CRM software as a service and importance of the approach for SMEs

Abstract

CRM is “old news” in large enterprises. On the other hand, in ever evolving economies where the strongest prevail, causing mergers and survival of the fittest (and the largest), it is increasingly difficult for small and medium enterprises (SMEs) to gain new customers and to retain old ones. Being able to timely understand customer habits, their needs and drivers is substantial for all businesses, large or small. Some of the core CRM software functionalities and reports will help SMEs to get comprehensible picture of their customers, key drivers of their businesses and the path their companies are taking. In this paper, importance of having CRM software, especially under SaaS licensing, understanding data it provides and using both to increase customer satisfaction and retention for SMEs will be discussed. Some of key performance indicators (KPI) will be explained, including how they can influence the increase revenue and enable sustainability and longevity of SMEs.