Making CRM Investment a Comprehensive Case for Any Business
Despite how contradictory it may sound, but there are companies that still find CRM platforms an unfamiliar territory. And the implementation of this technology is still a questionable business dilemma. Definitely, it is easier to buy a car than see how and when to get back ROI of CRM investments.
Behind CRM Initiative
With CRM platform, your team acquires a shared mindset of strategy, key objectives, and сustomer relationships. All these things are on the bright side, while at the very beginning you have to deal with the initial CRM investment costs:
- Hardware and mobile devices (if the vendor you were chosen offers native mobile app),
- Licenses (in either way on-premise or on-demand CRM),
- Consultant services for CRM implementation, and
- Extra internal costs associated with deployment.
Why Do You Need A CRM?
Nevertheless, this is far more than a short-sighted innovation, and the platform will deliver a considerable growth in sales, service quality, and customer loyalty but in a few years perspective.
Once your initiative goes with a considerable CRM investment, it will pay back in sales revenue, improved margins and higher cross-sell ratio, along with customer acquisition savings and referral income.
To justify the value of CRM for your business, take a look at this investments from the 5 angle perspective.
#1 Driving Productivity Levels High
Let’s look at the basic need to manage communication with leads, customers, partners, suppliers, etc. It’s Sisypean toil to find the right letters chain timely and don’t get lost in dozens of folders. All the process is quite time-consuming, plus if some other employees require access to this communication, the owner of the letters has no other choice like to resend them.
With CRM, these issues are excluded as the platform allows filtering and access granting to any types of records. Besides, when the record updated, the employees who are dealing with this customer see the new information.
#2 Analytics and Reports: Collect Important Metrics Easily
All businesses wish for getting a better understanding of who the clients are, what they prefer to buy and how loyal the customers are. But if you are not running the right reports, it is challenging to get the correct answers to these important business questions. In other words, you will continue to misunderstand the prospects, lack up to date insight into the business performance and find the irrelevant information in the huge amount of data.
CRM analytics provides an opportunity to obtain the more accurate external picture of the clients’ behavior and helps determine a clearer way to the efficient internal workflow and productivity. You can set up the reports to run automatically and create custom ones to track metrics specific to your needs more efficiently. Furthermore, the information can be displayed via dashboards for ease of use. Continuous access to the analytics of the essential company processes and data enables with the immediate response to opportunities.
#3 Automated Workflow without Routine
One of the main issues of the business owners and sales reps is the amount of time spent on routine administration. Let’s go over the activities you should take after closing an order:
- emailing the deal confirmation to the client
- sending the terms and conditions
- touch basing with account managers to make sure an order is being raised
- entering all the records into the finance package manually to send an invoice.
The procedure might be time-consuming and can provide some errors. The client interactions that rely heavily on manual processes can be hit or miss. CRM offers workflow automation tools to streamline the business performance. You can create the automated responses to any event in the system by using drop-down menus. These responses can be triggered by the specific field entries or even the passage of time. For instance:
- receive automatic notifications about any status changes related to the account
- send alerts to managers or retention specialists for high-value accounts, or
- automatically change the client’s status to “contact immediately” in the salesperson’s CRM when a support ticket is entered
As you can see, the workflow automation simplifies the tasks that you may be handling manually. Whether it’s dealing with data or sending the welcome emails to the prospects, the process can be automated.
#4 Secret Weapon of Data Management
The information accuracy is a key to successful customer experience and efficient business processes. When a lead capture is recorded in the one place, the interactions in another, and the client’ order somewhere else, the organization can face the unexpected issues. The problems can start from spending a lot of time on entering the data about the same prospect into various systems to lacking the data on the progress of its leads through the sales process.
Using a CRM system helps you improve the information accuracy and boost the business performance because the platform:
helps marketing to track leads through the process, analyze the success of the generation activities and determine the future strategy
enables sales with understanding the client interactions, improving timing and relevance of each new one, that drive better results.
#5 Fix Up A New Communication Strategy
Today’s business world is driven by the lead generation activity. To succeed, you have to collect and work with the prospects efficiently. If you skip contacting the client within 24 hours, the person is most likely reach out another company.
There are some CRM options to use that can improve the communication with the customers. Check out the situation: the potential lead at the exhibition stand talks with the sales rep and provides a business card. Usually, the sales person goes through all the individuals who left the personal information at the end of the day and tried to remember who is the most valuable for the company. CRM enables the sales manager with the capturing prospect’s details using the business card scanner into the software. Then, a system sends an automated email with the thank you note and product or service information attachment.
Each company desires to find a CRM solution that improves the quality of the prospect’ engagement, increases the productivity and ensures the efficient data management. Take all the information above into the consideration and make the successful business case for CRM investment.