What Is the Cost of Building a Customized CRM Solution for Your Business?
Customer Relationship Management (CRM) is a system to manage communication between organizations and potential or existing customers. It offers a gamut of benefits for businesses irrespective of the industry they belong to. By analyzing the data and history of their clients, companies can come up with the best strategy to boost their relationships with their customers and improve sales. No wonder that it has become a must-have tool for almost every firm. Yes, there are some standard solutions but they are not capable to serve individual needs. Every firm has its unique demands, objectives, and client base that require customized CRM software that perfectly fits its business processes.
We are sure that you also have thought about getting your CRM system at least once. However, before you opt for a CRM development service, there are many things that you need to know. What are the basic features to be included in an effective CRM software? What will be the cost to avail of reliable CRM services? And more. Hence, we are going to address all these questions here. Have a read:
What Is CRM?
Initially, when a business is set up and young, the data and information are small that can be stored in text files or spreadsheets. As the business grows, companies collaborate with numerous clients with more staff members involved. Manually handling such a huge amount of data is tricky and tracing one client out of all the files is next to impossible. That is where, and automated Customer Relationship Management (CRM) comes to the rescue.
As soon as we talk about CRM, the first products that pop in your mind are Zoho, Salesforce, HubSpot, etc. No doubt that these are some of the most advanced CRM options, but what is CRM at its core? Do you know what it actually means? Customer relationship management is a technology that makes it easier for your company to manage all the interaction between you and clients easily. It brings all the scattered information about customers into one cohesive unit including their buying history, deals, appointments, etc. moreover, you can get access to real-time notifications about customers’ activities, such as when they visit your website or particular page. With all the significant data under one roof, you can certainly stay connected to your users constantly, streamline processes, and enhance productivity, thereby improving your relationship with your existing and potential clients and bringing more sales.
Talking about CRM software, it is a one-stop destination for allowing businesses to manage every lead, customer, interaction effectively while generating reports and automating various activities through the business lifecycle.
CRM refers to two key things at the core:
- A collaborative term used to describe ideas, strategies, and practices to help a company build a lasting and strong relationship with clients.
- A system that assists businesses to attain this goal.
Think of it as an evolved digital version of your manual customer details with 10 times more features and 10 times more efficient.
Types of Customer Relationship Management Software
A CRM system is an all-embracing strategy offering different versions based on the functionalities. It improves business processes at various levels by addressing several issues concerning your business. Hence, it is divided into 4 major types each of which falls under different class:
Operational: This one is primarily focused on sales, marketing, service automation, and streamlining. It enables organizations to meet short-term goals and prioritize tasks related to mead and customer management. Its features include:
- Lead management
- Contact management
- Sales pipeline
Analytical: The main task of this CRM system is to analyze customers’ data and determine their behavior. It can source a huge amount of information and details and process it to give important facts and figures to identify the course of action that clients might take in the future. It provides businesses with real-time analytical and statistical data. The features are:
- Collection of customer data from various sources
- Combine them into a single database
- Add data segmentation
- Analyze the data
Strategic: It gathers required data to build a knowledge base with the intent to help and support long-term customer relationships.
Collaborative: It handles and synchronizes all the communications with users via phone calls, emails, websites, or social media. This platform consists of features for collective chats, discussions, and shared boards, and users can easily share files. It also involves shared calendars about interactions with clients, communication tools, and customer tracking.
Why Does Your Business Need a Customized CRM Solution?
Are you wondering why you need a CRM software development solution? Well, as we said earlier that traditional data storage systems hardly come in handy when dealing with a huge amount of information. Moreover, they are incapable of tracking a specific customer, hence CRM. Have a look at the list of benefits that your business can avail by installing an effective CRM solution:
With competition getting fierce and technology evolving every day, you need a smart solution that can keep pace with the growing demands of your company. Moreover, with customized software, you can spend your money only on the features that your business needs and get it tailored according to the requirements.
A custom-made CRM will collect and store information about clients, including their personal details, contracts, company documentation, etc. With all the data easily available, you can identify clients’ preferences, their product requirements, and implement your sales strategy.
With the out-of-the-box CRM system that is designed exclusively for your organization, you can decide which departments you want to focus on and build it for those areas, such as sales or marketing.
The different teams involved in sales can collaborate better with shared calendars and scheduled functionalities.
You can either get it as standalone software or incorporate it with an already existing system with additional features for each department. However, you will need an authentic CRM vendor with API open for developers.
As all the data is stored in one place, you can keep all your worries regarding sales duplication at bay. There will be no issues related to timely-revert to client feedback, proper customer details, and profiles, reports, etc. Your team can easily access the database anytime on the device and ensure smooth customer interactions for years.
What Are the Core Features of Tailored CRM Software?
Before we tell you how much CRM software costs, it is essential that you understand the basic features that every product must-have. We have categorized these features into 3 major sections - core, standard, and additional. The explanation of these features will help you bring together different elements of the system together and decide the perfect customer relationship management software that resonates with your business. Yes, you can add more features and functionalities according to your requirements but this will also add to the total cost. Let’s get started with the features:
- Manage contacts
- Set reminders
- Edit calendar
- Manage tasks
- Generate reports
Of course, we have been reading about these features till now in the blog but they are not enough to have an all-in-one solution. The niche features that are necessary across different businesses and industries are:
The main aim of this feature is to track and manage leads. With a better tab on the leads flowing in, you can connect with customers easily, hence earning their loyalty. You can plan future interactions with users. The lead management system can automate the lead assigning process by forwarding them to the right manager or expert so that the client can seek the relevant solution to their queries without any delay.
This feature will add convenience to your tasks like creating and scheduling meetings, appointments, follow-up emails, transactions, calls, deals, deadlines, etc. The employees or team members can assign the task to their colleagues and set notifications so that they don’t miss any updates or tasks. Also, sales representatives can prepare for the upcoming strategic stage by setting reminders on the system.
Another important feature of any CRM software is a visual dashboard that allows quick access to the company’s statistics, activities, real-time reports, and information related to transactions and potential leads. It provides you with a summary of reports to monitor business performance and keep a track of everything happening in the organization. The decision-maker can have a look at all the necessary details without wasting any time and get the correct information through charts, diagrams, funnels, etc.
This feature is helpful to create reports on every aspect of business operations. You can effectively track the progress through indicators, such as open, closed or lost leads, conversion rates, revenue forecasts, and more. With every crucial detail on one system, you can evaluate the current situation of the company, compare it to the planned goals, and take required actions.
It tracks the communication between customers and the company’s representatives by storing the former’s information along with their buying history with the business. It enhances customer service and managers can assign team members to handle clients.
This feature enables organizations to create and send invoices, view the status, search for necessary invoices quickly by integrating the CRM system with accounting software or third-party software. Also, you get more control over your company’s finances.
The sales pipeline is a visual representation of the sales process, making it clear and easy to understand. You can see the status of any lead anytime through the CRM system, identify the stage where you can lose clients, evaluate the work of any department, and keep track of sales operations. You can also forecast the expected profits and find the aspects that you need to work on.
To boost sales and ensure maximum lead conversions, you have to seek a customized CRM software that is compatible with smartphones as well. Rest assured that in the absence of computers or laptops, this mobile version will come in handy. The sales team can conduct meetings outside the office by logging in to the database. This can improve the productivity of your team by 30% and attain your sales goals with almost 25% more improvement.
These reports are the summarized version of all the valuable information of the company, giving you all the insights in one place. This important CRM feature will help you analyze the progress of each client. You can decide the data collection method according to your business needs and classify the information based on demographics, sales, and types of leads.
If you look at the popular CRM software, you will notice that the primary reason behind their success is their app integration with other applications. The same stands true for CRM as well, therefore when you go for CRM development, make sure that it has an integration option. With two-way synchronization with Google apps, emails, Intercom, etc., you can eliminate work duplicity. This will also store all the communication history in the system that you can use to analyze sales progress.
Here is a feature to keep all the documents in one place that also enables file sharing between departments instantly. You can restrict access to these files to secure any critical information. With this smart CRM system, you can see who has worked on the document and the edits that were made.
- Lead Scoring
- Social Media
- Tracking Referrals
What Is the Cost to Develop a Custom CRM System?
As CRM software is developed for the web which is later adapted for mobile devices by building a browser version of opting for mobile app development, the cost of CRM software development service depends on what option you choose. The development company can either quote the price based on features that you include in the system or the modules. We have prepared tables showing the approximate cost in both cases. However, before that, let’s take a look at the cost components and team experts involved in the development process:
- Project manager
- UI/UX designer
- Frontend developer for the user-side app
- Backend developer for the server-side
- QA specialist
Factors that affect the overall cost are:
- Number of access roles that you need
- Lead creation method
- Customer interaction support
- Tasks setting and monitoring
- Mobile CRM software access
- Lead status updates
- Integration with other services and systems
Cost based on features
Based on Modules
The estimated cost to develop a reliable CRM system with basic features considering all the elements will start at $40,000 and this amount will only increase as you go for more advanced features and complexity. It can even reach $350,000 but rest assured that every penny will be worth the investment as the returns will be higher in the form of convenience, performance, and productivity.
Now that you are aware of every detail, feature, cost components, and overall cost, we are sure that all you need is a trusted CRM development partner. Well, you have landed on the right page as A3logics preens itself on its expertise in CRM development. We have delivered numerous successful projects and our happy clients are the testimony to our top-notch work and dedication. So, without any further ado, connect with us, share your requirements, and we assure you the best solution for your business.