How CRM Software Can Help SMBs During Inflationary Times

The economic crisis and inflation are currently affecting all businesses. According to research carried out by the small business section of the NFIB (National Federation of Independent Business), 37 percent of SME managers consider that the main problems facing their company are related to inflation. This is not seen since 1979.

It’s no secret that small business owners have incredibly resilient personalities. In the past year, they’ve navigated a pandemic, a global hiring crisis, a war in Ukraine, and more. Rising inflation is the next challenge they’ll be able to overcome—all they need is the right tools, like a good customer relationship management (CRM) software. Here’s how CRM software can help SMB owners survive the coming economic crisis and grow their businesses.

The Effects of Inflation on Small Businesses

Rising costs are passed on through email list france the value chain and eat into profits. Rising food and inventory prices sooner or later translate into higher prices, a decision that is not without risk for an SME. And small and medium-sized businesses are generally not able to compete with large groups. It becomes difficult to retain customers who have been buying from you for decades.

On a more positive note, a study by Kabbage concluded that small businesses had almost doubled their turnover between July 2021 and July 2022. And while a majority of SME managers are worried about current inflation and the risk of recession, 80 percent of them also believe that their business is resilient enough to survive it.

What can a CRM do for your SME?

The right CRM can help combat inflation in several ways.

Keep an eye on statistical indicators

 

In times of crisis or inflation, it is more important than ever to keep an eye on your key indicators. A well-configured CRM solution will give you invaluable information on your business needs, for example by measuring your inventory costs, calculating your sales progress against your objectives, offering forecasts or accelerating your marketing campaigns.

Self-employed individuals and small business owners who regularly use this type of data to inform their decisions quickly gain an advantage, especially in difficult times.

Monitor your teams’ productivity

The stress of times of crisis a hospedagem de sites afeta o seo? often transfers to staff. Your employees may be worried about their jobs or anticipate contract reductions. It can be useful to display the greatest transparency, in particular with a CRM system integrated into all your services.

Providing employees with access to the customer relationship management system is not only reassuring, it can also help them by simplifying repetitive tasks, promoting collaborative work, optimizing workflows and boosting productivity.

Personalize interactions with your customers

Not only is personalization a powerful asset, but customers are quick to notice its absence. According to McKinsey & Company , 71 percent of consumers now expect brands to personalize their communications, and 76 percent of them admit to feeling annoyed when they don’t.

Using an all-in-one software to manage your email marketing and customer relationships, SMBs can personalize their communications based on each customer’s transaction history or personal data (first name, birthday, or last time they bought from you) and even schedule follow-up emails in response to information provided on your online lead capture forms. These personalized communications remind your customers of you, help build loyalty, and encourage new purchases.

Communicate regularly

It’s not always realistic for startups or small businesses to raise their prices. But when you have no choice, it’s important to communicate well. A CRM system allows businesses to inform their customers of a price change, a stock problem, a change in their opening hours, etc.

Regular and close communication with customers, especially during times of crisis, helps develop more personal relationships.

With inflation showing no signs of levelling off heading into 2023, businesses continue to grapple with its effects on their value chain, among other challenges, but a recent survey by Act! found that SMEs that already use CRM are more confident about the future of their business, with 70% of respondents showing optimism.

Beat economic uncertainty with Act!

The only way for freelancers and deb directoryDigital Marketing SMBs to accomplish all of these tasks is to have access to a platform that integrates both CRM and marketing automation features. Act! is the market leader in CRM, and the software offers all of these options at affordable prices that will quickly pay for themselves. From pipeline management (projected sales) to email marketing, lead scoring, and statistical analysis, Act! helps startups, small and medium-sized businesses strengthen their customer relationships to increase their profits.

If you are looking for solutions to combat inflation and ensure the survival of your business in times of economic crisis, try Act! now.