Customer relations have emerged as one of the pivotal points for verticals across myriad industries. Businesses have evolved a lot; even a few decades back such a customer-centric approach was unimaginable. But this has changed due to the inclusion of some of the latest technologies. These technologies include digitalization, data analysis, big data, and others.
Industries have realized the importance of strengthening bonds with their customers and they build new relationships based on that. At the same time, retaining old ones has proved more effective than attracting new ones. It improves brand value and helps spread that to a wider base. From small companies to market hotshots, all have realized the importance of enhancing the customer experience.
This leads to another technology that companies should adopt, that is Customer Relationship Management (CRM). On a global scale, the customer relationship management market is gaining good tailwinds and, as claimed by Market Research Future, it is expected to reach a valuation of USD 35 billion by 2023. Microsoft Dynamics is one such software that is showing immense prospect.
Uses and Potential of Microsoft Dynamics
Over the years, Microsoft has created a brand value of its own, which is why Microsoft Dynamics’ market penetration has become easier. It has delivered as well. The software has all the major features to run the work efficiently by maintaining a bond with the customer. It can track a client’s purchase history to learn his behavioral pattern and provide solutions for particular issues in a guided way. This helps in retaining existing customers by providing them with an unprecedented experience.
Its impact is profound as its operational skills encompass stages that assist in having a proper insight about a customer or a client. Microsoft Dynamics CRM builds a new customer base by following three distinct stages, they are
1. Customer Tracking
Microsoft Dynamics CRM tracks customers for their clients, customers with preferences that match the profile of the company. It helps in narrowing down prospects and saves investment in unnecessary fields.
2. Customer Management Dashboard
Just narrowing down is not enough. A good rapport with customer requires sufficient understanding of the customer’s behavior and constant upgradation to match their requirements to retain them in the long run. Microsoft Dynamics CRM provides a dashboard where it can be managed easily.
3. Integrated Communication Tools
This allows companies in better communication to ease the workflow. Both with the customer and among employees. The smoother it is, the better the chance of effective results.
By following these methods, Microsoft Dynamics CRM services helps in strengthening existing bonds, bolsters growth by increasing productivity, and enhances collaborations across departments. It has put major emphases on detailed research on the contact frequency, analyzing sales closing rate, checking cross-selling and up-selling rate, studies customer retention rate, records satisfaction score or CSAT/ NPS, and assesses lifetime customer value.
A closer inspection of this cloud-based software reveals its immense potential in reducing time consumption and providing a much more personalized approach. Its ability to optimize the workforce is one big achievement as it has the ability to take companies a notch higher, in due course, amidst market giants.
Small Businesses’ Gain
It might sound costly at first but Microsoft Dynamics is worth it. Especially, when users would start reaping benefits of it. For small businesses, shelling out such an amount may initially deepen the crisis, however, in no time, it would help them back on track.
Any industry finds it very difficult to maintain a strong customer relation. For small company’s this is even a bigger crisis. But this is also a source, which, if utilized properly, can bring in more clients and that too, without much expenditure. Hence, a good rapport with customers is needed. But as the company grows, it becomes increasingly difficult to provide excellent experience all the time. That is where Microsoft Dynamics comes in. The software helps businesses stay in touch with their customers round-the-clock. Its app provides easy contact point which can be operated via smartphones from anywhere, anytime.
Small businesses, mostly, comprise a limited number of employees, which makes it difficult for companies to optimize their performance. Microsoft Dynamics is pretty easy when it comes to operations. Its top-notch performance helps employees in maximizing their output in a limited time frame. Their superior productivity means easing off the path towards success.
A company thrives on the smooth workflow among different departments such as marketing, sales, finance, operations, and others. However, in a small organization, it often turns out to be messier than expected. Microsoft Dynamics provides a platform that simplifies the process by providing easy access to data for all the concerned departments. When all the departments work in sync, companies prosper.
Solidifying Rapport with Customers
The most important part is maintaining a relationship with customers. In this regard, Microsoft Dynamics scores a home run. Its ability to track and run marketing campaigns opens up opportunities regarding communication and responses, which enables companies in providing holistic support from the very beginning to final delivery and beyond. Its ability to access a varied data source to understand customer service information help in automated routing and queuing of service requests.
The advanced and user-friendly tools of this CRM enables easy handling of client requests. Gained insights improve the quality of service provided to customers.
Microsoft Dynamics, as a CRM tool, is the third most valued software. As IBM’s report suggests, its market covers around 20% of the entire user-base. Slightly behind Salesforce’s 21.1%. But it is gaining grounds and can surpass its competitors like SalesForce and Adobe in the coming years. In its favor, it has the name of Microsoft, which has a huge customer base earned by delivering excellence over the years and the easy operation of the tool that covers diverse grounds in just a few clicks. Its ability to reduce the cost of production is also expected to offer friendlier market factors.