Given today’s customer-centric economy, there’s one crucial piece of software every debt settlement company needs: a cloud-based CRM (Customer Relationship Management).
CRM software is the biggest software market in the world for a reason. Companies and the customer-facing teams within them want and need access to customer and prospect data in real time. Consider that:
- 65% of businesses adopt a CRM within their first five years
- Companies that use CRMs typically benefit from increased customer satisfaction and retention
- Data accessibility for salespeople is key to shortening the sales cycle, on average, by 8-14 percent
A CRM helps to bring the customer to the heart of your business by centralizing customer and prospect data and activity. With many marketers and salespeople declaring the death of customer contact via phone, today’s best CRMs incorporate more modern forms of communication like text messaging and eMail.
CRMs also empower sales representatives by collecting the data they need to warm prospects, eliminating the need for salespeople to manually enter data. This year, “sales reps will maximize the time they spend by taking advantage of automated data capture,” according to CRM Magazine.
What is a CRM?
If you’re not familiar with CRM software, you might think—given the acronym— that it helps you manage your relationship with your customers. While this might have been the case early on in the development of CRMs, today they have evolved to aid in much more, like:
- Centralizing prospect (lead) and customer contact data
- Lead generation via web forms with automated data capture
- Segmentation for marketing campaigns
- Communicating with prospects and customers
- Bringing all interactions with your company onto the contact record
How Debt Settlement Companies Can Benefit from a CRM
While the choices in CRMs may be overwhelming, the good news is that some of them are industry-specific, delivering vertical markets the features needed to support that industry.
And there are debt settlement CRMs that address the need to pull in creditor data, enable clients to view and sign documents from anywhere and enter their payment method.
CRMs Centralize Customer Data
In addition to debt settlement features, CRMs help companies centralize not only customer contact data but all their activity onto the contact record. This makes it easy for all customer-facing teams to access the data needed to resolve or address a customer query.
By empowering customer-facing teams with the data they need to assist customers, this inherently improves the customer experience and give sales representatives the data needed to close warm leads.
If a lead or client has a question, for example, and their dedicated representative is out of the office or unavailable, anyone can access the data needed to assist that customer.
CRMs Improve Communication with Leads and Customers
Today’s best-in-class CRMs incorporate the most modern communication tools such as integrated dialers (including click-to-call), text messaging and email. These tools make it easier to reach customers regarding their account or any critical communications that need to reach them.
In many cases, SMS (text messaging) and eMail make it much easier to reach a customer versus traditional methods like direct mail or voice mail. In fact, some consumers prefer text messaging to be the primary form of communication, as many today are using a smartphone as their primary means to access email and any form of data.
CRMs Make Teams More Efficient
With the help of automation and triggers, many teams and companies become more efficient. When a sales representative is trying to close a customer and win the sale, automated triggers can alert the representative that the client has viewed a document or responded to an email or text message.
Or in the case of a missed payment by a client, companies can set up an automatic trigger to send a SMS (text message) reminding them to make a payment. This greatly reduces the occurrence of missed payments and defaults on agreed to payment plans.
Improved Analytics and Reporting
In addition to centralizing data and improving communication—both internally and externally with customers—CRMs enable company leaders to extract and analyze data. This helps cull business insights that can be used to improve operations and strategic initiatives.
With improved reporting, business leaders can make educated decisions that can improve profitability, customer retention, and sales, just to name a few areas. By setting up automated reports, teams spend less time generating them, making them more efficient as well.
If you’d like to learn how DebtPayPro’s CRM can help your teams become more efficient, improve client communications and close more deals, reach out to us here.