value to both customers and businesses.
There are several models of sales and marketing CRM tools available in the marketplace. Nevertheless, in this article, we shall discuss the IDIC model which aids businesses to ascertain the customers who are of high value and loyalty towards the brands.
Identification: Find out who is the customers and understand them well.
Differentiation: Identity which customer has the greatest potentiality and thereby have more future prospects.
Interaction: Makes sure that businesses can perceive the customer’s desires, and understand the customer’s possible relationship with other brands.
Customization: Personalize offers and means of communication to make sure that the customer’s desires can be fulfilled.
So now that you are aware of what is CRM let us move on to the five most important reasons as to why you must buy your best sales and marketing CRM tools for your startup organization and stick to this cutting-edge business growth technology and tool.
5 KEY PROBLEMS AND THEIR SOLUTIONS (FOR STARTUPS)
1. CASH CRUNCH
According to a report published by Small Business Trends, it states that more than 29 percent of startups fail because of cash crunch and more than 18 percent for cost and pricing issues.
Therefore it is important for any startup business to keep their pricing compatible and yet generate enough profits to keep the krypton of cash crunch at a bay.
This is over here small business CRM software comes into play as it can help customers to understand the customer’s choices and buying patterns to integrate the same in product development and provide pricing that predicts good business growth.
2. POOR RELATIONS WITH THE CUSTOMERS
Relations with its customers is the spine of any business, especially startups as they are more consumer-based models of business and this is why more startups are in need of incorporating CRM strategies for their growing businesses.
According to reports among all startups that fail more than 17 percent are those that failed to develop and deliver a user-friendly product or service and another 17 percent failed because of inappropriate business models that underlined their offerings.
Therefore, this data even illustrates the growing importance to adopt the best all in one CRM in developing a consumer-based model for business that can help in building user-friendly offerings.
3. NEED FOR THE RIGHT TEAM
The idea of delivering a customer-friendly offering, for any startup is a challenging task, which needs the right team to pull that off.
As per statistics and data that we referred to before about 23 percent of startups fail due to their team’s inefficiency in catering a customer-friendly offering to the consumers in the marketplace.
Therefore as a startup entrepreneur, you need extensive staffing and training programs that can aid you in employing the right team to focus on providing value to the needs of your customers.
This is over here CRM for small business once again comes into play as it can help you to identify the right persons for your job and even train the same marketing, sales, and support strategies to reach customers and sustain them over a long period of time.
4. NEED FOR RESEARCH
Just as there is no way that we can write an article without any proper research, similarly the same applies to any startup, as comprehensive market research is most important and a must for the growth of any startup business across the globe.
According to research, it has been found that 42 percent of failed startup ventures were not successful since they did start their business after performing any market research about their proposed offerings.
Additionally, 13 percent of startup businesses failed and are so ill-fated because they launched their business at a bad time, statistics which show the extent to which startup organizations ignore real-time market trends while starting their businesses.
Therefore, as one of the most recognized vendors of software solutions in the Salesforce Alternative CRM marketplace, we can assure that it is the business growth technology that is capable of storing, integrating, and analyzing consumer data which aid startups to find and focus on the right market at the right time to launch the right product or service in the marketplace.
5. MARKETING WOES
As per statistics and data that we referred even before 14 percent of startups fail due to poor or ineffectual marketing and another 14 percent for ignoring their customers.
But why do startups fail at marketing or while conducting their after-sales service?
Even though there can be multiple factors that can make it happen but one of the most important of all these factors is not knowing well your customers.
CRM for SMB and startups helps growing businesses to understand their customers thoroughly so that they can cater to their customer’s needs.
This is exactly where Analytical CRM comes into play which aids in gathering consumer-related data and with Operational CRM that can ensure faster services to their customers and Strategic CRM that can help in marketing their offerings strategically to target relevant consumers based on their behavioral and purchase patterns which can be easily collected, stored and thereafter analyzed once it is hived inside the CRM database.
Therefore now that you know why your startup needs to adopt the best sales and marketing CRM tools and implement CRM strategies for your business growth, and the right type of CRM to go for to overcome each of these hurdles at the beginning of your entrepreneurial journey, it remains without any doubt that small business CRM software is that much-needed firepower which your startup needs as the next big weapon for victories ahead in this competitive global marketplace.