Startups are the products of the brilliant ideas from dedicated entrepreneurs. Over 50 million startups launch every year, yet only a few survive to envision the heights of success imagined when they were initiated. Most struggle with insufficient funds, lack of customer trust, and inefficient business management. This article explains experts’ advice on why startups should invest in ERP and CRM.
Why Do Startups Need an ERP?
Most startups are launched hastily to implement a vision without an actionable strategy. With increased sales and business complexity, finances and management often go out of hand. An ERP system can integrate all business interfaces, allowing you greater control over your startup. Here are the top 3 reasons why your startup needs an ERP.
Startups are almost always short of finances. Investing in ERP can be a difficult decision, but efficient financial management attracts investors. Initially, you might not be able to afford a premium version, but you can start with a free version and upgrade to a premium version later. Odoo community version is a free open-source ERP best fit for startups that are short on finances.
With an ERP, you can track accounts payable and receivable, income, expenses, billing and invoicing, cash flow, and budgeting. An ERP also reduces high operating costs, replaces inefficient supply chains and payroll systems with effective automation.
Besides, startups can improve integration with banks, fintech services, and credit card processors using ERPs. By streamlining the accounting and financial procedures, ERPs aid in projecting the future of your startup.
Integrating procedures between departments and external vendors like web stores, automated sales tax management vendors, and CRMs helps businesses function better. Moreover, ERP system manages product launches, marketing campaigns, customer service, employee training events, etc. Automation saves you time and finances, which you can invest in providing more value to customers.
Additional ERP services include task allocation, reports and analytics, task scheduling, shared calendar, open communication, and collaborative chats.
ERP systems increase efficiency by accelerating the exchange of information and communication amongst all corporate functions. With a centralized database, each employee has access to relevant company data. Furthermore, sharing data and accessing it from anywhere makes the job easier for the employees.
Why Do Startups Need a CRM?
Most startups fail at managing sales, targeted marketing, and personalizing customer service. Integrating a CRM with an ERP can help startups to achieve their sales and marketing targets faster. A CRM involves analyzing and managing customer feedback and interactions to increase customer retention and elevate relationships.
Marketing Your Product Effectively
CRM is used in marketing to personalize messages, create more targeted content, and speed up sales. You can link a CRM tool to your marketing channels, allowing you to see how they perform and how your audience interacts with you.
A CRM can assist you in understanding how your marketing is generating new leads and, more specifically, what is generating them. You can see the leads you generate each month and compare them to your sales to determine whether or not your leads are of high quality.
It provides insight into what customers engage with, allowing you to market your product in ways that customers will engage with.
Management of Customer Relationships
The primary focus of a startup is to identify the right customers for their products and maintain relationships with them. CRM builds customer relationships as it integrates sales, management, and customer service, and synchronizes all sectors of your startup when interacting with customers.
CRM software provides businesses complete control over customer service by tracking customer interactions. You can save important customer information for future reference and use it to provide personalized service.
Lead Retention And Generation
For 91% of startup owners, lead generation is the most significant goal. CRMs collect customer data from several departments, ensuring consistency in business responses to consumers and quickly resolving complaints.
You can keep track of all customer deals, purchases, and conversation history, ensuring that everyone in your startup has access to the most up-to-date and relevant information about your customers.
Besides, CRM aids a lead management system, market analysis insights, consumer preferences tracking, and other tasks. With social CRM, you may also reach out to customers through social media, boost your sales, and increase customer engagement. This provides potential ways and opportunities for your business to find relevant customers via social media platforms.
Startups hesitate to implement ERP and CRM because of a lack of trained individuals. DEHA Vietnam JSC is an Odoo partner aiming to help startups integrate their sales, marketing, operations, and customer service through ERP and CRM software. Our professionals will customize and implement Odoo ERP and integrate CRM for your startup so you can automate your business processes.