According to the Business Development Bank of Canada, keeping an existing customer costs up to five times less than winning a new one. AND, it’s easier to persuade a customer who already knows you to buy again or buy more from you. This means that businesses need a system in place to ensure that they can generate significant gains in recurring revenue through customer loyalty.
Customer loyalty is the key to success in any industry. The use of Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) software systems can help keep your customers happy. Saving customer information in these systems is useful, but an ERP with an integrated CRM like Acumatica, are made to do a lot more.
Before we go into too much detail on the benefits of an ERP with an integrated CRM, let’s go into some basic definitions:
- Customer Relationship Management Software (CRM): Technology used to manage all of your business’ relationships with existing customers and potential customers. CRM is primarily a tool which provides a comprehensive approach to managing clients’ demands to improve business relationships.
- Enterprise Resource Planning Software (ERP): ERP systems gather data that is at the core of different vital functions and presents them to you to help make operations more efficient and productive. By making data visible and integrating it across various departments, ERP software proactively reveals problems in your processes and give you the insight you need to fix them.
Interested in learning more about CRM? Check out our article What is ERP – Customer Management or our article What is the Difference Between CRM & ERP?
Automated Collection of CRM Data
A CRM solution that is tightly integrated into an ERP system has several advantages over a system that is segregated:
- The CRM can track customer preferences (such as products ordered, configuration, service requests and delivery locations) automatically as part of other interactions (such as work orders, sales orders or customer service requests) between customers and the company that occur daily.
- The CRM can easily monitor new products or services as they are offered because the CRM is part of the same sales and service processes that are already resident in the ERP.
- As all departments typically use an ERP in a business, all customer interactions with all departments will be recorded as well.
Analyzing Integrated CRM Data
With an integrated ERP and CRM solution, like Acumatica Customer Management Suite, analyzing and utilizing CRM data is much easier since the CRM data is stored in the same database as the ERP data. Since all product descriptions, quantities, prices, costs, etc. are also listed in the same location, this saves a great deal of time by not having to add data from separate sources to complete an analysis.
The results of the analysis are, of course, accessible to anyone who has access to the ERP and its reports.
Not sure what CRM software solution is best for you? Check out our article Assessing & Comparing CRM Technology.
What do we do with CRM data?
CRM data is incredibly useful for identifying buyers-intent actions that lead to sales. For example, if a prospective customer visits multiple pages that are describing a different version of the same product, they are likely interested in purchasing that product.
If most customers also purchase additional products at the same time, you likely have a cross-sell opportunity that you can take advantage of. You can do this by promoting the product combination as a package, or by automatically offering the additional product every time the first product is sold.
Conversely, CRM data can tell you if a particular product or service generates an abnormal number of customer service requests. This enables you to address the issue and reduce support costs while increasing customer satisfaction.
An integrated CRM and ERP system is much easier to use effectively as it is a part of the processes that are already being used by your business. The integration of the two, enhances customer satisfaction and loyalty, leading to a higher rate of increased customer retention and returns.
At Aqurus, we believe only one vendor gives you all the benefits of cloud ERP while also charging you based on resources used, not users — Acumatica.
Looking for an ERP software solution in Calgary or Vancouver? Get in touch with the Aqurus team to talk more about Acumatica, our gold-certified implementation process and growth-friendly licensing model!