The Importance of Maintaining Clean Data
As a business owner, managing leads and customer information simultaneously can be a daunting task. Outdated systems requiring manual data entry and migration are time-consuming and prone to errors. Inefficient lead management, limited reporting capabilities, and inadequate data security are common challenges a growing business faces. These challenges can lead to data inconsistencies, such as duplicate data, inaccurate customer information, missing data, and will in turn hinder client retention, create missed sales opportunities, and generate a decrease in overall revenue. Fortunately, these challenges can be overcome by adopting a client-centric CRM system that ensures the integrity and usefulness of your data.
A customer relationship management system, otherwise known as a CRM system, is a client-centric system that stores all customer information in one place, making it easy to manage and access customer data from anywhere at any time. By using a CRM system, business owners can improve the customer experience, enhance client retention, minimize client complaints, create greater amounts of referrals, enhance product cross-promotion, and create consistent quality branding.
Using a CRM system greatly improves the customer experience. Customer experience is a crucial factor for sales retention in the insurance industry, and it can be a stark competitive advantage. According to a study by Accenture, 73% of insurance customers are willing to pay a bit more for a better customer experience. By using a CRM system, business owners can provide a seamless and personalized experience for their customers. A quality CRM system will enable business owners to track customer interactions, preferences, and behaviors, which can be used to offer customized products and services.
Client retention is one of the greatest benefits of using an accurate customer relationship management system. According to Bain & Company, a 5% increase in customer retention can lead to a 25% to 95% increase in YOY profits. A CRM system can help business owners retain customers by providing consistent and satisfactory experiences, no matter how the client interacts with the business. By maintaining accurate customer data, business owners can anticipate the needs of their customers and provide relevant products and services. A CRM system can also help business owners track customer satisfaction and promptly address any complaints or concerns, or downfalls within any day-to-day internal operations. Having access to real-time data allows a business to single out and enhance operations that are promoting business growth and or evaluate and remove growth obstacles or bottlenecks.
In addition to client retention, a leading-edge CRM system will help business owners create more quality referrals. Referrals are the best type of lead, and remain the most effective way to acquire new customers and increase sustainable revenue. According to a study by Nielsen, 92% of consumers trust a referral from a person that they know. By maintaining clean data in a client-centric system, business owners can identify satisfied customers and request referrals in a more timely constructive manner.
Product cross-promotion is another benefit of using a CRM storage system. Cross-promotion involves promoting complementary products or services to existing customers. By maintaining accurate customer data, business owners can identify customers who are likely to purchase complementary products and services by way of reporting and utilizing key client data metrics. This system can help business owners create targeted marketing campaigns and promotions for cross-promotion. Cross-promotion not only increases revenue but also strengthens customer loyalty and overall retention.
Finally, with an adequate system in place, business owners can generate unified cohesive branding. Branding is the process of creating a unique image and identity for a business. By using a client-centric system, business owners can provide a consistent experience for their customers, which helps to build a strong brand, with a loyal customer base. A strong brand can differentiate a business from its competitors and attract new customers in mass.
Don’t Settle For A CRM That Won’t Meet All Your Needs!
Outdated systems can lead to time-consuming data entry, inefficient lead management, limited reporting capabilities, inadequate data security, lost customers, sales opportunities, and uninformed business management decisions.
By switching to a client-centric CRM and AMS system like OneLink, business owners can benefit from automated data entry, streamlined lead management, advanced reporting, and enhanced data security features.
With OneLink, business owners can provide better client experiences, increase client retention, minimize client complaints, create referrals, promote cross-selling opportunities, and strengthen their brand.
Don’t let outdated systems hold you back from achieving your desired business goals. Call us at 800-898-7212 or fill out our form at intruity.com/contact-us to learn more about OneLink and how it can transform your business’s operations.