For any business, be it a small, medium or large enterprise, creating long-term customer relationships is the key to sustaining growth and revenue. The best way to ensure quick and seamless interaction with customers is to rely on the various solutions offered by technology. According to recent studies, by 2025, the global CRM market is expected to reach $164.68 billion, with a compound annual growth rate (CAGR) of 14.2% from 2024-2025.
This is where customer relationships management or CRM development becomes a powerful tool for sales and marketing. These software solutions allow you to manage existing and potential clients easily by improving workflow, data management and other aspects of customer relationship management. Recent data shows that businesses using CRM software see an average 29% increase in sales and 42% improvement in forecast accuracy.
When you hire CRM developers or purchase a CRM software, you need to keep one thing in mind: CRM is not ‘one size fits all’. Each business has its own requirements and it is best to have a CRM tailored to suit your requirements. Studies indicate that 73% of companies using customized CRM solutions report higher customer satisfaction compared to those using standard solutions.
However, customized CRM solutions are a sizable investment, with costs typically ranging from $30,000 to $300,000 depending on complexity. But, given the efficiency and the ease of management that these software solutions allow, it is worth considering. Companies implementing CRM systems report an average return on investment (ROI) of 45%, a 50% increase in productivity for sales teams, and a 28% improvement in close rates. To help you make an informed decision, here is everything that you need to know about CRM development.
In this article, we will explore the 6 benefits you get with custom CRM for your business and how it can boost your overall growth and performance.
What is a Custom CRM?
There are two kinds of CRM software- traditional and custom. Traditional CRM includes common features that all businesses need like data management, response to queries, invoice management etc. Custom CRM, on the other hand, is developed specifically for a particular business, keeping in mind their priorities.
Both types of CRM software are used by marketing and sales teams to manage customer relationships and improve them steadily. Additionally, there are several out-of-the-box CRM management systems that your business may benefit from. Then, why should you look at Custom CRM development, which is the more expensive choice?
With these software solutions, there are two things to consider. First, your business and second, the industry that you work in. For instance, if you are into fintech or a healthcare business, your CRM will also have to accommodate compliance or regulatory data. In some cases, you may need additional security features because of the nature of your business or the industry that you cater to. In these cases, it is best to opt for a custom CRM software solution.
Why Your Business Needs Custom CRM Solutions
Having a customized CRM solution is hugely beneficial for any business. It allows you to create a personalized experience for your customers and really understand their unique needs. Whether you’re focused on sales, support or marketing, a tailored CRM ensures your team can work smoothly and meet customer demands effectively.
You want a system that’s tailored exactly to your business workflows and datan needs, right? Studies show that companies see massive returns – over 300% ROI within just 3 years! – when they implement a CRM. With customized features like views into your key data, integrated apps, and reports, your teams will have the customer insights they need at their fingertips to drive business forward.
A tailored CRM also makes it easy to track critical metrics over time. Things like leads, deals, renewals – you’ll have the analytics to improve processes, refine your products based on real customer insights, and ultimately boost satisfaction levels. The right customized CRM can unite your organization, provide a single source of truth about customers, and streamline efforts to boost productivity and customer experiences. Does your current solution offer this level of flexibility and value?
Let us explore some more advantages of custom CRM to show you why this is exactly what your business needs.
Top 6 Benefits of Custom CRM Software for Business Success
There are multiple functions that a good CRM software performs. Here is a quick glance at how these functions can contribute to the growth and success of your business:
Improved Efficiency In-House
Traditional and out-of-the-box CRM solutions have several tools and resources that seem to be useful for your business. However, as you begin to use these software solutions, you will notice that the ease of use for the end-user is not always a priority with these standard solutions. You may even end up paying for CRM functionality that you will never make use of.
The business model that you apply and your organizational culture also play a very important role in the CRM software that you choose. If the software solution does not align with these aspects of your business, the entire cycle of customer management gets affected.
When you choose a custom CRM software, you gain immensely in terms of efficiency. Your employees can make informed decisions about the inventory and leads, analyze and manage data and carry out several other important operations. You also have the advantage of fine tuning these solutions to only include tools and functionalities that you need for your business. This results in a positive experience for the end-user, whether it is your customer or an employee.
Integration is Focused on The User
With traditional CRM, the software is designed for the masses. So, they are hard to navigate and need a lot of onboarding and training processes for efficient use. If you consider the cost of training every new employee and existing employees to make a transition into a new CRM, the overall ROI is very low.
Custom CRM can also add a layer of AI and machine learning to adapt to the people who make maximum use of it- your employees. This makes it easier to integrate the CRM with your existing workflow, eliminate any inefficiency and make it easier for your employees to use. These solutions are so easy to use that you can expedite a large portion of your onboarding costs.
Better Integration of Sales and Marketing Teams
For better revenue generation, your sales and marketing teams should be completely in sync with one another. The role of the marketing team is lead generation while that of the sales team is conversion. Now, they can work effectively only if they have a common platform where they can access this data easily.
Custom CRM development allows you to streamline all the communication and also segment it according to the interests of your customer, the response of the leads, specific marketing activities etc. That way, they can work together in alignment and generate better returns on investment.
Edge Over Your Competitors
Today, competition is steep in every industry. The only way you can stay ahead in the game is to create a strong customer management strategy. With the right tools, you can build long-lasting and lucrative customer relations. You can also improve your paid and organic lead generation efforts. By improving your service, you are instantly giving your customers better value.
However, if you and your competitors have the same CRM solutions, then you limit the ability to create personalized experiences for your customers. A custom CRM also gives you the flexibility of adding new features that improve the overall experience of your customer. Of course, traditional CRM solutions do give you benefits to an extent, but are not as valuable in giving you that much-needed edge over your competitors.
Better Metrics and Reporting
Most traditional CRMs have robust capabilities with respect to metrics and reporting. However, they do not cover all the nuances that are specific to your business. This leads to gaps in accurate data analysis, preventing you from making the right operational decisions.
Everything from your marketing and sales spends to employee management helps provide better customer experience, save on expenses and improve the efficiency of operations. Using a custom CRM helps develop reporting capabilities that are suited for your business. They also help you follow critical data and metrics throughout the lifecycle of your client, from lead generation to completion of a project. Not just that, your whole team is equipped with the right data to make informed and impactful decisions that are crucial for strengthening customer relationships.
Enhanced Data Security
Data security is a very important element of any CRM software solution. Most business owners do not realise the impact it has on the ROI. Even the slightest breach in security can have irreversible effects on the revenue generated by your business.
Using traditional or standard CRM means that you are dependent on the security standards of the service provider. You also open yourself up to data loss or security breach experienced by them. Additionally, lack of customization forces business owners to restrict management procedures and tasks to meet the limitations of the CRM. With custom CRM, your software works for you, making it the best choice for your business.
Lastly, you do not have to worry about licensing or servicing fees when you opt for custom CRM. You will only have to pay for the services that you make use of. This means that you save on operational costs that can be invested in marketing or sales efforts for improved ROI.
How to Choose a CRM Development Company
Now that you have a fair idea on how your business can benefit from custom CRM development, the next step is to choose the right Custom CRM-development company. Here are some tips that you will find useful:
- Choose between a cloud-based and on-premise CRM provider. With cloud-based solutions, all your data will be stored on the vendor’s server. On the other hand, on-premise solutions are hosted at your location. The former reduces your investment on hardware and storage facilities while the latter gives you the luxury of direct access to your servers. Choose the right vendor based on the nature of your business and the IT infrastructure you already have in your company.
- Make a list of functionalities and features that your CRM software must include. Then, choose a vendor who is experienced in developing them.
- The custom CRM development services that you choose must be easy to integrate with your current software and applications. It should be easy to integrate with your e-commerce platform, billing software, website, HR software and other software solutions that are currently in use.
- Choose CRM developers who have industry-specific experience.
- Local partners are your best bet as they can provide better troubleshooting assistance.
- Make sure your vendor also provides training and customization options.
- Ask for a live demonstration of their CRM platforms and pay attention to the end-user experience.
Final Thoughts
Custom CRM solutions bring a wealth of benefits for businesses, from fostering better customer relationships to enhancing team collaboration, boosting efficiency, and enabling data-driven decision-making. By selecting the right custom CRM, you can tailor a solution that truly fits your unique needs, setting a strong foundation for growth and success.
At Bitcot, we understand that every business is different, which is why we offer simple, customized CRM solutions designed just for you. Our team works closely with you to develop the right functionalities that align with your goals, ensuring your entire staff is trained to use them effectively. If you’re looking to build an in-house team of CRM developers, we can assist you with recruitment to find the perfect fit for your needs.
Get in touch with us now and get started with Custom CRM Development For Your Business journey.
