CRM solutions have come a long way. In the mid 1990’s, CRM solutions started to become available and large, enterprise-style companies began to adopt them. But they required a lot of money and time to manage properly.
Don’t go cheap on CRM software!
Today, they can be implemented for your SMB (small-to-medium business) companies at various price points. That means that buying the best CRM solution available can pay for itself. Have you Implemented a CRM Solution for your company? Are you thinking about upgrading your CRM Solution?
Here are 5 benefits of having a great CRM solution and what they can do for your company:
1. Sales, Sales, Sales
A recent study from Forbes show that companies with a fully utilized CRM system can increase a company’s sales by 29%! The cost of a CRM can range from free to thousands of dollars per user per month. On average, you will find that per user you are looking to spend anywhere from $100 to $150. It seems crazy, right? But, remember, with a good CRM Solution, that per user cost can potentially pay for itself through increased sales opportunities.
2. Retention
It’s been drilled into our heads that customer acquisition is much more expensive than customer retention. The more you know about a customer the easier it is to service them, which in return makes for a positive customer experience. Who wants to leave a company if they are treated properly? Adding notes and account details in a CRM can keep communication lines between team’s organized…and completely seamless to the customer.
3. Efficiency
Increasing revenue by adding in more sales and keeping your retention is great. But let’s not forget about those soft dollar benefits. Using a high-performance CRM can greatly reduce the manual processes and paper shuffling that happen daily in your office. Did you know it can take up to 3 or 4 days to process an invoice manually? With a CRM, this process could be done efficiently with just a few clicks of your mouse.
4. Data
This is what a CRM system does. A CRM implemented properly will have your sales team continuously adding data that is accurate and up to date in the system. Imagine the possibilities with sales forecasting and trending you could do with data that is up to date and accurate.
5. Collaboration
Inter-departmental coordination is key with a successful CRM. A good CRM will include most aspects of your business. With a media company, the sales process doesn’t end when the sales rep closes a contract. Information needs to be shared within a “production” department and even with accounting. Allowing all of the departments to collaborate along the way from beginning to end will also help increase accountability across your organization.
Most importantly, a good CRM will improve your customers’ experience, which leads to increased sales, retention, inter-departmental collaboration, efficiency and data. Really. A good CRM pays for itself!
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More about Andrew: Andrew Gomez is Director of Sales for Ad Sales Genius, a leading industry provider for subscription management software for publishers. Subscription Genius provides digital magazine integration with over thirty platforms, built in paywall, E-Commerce and big data demographics.
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