How CRM Software Can Boost Sales And Relationships In Alternative Lending Industry

According to Globe Newswire, the global alternative lending platform market size is expected

to reach $8.2 billion by 2028. The reason behind this tremendous growth is the wide range

of credit choices offered to small and medium-sized businesses without collaterals.

Since banking institutes refuse to fund blue-collar and small businesses due to their insufficient credit histories or a lack of assets as collateral, a large section of such companies have turned towards alternative lending industries for funds.

The overwhelming response these alternative lending companies get can sometimes become difficult to manage.

This is where Customer Relationship Management (CRM) software helps. It’s your one-stop solution for all lead management-related problems. From handling customer data, boosting sales, improving marketing effectiveness, streamlining customer service, customer retention and much more. CRM software is the best-centralized task management system. Read on to know how CRM software can help boost sales opportunities and improve customer relationships.

What is A CRM Software?

CRM, or Customer Relationship Management as the name suggests, is a tool that helps business or service providers better manage & access customer data.

But the CRM technology is not limited to only managing customer data. It’s a well-organized process to connect various departments like sales representatives, marketing teams, customer service as well as back office staff. Because the data is all handled within one tool, this allows for a cohesive system which organizes individual, department and company wide KPI’s.

CRM software is here to provide extraordinary customer service by allowing companies to serve one-on-one customized plans for prospect leads. CRM systems not only improve customer experience but also initiate smooth coordination among team members.

In recent times, all major companies have integrated CRM software into their operation and have seen visible growth in customer retention, sales revenue, identifying & categorizing leads, improving products and services, and so on..

Ways a CRM Improves Customer Relations And Boosts Profitability for the Alternative Lending Industry

CRM software is the right tool to bridge the communication gap between customers and funders. By combining artificial intelligence, machine learning, and computer algorithms, CRM tools show visible improvement in lead conversion, sales productivity, customer satisfaction, increased revenue, and more.

Following are some of the potential benefits of how customer relationship management (CRM) gives a boost to your alternative lending business.

Reduces The Task Administration Time

According to a survey, 500 managers working in US-based firms revealed that the employees spend 3 to 4 hours daily in task administration- tracking customer journey details, responding

to emails, checking business history, and more.

The biggest advantage of automated tools like CRM software is that it no longer requires you

to administer every little task manually.

Things such as segmenting customers, publishing reports of campaigns, customer data entry reports, managing contacts, keeping records of customer interactions, phone calls, etc., will

be managed by the CRM software, saving you lots of time

Now your sales and marketing teams can focus more on improving their pitch, broadening the business horizon and other crucial aspects of the business, and letting he software take care of the tedious tasks.

Build Better Relationships With Customers By Improving Customer Service

According to a recent survey, 89% of companies reported that delivering excellent customer service plays a significant role in customer retention.

Building a solid relationship with your customers is the foundation of a growing business. Companies that use CRM software can capture, store, and analyze data and utilize customer information to improve their customer satisfaction.

For example, CRM systems allow users to make unique profiles of each customer. These profiles will help users understand crucial information, and communication history across different channels (SMS, email) etc.

Getting access to the interaction history with prospects throughout the sale cycle provides a personalized experience for your customers. With these features, the customers no longer have to repeat their concerns, and you can address their issues better.

Can you get these benefits if you manage customer data on spreadsheets? Well, no! This is why the CRM software market has grown year over year and is increasingly becoming popular among service industries.

Automatic Data Analysis & Reporting

It’s pretty obvious that relying on software to handle large customer data sets is way better than relying on humans.

According to a report by Forbes, the alternative lending industries have to manage a lot of data and prepare reports of their prospect leads. And when handled manually, it most often leads

to missing information, incorrect data, dropping qualified leads, etc.

However, with efficient CRM software in place, businesses can virtually eliminate such mistakes with an added bonus of improved lead management by live tracking customer journeys, leads capture, and reporting.

Such automated data analysis and instant report production ensure that your business takes advantage of every available opportunity.

Improve Customer Retention Rates

Retaining customers is one of the biggest challenges in any business. The competition is fierce, and to decrease customer churn rates, relying on CRM software is a must.

By answering customer requests instantly, making customized plans for each lead, pinpointing cross-selling & upselling opportunities for customers, and improving service deliveries, CRM technology is ultimately helping to increase customer retention rates.

The CRM software is ultimately here to help the alternative lending industry cater to every minute detail, ease employees workload, and improve the overall performance of the company. And the ultimate result of such impeccable service is reduced customer churn rates and increased customer retention percentage.

More Work Efficiency

The CRM software keeps all data in one place. By keeping all day-to-day reports organized properly, a CRM system increases work efficiency.

A CRM automates many repetitive tasks, allows for easy information transfer within a team, and better inform management with reports, updates and notifications.

An alternative lending CRM tool minimizes the time spent on checking customer profiles, going through credit scores, maximum loan availability status, etc., and responding to customers immediately. All these tasks could have been difficult to manage manually by reps.

Furthermore, the dashboard and analytics feature ensure your company stays updated and gains insights about your alternative lending business.

Improve Your Services

The CRM system collects information from a huge variety of actions related to your business.

This gives you a clear idea of employee KPI to make it easier to notice small mistakes until they turn into something much larger. The data, if properly displayed, can allert staff about emerging trends and adjust as needed.

The data collected by your CRM is crucial to design your services and risk modeling so that you can catering to customer needs accordingly. Simply put, CRM systems speed up business functions to keep your customers as well as your staff happy.

Helps to Boost Sales Leads

Of course, when you build better relationships with customers, it will lead to a huge sales boost. CRM software like SugarAnt improves the sales process by marketing automation, increasing work efficiency, creating a proper sales pipeline, and analyzing data.

This ultimately leads to a huge boost in the sales cycle. CRM software anticipates customers’ needs by analyzing customer lifecycle history.

It shortens the customer wait period and provides them with what they need before they even get a chance to give a second thought about your service. Such an advanced service can even win back customers who are at risk of drifting away. All of these combined leads to one thing, which is sales and more sales.

Sales Forecast

Daily sales data and instant reports provided by CRM software get you sales forecasting. You’ll get an idea if you’re likely to meet your sales goals or not. And if the insights reveal that your company is likely to fall short of the sales goals, you get time to reconsider the strategies and bounce back.

Experience the Benefits of Sugar Ant: Sign Up Today!

CRM for the alternative lending industry is here to help you boost your sales by catering to your customer demands. It’s way faster than manual business operation, takes less time, and saves money too.

Shifting to mobile CRM software will not only help you improve your relationship with your existing customers but also will support expanding your customer base.

Hence, now is the time to shift your alternative lending business operations to an easy-to-use CRM software like Sugar Ant take and maximize growth.

FAQ

1. How Does CRM Help Increase Sales?

A CRM system keeps a complete record of customer behavior, organizes customer data, prioritizes leads that are likely to convert into customers, and provides them with a customized service. All these lead to an increased sales rate.

2. How Does CRM Software Benefit The Service Industry?

Service industries must go through innumerable amounts of data, and managing them manually creates miscommunication within the team. It also slows down your service. CRM software simplifies these manual tasks by organizing all data and by providing better analytics. As a result, there is less miscommunication, more work efficiency, and increased sales

3. How Does CRM Software Benefit The Service Industry?

Daily sales data and instant reports provided by CRM software get you sales forecasting. You’ll get an idea if you’re likely to meet your sales goals or not. And if the insights reveal that your company is likely to fall short of the sales goals, you get time to reconsider the strategies and bounce back.

4. How Does CRM Software Allow Businesses To More Effectively Track Performance And Productivity?

CRM software allows businesses to track performance and productivity more efficiently by recording the behavior of existing and potential customers through email marketing campaigns, social media, and the company’s website. This data helps businesses send customized plans to customers via email and guide them to the sales funnel.