Do you know why CRM Software produces such a high ROI
We all know the facts which are thrown around regarding the fact that companies that use CRM are seeing a great return on their investment. At present, it is $8.71 for every $1 spent (Source: Nucleus Research).
Below are three ways in which CRM can help with your ROI.
Become more efficient
CRM helps all the team members optimise their daily schedules and makes it easy to prioritise tasks to make sure that prospects, customers and critical tasks are not forgotten. In addition, being able to track all communication whether they are calls, emails or meetings we can keep up to date with renewals, replacements and of course makes it easy to upsell our products and services. By making sure all the relevant information on your CRM and sharing it across the team means that everyone can speed with the progress of your prospecting so that there are never too many cooks in the kitchen and sales can be completed.
We can all see how if we treat our customers well and understand their pain points then we are going to have them as long-lasting customers. With social media becoming more and more important it is becoming the norm that customers should be able to connect with you in the manner they want whether it is via phone, email or chat. We have all heard about the Pareto Principle- 80% of your business come from 20% of your existing customers (Source Forbes ). More recently according to Bain and Co., a 5% increase in customer retention can increase a company’s profitability by 75% (Source Bain and Co).
Sales Data at hand
CRM allows you to collect and aggregate data all through your sales process. By creating dashboards and reports you and your team can access these in real-time using their device of choice whether it be mobile, tablet, desktop etc. In addition, CRM helps companies to plan strategically by pulling key metrics such as year on year growth, which sales activities are producing the greatest returns. More than 52% of companies have said that data and analytics would be a key source of opportunity in the coming years (Source Experian)