In today’s world, strong customer relationship management is critical for businesses of all sizes. As the company grows, keeping track of information about its clients and prospects becomes more challenging. Most companies don’t have a complete picture of key customer metrics like CAC (customer acquisition cost) or lifetime value. This is mainly due to their data being scattered across financial systems, spreadsheets, emails, or others.

Customer relationship management (CRM) technology has been created to solve this problem. It manages all your company’s relationships and interactions with your customers and prospects. It also provides a single source of information to help employees from all departments, like salespeople, marketers, and customer service, drive more revenue and increase productivity.

In a word, a CRM system is software that helps companies stay connected to customers, streamline processes, and improve profitability. Therefore, we will discuss in detail what CRM is, how it benefits your company, and what is the return on investment from using it.

What is CRM?

Customer Relationship Management (CRM) is a software system that helps manage all your company’s relationships and interactions with clients and prospects. It replaces multiple spreadsheets, databases, and apps to help you track all communications and nurture relationships with your leads and customers.

A CRM connects all the data from your leads and customers in a single place. It also consolidates all communications with your clients with documents, quotes, and purchases for each client. This helps every team member have access to this information at any time to facilitate closing the sale. As a result, a CRM will increase efficiency, organization, and time management to impress your clients and deliver outstanding service.

What is NetSuite’s CRM Solution?

NetSuite’s Customer Relationship Management (CRM) solution is a Cloud-based software that helps your company manage interactions with current and potential customers, partners, and suppliers in a single place. It enables you to focus on your organization’s relationships with individual people.

In addition to the capabilities of a traditional CRM solution (sales force automation, customer service management, and marketing automation), NetSuite can manage many other functions like quotes, commissions, sales forecasts, and partner relationships. It is also characterized by its seamless flow of information across the entire customer lifecycle (from leads, opportunity, renewal, and support).

What does CRM do?

As indicated by its name, the Customer Relationship Management (CRM) system helps manage your company’s interactions with its current and potential customers. Since, as often said, “customer is king,” CRM software will help your company build a relationship with its customers, creating loyalty and customer retention. It also creates a simple interface to collect data, recognize and communicate with customers in a scalable way. Therefore, it increases the company’s profit.

CRM software helps improve customer relationship in 3 ways.

CRM helps business owners learn more about their customers in all steps of their buying journey. They know who they are, why they purchase their products and all their purchasing histories. This can provide a strategic advantage and facilitate fulfilling the customers’ needs in an effective way

CRM allows organization and automation of the main aspects of the business. It automates and streamlines sales and marketing processes, in addition to business analytics and customer data. This will organize all these processes into more straightforward, easy-to-understand data.

Simplifying and streamlining all these processes will help business owners understand complex interaction processes to help them optimize them and increase satisfaction.

Why is NetSuite Important for your Business?

A CRM system is essential to keep your competitiveness in almost any industry. Because it helps companies strengthen their customer relationships and improve profitability. It helps sales marketing and customer service track customer-related behavior, automate time-consuming processes, and improve productivity and customer experiences.

NetSuite is a cloud-based software, so in addition to all the benefits of a CRM, it gives you the advantage of working from anywhere and having access to real-time data.

of organizations use CRM systems for sales reporting and process automation [1]

the share of revenue of the cloud CRM in 2022 [1]

the expected CRM market in 2025 [2]

increase of the lead quantity for those using marketing automation [3]

increase in qualified leads if marketing automation is used [3]

The ROI of NetSuite

CRM is very beneficial for all types of businesses; it can deliver ROI by enabling all departments to work efficiently, which will increase revenue and reduce costs. After all, running your business without CRM can cost you money because of lost notes and unorganized communication with your customers, which can lead to lost sales.

Here are the most important benefits:

• increased revenue and profit:

  CRM system increases visibility into sales pipelines across the business. This can help you generate more sales for your company, improving your profits. It can also help you track and follow up on every promising lead, and automate some processes, to increase the sales team’s productivity. Moreover, you can use the insights about customer behavior to enable more cross-selling and upselling

• Shorter sales cycles:

  CRM system, by facilitating collaboration and automation, eliminates all delays in the sales process. This helps shorten the time between the first contact with the customer and the deal closing.

• Increased productivity:

  Automating time-consuming sales, marketing, and customer services process is crucial to increasing productivity. It automatically tracks opportunities, automates marketing campaigns, and generates cases in response to customer service requests.

• Better collaboration:

  By providing a single source of truth of customer information that everyone can use. This facilitates collaboration between individuals from different departments.

• Improved customer satisfaction:

  Having visibility over all these processes and customer behavior can help provide excellent support and improve the overall customer experience. It helps respond more quickly and intelligently to customer requests.

• Better analytics and accountability:

  Performance tracking and analytics help the sales team measure their performance against their goals. CRM tracks key marketing and customer service metrics.

You can measure the CRM performance by measuring the following:

• the net promoter score (NPS) to learn how your customer views you.
• the time to recoup customer acquisition costs, or by the number of months to earn back the money spent to acquire customers.
• the marketing campaign effectiveness (cost per lead, sales increase, campaign conversion rate, and customer lifetime value).
• customer retention rates which are more critical than new revenue.
• email distribution growth.

This list can change depending on the business goals and objectives.

Why Choose GTS as your Oracle NetSuite CRM provider

Your CRM system provider plays a vital role in your business. GTS is an experienced Oracle Platinum Partner with more than 19 years of experience in the field. Our consultants understand your business requirements and help you build a list to achieve your return on investment. GTS’s priority is to ensure your sales reps don’t miss follow-up calls or appointments.

You should always think about your business’s future needs, and you need a CRM system that can grow with your business. NetSuite is a scalable solution, and GTS will ensure you get the appropriate NetSuite features for every stage of your business.

Having the NetSuite CRM system as an integrated part of your ERP application will give you better visibility over your business, like payments and orders; it also integrates well with eCommerce platforms, simplifying inventory management.

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