{"id":12243,"date":"2022-06-13T18:35:34","date_gmt":"2022-06-13T13:05:34","guid":{"rendered":"https:\/\/kylas.io\/?p=12243"},"modified":"2023-09-26T14:12:50","modified_gmt":"2023-09-26T08:42:50","slug":"why-is-crm-important-for-small-businesses","status":"publish","type":"post","link":"https:\/\/kylas.io\/en\/business-growth\/why-is-crm-important-for-small-businesses","title":{"rendered":"Unlocking the Power of CRM: How CRM Can Transform Small Businesses?"},"content":{"rendered":"\n

World Bank<\/span><\/a> estimates that they represent about 90%<\/strong> of all businesses and generate more than 50%<\/strong> of employment. <\/p>\n\n\n\n

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In fact, formal SMBs alone contribute up to 40%<\/strong> of national income (GDP) in emerging economies. Moreover, the number rises even higher when informal businesses are included in the list. <\/p>\n\n\n\n

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The pandemic pushed this sector to its limits. Global shutdowns followed by the social distancing norms resulted in significant business loss. Supply chain issues further impacted their bottom line. Growing businesses’ smaller customer base and tighter cashflows made them highly vulnerable. <\/p>\n\n\n\n

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As the world adjusts to the ‘new normal and things return to the way they were before 2020, this sector is still reeling from the pandemic\u2019s after-effects.  <\/p>\n\n\n\n

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Our article seeks to highlight the pain points of the business sector and explain how a right-fit CRM can address many of these challenges. If you are aware of these pain points and are already in the market for a sales CRM, schedule a demo now to understand how Kylas<\/span><\/a> can help. If not, please read on.  <\/p>\n\n\n\n

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Are you looking for a CRM to cater to your unique business needs? Then, <\/a>try Kylas<\/a>,<\/span> an enterprise-grade Sales CRM uniquely engineered for growing businesses.<\/p>\n\n\n<\/div>\n\n\n

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Pain Points of Small Businesses<\/strong> <\/h2>\n\n\n\n
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Today, a small enterprise must compete with not just other small enterprises but also with medium- and large-scale enterprises, especially as customer behavior has shifted so drastically after the pandemic. The sector’s slow recovery has also not made things easier.  <\/p>\n\n\n\n

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Meta’s latest report on the global state of growing businesses highlights the most significant concerns for the sector. Lack of product\/service demand and cash flow is the biggest challenges business leaders expect to face <\/span><\/a>soon. <\/p>\n\n\n\n

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The other challenges are government-mandated lockdowns, outstanding loans, and a lack of workforce. As a result, many business owners are not confident in their ability to operate in the next 12 months.    <\/p>\n\n\n\n

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However, not all’s lost. The same report also found that approximately 54%<\/strong> of growing businesses reported higher or steady sales compared to the previous year. An increase of 6%.   <\/p>\n\n\n\n

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Another positive is the increased use of digital technology. Around 81%<\/strong> of responders had used digital tools 30 days before taking the survey. Client communications, advertising, and selling goods and services were the primary objectives behind the use of digital products.  <\/p>\n\n\n\n

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How does a CRM tool solve these challenges?<\/strong> <\/h2>\n\n\n\n
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Customer relationship management is central to business success. Your customers are not just buying your products or services but also the experience of making the purchase. <\/p>\n\n\n\n

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Therefore, the goal of your business must be to create lasting experiences by adding value to a customer’s life. Deloitte explains how creating an ‘experience business’ can enable long-term business growth<\/mark><\/span><\/a>, durability, and relevance.  <\/p>\n\n\n\n

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Using a CRM system can help your business fundamentally change how it engages and interacts with its customers. It also allows you to close more deals quickly, manage customer relationships, automate redundant tasks, forecast revenue accurately<\/strong>, and do a lot more. Here’s how it can help you accomplish this.  <\/p>\n\n\n\n

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1. Close More Deals <\/strong> <\/h3>\n\n\n\n
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Generating sales is the number one priority for businesses across industries. And every sales team can use an edge to boost its numbers. What do you prefer? Your lucky socks, your favorite cup of coffee, or a Sales CRM? <\/p>\n\n\n\n

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Not sure about the first two, but a CRM can streamline your lead and deal management processes<\/span><\/a> to help you improve sales. It should be able to capture and automatically assign leads to your sales team. You should be able to create a single pipeline or multiple pipelines as per your needs. It should also help you qualify and segment these leads to enable prioritization.  <\/p>\n\n\n\n

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Once qualified, you should be able to move a lead to the deal stage. Again, create a single or multiple pipelines, assign products to the pipelines, and edit\/update product details if needed. In addition, the CRM should be able to timely warn you of leads\/deals that need attention, give you a comprehensive view of their performance, and help you set and manage team targets. <\/p>\n\n\n\n

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2. Manage Customer Relationships<\/strong> <\/h3>\n\n\n\n
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Happy customers are loyal and can become ambassadors for a brand they love. And small businesses that can’t spend a fortune on branding exercises must strive toward creating a loyal customer base. The easiest way to do this is by improving customers’ relationships with your brand.  <\/p>\n\n\n\n

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The role of CRM in relationship management is well documented. Some reports found that a CRM can improve retention by up to 27%. It does that by helping companies: <\/p>\n\n\n\n

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