How to choose the best type of CRM for your business?

Using a customer relationship management (CRM) system is an effective solution for any business. But of all the different types of CRM, which one is right for your business? In case you didn’t know, each CRM offers different functionality, so it’s important to consider a few factors before purchasing one to ensure that the tool can help improve the customer and salesperson experience.

However, for people who do not have a full understanding of the CRM market, the topic can be complicated. That’s why in this article we shed more light on the types of CRM tools, their functionalities and which one is best suited to your type of business.  

What is CRM?

CRM is a technology that provides management solutions to improve the customer interaction experience. It stores information about a company’s current and potential customers. By analysing and leveraging this information, companies can make more informed decisions about their customers and increase sales.

For businesses, using CRM is one of the most important investments that will help you centralise all your customer information and thus provide quality customer service. However, if you want to get the most out of a strategy of CRM, then choose the best among all the types of CRM available.

Types of CRM

When looking for a type of CRM for your business, there are some important factors to consider. Analytical CRMs focus on analytics and data collection, while collaborative CRMs focus on information sharing between departments. Operational CRMs automate marketing and sales activities. Depending on your business needs, you may choose to use one of these types:

1- Analytical CRM

A CRM that uses analytics can help you analyse sales and customer data and identify areas for improvement. It tracks customer interactions across all channels and generates detailed reports. It can also be used to help you with your marketing campaigns, such as tracking customer satisfaction surveys and feedback. 

It is an ideal type of CRM for companies that have to handle a large amount of data, especially for banks the Salesforce Financial Services CRM is a good choice. 

Suggested reading: Why a CRM solution is a “must-have” for Banks today?

2- Operational CRM

Operational CRM types help companies improve marketing and sales processes. These software programmes aim to identify and track customer buying patterns and create targeted campaigns for similar buyers. They help your company drive customer loyalty and satisfaction. And, as an added benefit, they can also be used to increase revenue by automating marketing and sales actions.

3- Types of CRM: Collaborative

Collaborative CRM is used to integrate data and information from various departments and silos. It helps companies improve their information flow and manage long-term customer relationships. This system is interdependent with other business processes, so all teams must use it to get the most out of the system. 

If collaborative CRM software is not implemented, the results of other departments could be affected and the customer experience will be negative. For that reason, collaborative CRM is crucial for any organisation, no matter how large or small.

How to choose the best type of CRM for your company?

CRM types are chosen according to the needs of the company, but some companies may rely on more than one type of CRM. To find out how to find the right one for your business, consider the following: 

• Establish your company’s priorities, that is, define the objectives of the departments that will use a CRM. That way, you will know which type of CRM can provide you with a complete solution.
• If there are tools in the company that you want to integrate with the CRM, check the compatibility with these tools. 
• Check that the CRM works intuitively, that it allows you to automate all the necessary information and that it keeps your team informed.
• Ensure that the CRM can be used correctly by the members of the company, that is, that it can be used to its full potential and is easy to adapt to. 
• Look for data compatibility, as CRM types that reflect transparency and collaboration allow information not to be centralised in one person. 
• Finally, the CRM you choose must be capable of detailed and accurate reporting to maintain the quality of the customer experience.