An overview on- Customer Relationship Management

CRM (customer relationship management) is a technology that helps you manage all your relationships and interactions with customers and potential customers. The objective is simple: Improve business relationships. Customer Relationship Management solutions help organizations connect with customers, streamline processes, and increase profitability.

CRM is most commonly thought of as a Customer Relationship Management systems, which helps with contact management, sales management, productivity, and more.

CRM solutions enable you to focus on your organization’s relationships with customers, service users, colleagues, or suppliers, throughout the customer life cycle of a customer relationship, including finding new customers, winning their business, and providing support and additional services.

In NetSuite CRM, traditional CRM applications such as Sales Force Automation (SFA), marketing automation, and customer service all exist from within one cloud platform.   With it you can manage quotes, orders, sales forecasts, commissions, manage partners, and integrate ecommerce. You can also integrate NetSuite CRM with your existing ERP system.

In NetSuite, all your customer touchpoints—from contact to contract, from cash to care—are integrated into one system. By integrating multiple departments, your marketing team is able to deliver the most effective campaigns, your sales team can focus on closing sales, and your customer support team can provide the best customer service. Having a shared database can help align sales and marketing efforts as well.

Key Benefits of NetSuite CRM

Video Clip- NetSuite CRM

With NetSuite CRM, information can flow seamlessly throughout the entire customer lifecycle.

1. Helps to store and record all customer interactions and information.
2. Tracking and recording of services issues and sufficient support.
3. Efficient management of fragmented functions.
4. Better Identification of sales opportunities and increase efficiency throughout the sales process.
5. Effective Management of marketing strategies including campaigns and a central location to keep all customer communications for future references.
6. Streamlines lead-to-cash processes.
7. Elevates productivity across the organization with a 360-degree view of your customers.
8. Improves sales performance through forecasting, upsell and commission management.
9. Helps you to manage global sales and services organizations.
10. It increases Scalability, security, and mobile CRM access.

NetSuite CRM and solution highlights include:

Benefits of Cloud-based CRM

Cloud-based CRMs allow users to access their data anywhere and at any time. Upgrades and improvements can be made using this powerful tool. Its scalability allows it to be adapted as an organization grows.

With NetSuite, you get powerful CRM with robust features. The solution provides 360-degree customer visibility, using a multi-tenant architecture that saves customer data securely.  Using NetSuite’s application development structure, specific customizations and operations-related applications can be planned and executed. Thousands of industries use NetSuite CRM. Due to its ability to adapt to powerful CRM capabilities, this platform is trusted by many leading businesses around the globe.

Key Features of NetSuite CRM

1. Salesforce Automation

Using NetSuite CRM Sales Force Automation (SFA), your sales team has access to data about all interactions with your customers, including support cases and back-office records. Dashboards provide sales reps and managers with better insight into customer service, sales, upselling, and renewals.

Streamlining your sales cycle with NetSuite’s Sales Force Automation improves your customer relationships, streamlines your account management, and provides you with real-time visibility into your customer’s account.

Using NetSuite’s Sales Force Automation, your team is more productive and predictable thanks to visibility into pipeline and forecasts. The following are included:

1. Opportunity Management
2. Sales Forecasting
3. Quote and Order Management
4. Incentive Compensation Management
5. Efficient Account Management
6. 360-Degree Customer View
7. Management Reporting & KPIs

• Facilitates managing opportunities across status, potential revenue, key contacts, notes, and related documents
• Gives sales managers complete visibility into all  sales prospects opportunities and sales leads in the pipeline
• Manage contacts and activities in a comprehensive manner to capture detailed notes about all our interactions – calls, meetings, notes, email campaign, and more
• Converts opportunities into quotes and orders with one click
• Tracking multiple sales roles across each opportunity, including sales representatives, managers, engineers, and specialists
• With the document management functionality, businesses can create and maintain a sales portal containing the latest materials, sales guides, and product information
• This tool not only track customer interaction and automate certain business functions of the sales cycle but also obtain new customer  and  build customer loyalty. 

 2. Sales forecasting

Predicting sales is one of the most important requirements for the success of your company. From production and inventory to cost and revenue, how you compile your sales forecasts can have a significant impact on the performance of your company. With a few clicks, you can find up-to-date business information. You can configure NetSuite Forecasting’s flexible features to meet the needs of your business:

• NetSuite provides an accurate three-tiered probability system and comprehensive forecasting methods.
• In NetSuite, key performance indicators (KPIs) include Forecast, New Opportunities, and Total Pipeline. View and manage all aspects of your forecast right from your dashboard by using these KPIs.
• Sales Representative Forecast Editor lets sales rep leverage their experience and knowledge to adjust forecasts. The process of entering overrides and updates to your forecast ensures accuracy and reflects your sales force’s best ideas.
• NetSuite’s reporting tools allow you to compile and slice forecasting data to provide you with the information you need.
• With integrated order management, you can get true forecast visibility into more than just pipeline-including actual sales and recurring revenue projections.

Standard reports can be customized to suit your business process

3. Reporting and Analytics

An analysis and decision-making process is based on the analysis and presentation of data, which businesses perform as part of their business intelligence operations (BI). There are several sources of data collected and organized so that software can detect patterns (such as user demographics, preferences, sales history, etc). After that, the data is visualized so that it can be understood and analyzed.

A sales dashboard is an example of visualization. A report is usually a graphical representation of the data collected during the reporting phase. A sales report should summarize sales data by product, service, and person. In addition to sales results, sales activity metrics should be highlighted, such as the number of deals added and the value of those deals.

Using NetSuite CRM, you’ll never have to guess how current your business data is. It is impossible for most sales, service teams, and marketing departments to thrive without live analytics dashboards, which provide accurate data when you need it. Employees can measure important items like quotas against actual sales, customer satisfaction, and unique website visitors with NetSuite CRM. Customize your employee dashboards by choosing which NetSuite features you want to display!

Although SFA software can generate some sales dashboards based on historical sales data, its main function is to provide real-time sales information. Managers can utilize this type of dashboard to view up-to-date information about their organization’s health and progress in order to make informed decisions and predictions. Additionally, they can provide a range of useful sales metrics and KPIs. It is even more valuable when these reports and dashboards can be customized.

a. Sales Dashboard
b. Customized Report

• Monitoring key performance indicators enables continuous improvement.
• Sales teams see key metrics like achieved versus quota, actual versus forecast, and sales pipeline by stage instantly.
• Organizations can quickly monitor key metrics on call resolution times, customer satisfaction and renewals, call volumes and trends, and more.
• Instant lead-to-close metrics, leads-generation trends, customer acquisition costs, and more are available to marketing teams.
• Self-service reporting lets everyone create their own reports and manage their performance.

4. Upsell, Quote and Order Management

Make the most of the information about your customers that you have. Profit from your customer’s buying patterns and product interest with NetSuite CRM. Customers can see a snapshot of how much it would cost them to acquire the product they’ve been eyeing for a long time. They may not know they are missing out on something great by not upgrading their decanter. Finance automatically receives and processes orders.

With links to back-end financials, quotes can be converted into approved sales orders and processed automatically. Smart upsell management and buying-pattern insights will be used to provide recommendations.

The order management process involves capturing, tracking, and fulfilling customer orders. A customer’s order management process begins when they place an order and ends when they receive their package.

• Includes intelligent upsell management in the order-capture process to provide recommendations based on previous buying patterns
• Improves order and quote accuracy by including automated tax and shipping calculations
• Provides real-time quotation management by automatically incorporating pricing and discount rules into quotes
• Flexible pricing, including automated quotes based on volume discounts, negotiated pricing, tiered levels, etc.
• With online approval and workflow management, the order management process is accelerated

5. Customer Service Support

An organization is only as good as the service it provides to its customers. CRM software lets you see the history of your customers, so you can service them quickly without any hassle. Our features include routing and tracking numbers, renewals, escalations, and case submissions, among others.

NetSuite enables you to create, escalate, manage, and resolve customer support cases across your communication channels, including phone, fax, and web. Your customer service representatives have access to the entire customer record, including sales, service, and accounting information. Additionally, customer support managers can set up rules for automatically assigning cases based on any number of criteria. Customers, partners, or products can be categorized in the customer case queue as well as handled efficiently.

• In case management, customer support cases are assigned, managed, and escalated.
• Supports resolving support cases based on product, issue, type of case, or customer or partner.
• Knowledge base allows customers to easily get the answers they need, and helps with training and education of customer reps.
• Real-time dashboards to monitor metrics such as resolutions, renewals, and customer satisfaction.
• Use online self-service to submit cases, monitor statuses, and communicate with them.

6. Marketing Automation

With NetSuite CRM, you can automate your business processes.  Work that is repetitive throughout Marketing and sales processes can be aligned across channels.   Unlike other solutions, NetSuite’s ROI reporting is closed-loop, that is, from campaign cost to revenue generated through the campaign. It makes lead qualification and conversion more straight forward with NetSuite CRM. Align marketing and sales funnel by attributing qualified leads and sales to specific marketing campaigns  It makes it easy to build, run, measure, and target marketing campaigns.

As a result, NetSuite CRM created its system to allow employees to automate the entire campaign process without manually updating it. Real-time tracking of your campaigns with this CRM tool lets you track where your leads are coming from. In addition to email marketing capabilities, drill-down reporting, statistics, and unique upselling opportunities based on a customer’s purchase history, the software offers.

• Allows you to execute and track campaigns quickly and in real time, maximizing the value of your leads and opportunities.
• Captures leads from multiple sources, including websites, search engines, email, direct mail, and events.
• All aspects of email marketing are covered in one system, from creation to execution to measurement.
• Features complete reporting and drill-down functionality for analyzing campaign statistics and returns on investment.
• Analyzes historical purchasing combinations to support upsell marketing.

7. Partner Relationship Management

Marketing often benefits from bringing in partners or vendors. Due to NetSuite CRM’s advanced functionality, you can easily track information about your partners and the campaigns you run with them. This CRM software includes tools for order processing, royalty fees, and more. Additionally, you can see full purchase orders, track your partners’ leads, and give detail forecasts.

With Advanced Partner Center, you get all the lead distribution and opportunity management tools you need to take complete control of your sales pipeline-even when that pipeline includes revenue projections from selling partners. Keep track of your resellers’ lead process by registering their leads, as well as inputting the next steps they’ve taken with leads you’ve already distributed to them.

• Lead management allows partners to register and track their leads.
• Accurate and timely sales forecasts for partners.
• Detailed information on every lead, order, and sale of your partners. 

8. Pairs with Ecommerce Software

The NetSuite CRM was designed to work seamlessly with NetSuite’s eCommerce tools. They pair well because each customer record, interaction, and transaction can be tracked across NetSuite software. That means you won’t have to sift through several platforms to find the information you need. As you gain a deeper understanding of the products or services they’re interested in, you can quickly see who’s visiting your website. Find out what’s selling and what’s not! Provide a consistent, personalized experience to every customer you encounter, from in-store POS to online marketing.

• Micro-interactions, such as a quick visit to a website, can be captured.
• By providing greater visibility into products or services customers are investigating on the website, this improves sales effectiveness.
• It simplifies the reconciliation process between CRM and e-commerce applications, enhancing customer experience.

8. Anytime, Anywhere Mobile Access

Using NetSuite’s extensive mobile support (iPhone, BlackBerry, or Android devices by NetSuite or NetSuite partners), employees can access business information in real time.

• Business reports and metrics are available online.
• Data on key sales and customers can be added, updated, and viewed.
• Input of time and expenses (such as snapping and attaching receipts).
• Management of activities-calendar, tasks, calls.

Grow your company in the Cloud with NetSuite CRM

Technological advances continue to advance the way we work, manage contacts, and connect with customers. As a result, we must look beyond the traditional functionality of CRM. As new technology emerges, cloud based CRM systems excel as they are agile and can be updated as new capabilities become available.

Businesses seeking to win big against their competition should embrace CRM software’s robust strategic approach for improving customer connections. Understanding a CRM software’s working mechanism and how it should be used is very important. CRM builds on technology as a tool, rather than vice versa.

Aarialife will help you learn everything about NetSuite CRM. So that you do not have to hire any additional resources, we provide a team of NetSuite experts to support your business needs.  Let us help you make a difference on your business today!