To Survive, SMB's Need CRM And Digital Transformation
Ever since the pandemic outbreak last year, businesses have had to face various disruptions. In order to survive the turbulent times and to enjoy a competitive edge in the market, they had to adopt technological advancements and introduce innovations in their operations. The SMBs that had been booming significantly were no exception and had to undergo the digital transformation as well.
However, now as the businesses are inching towards revival, the situations seem to be turning better. Amongst the plethora of technologies available, CRM is emerging to be a pivot survival strategy for Small and Medium Businesses.
The impact of the pandemic on SMBs
The pandemic-induced lockdown and social distancing norms had severely impacted SMBs. Be it production, distribution, or consumption, every activity had to hit the pause button. As a result, small businesses had to bear the brunt of the situation and faced a liquidity crunch at significant levels. Adding to it, their inability to retain the daily wagers made them realize that they had no other option than persisting and surviving.
Manufacturing, Professional Services as well as Retail - the three strong pillars of SMBs also suffered majorly. The shutting down of operations led to a drastic reduction in customer footfall. The unstable situation eventually paved the way for the small brands to welcome CRM with open arms.
CRM: A boon for Small and Medium Businesses
Amidst the present turbulent times, recovery without digital adoption is just not possible. This is the reason why SMBs should embrace CRM to be able to tread on the path of recovery. Only those small and medium businesses that have a strong will, determination, and courage to utilize CRM will be able to savour success.
The customers of SMBs demand attention and high-end services. As the customer base increases, so does their diverse needs. Eventually catering to them all becomes a challenge! With CRM SMBs can work with a customer-first approach, enable increased engagement and gain customers' loyalty by organizing their operations.
According to a recent report by NASSCOM, India is the fastest-growing market for CRM and highlights that businesses are understanding the potential of this new-age technology and wish to leverage it for their benefit. The SMBs especially have realized that deploying a CRM solution can help them achieve greater results. Hence, it is emerging to be a viable solution to sail through the unstable times.
Benefits of SMBs adopting Customer Relationship Management solutions
CRM comes with various benefits of helping businesses connect with their customers, ensuring customer loyalty, increase sales, upscale their marketing activities as well as improve their sale efforts. They have access to a holistic view of the data and customers and can offer high-end customer service, improved communication, and enable operational efficiencies. They are also able to gather information about customer’s purchasing patterns which further help them in offering better customer experiences. This further paves the way for brand loyalty, strong image as well as greater sales - the main objectives of any business!
A CRM platform helps Small and Medium Businesses identify the potential threats on their path of success. Besides this, they also have access to basic information about the customer along with the details of their communication history with the brand. These solutions render a helping hand in smooth client management, enhancing the sales strategy, improving the productivity of businesses, along with internal as well as external communication improvement, customer retention, and integration with other solutions.
Summing Up!
Indian SMBs have the potential to grow and recover with the relevant opportunities at hand. The digital revolution has been helping them walk on the path of recovery. However, it is a CRM that can help them achieve their business objectives. They have been realizing this and hence have been flexible enough to adopt Customer Relationship Management solutions wholeheartedly. Consequently, what was once an option is now emerging to be the dire need of the hour for small and medium-sized businesses
The Author is RS Maan, Managing Director and Global CRO, Codleo
