This is an excerpt from our free Whitepaper “CRM = Your Best Business Asset”. To download a full copy of the whitepaper put your email address into the box at the bottom of this page:
The only thing that is going to beat an investment in CRM in terms of day-to-day dividend payments as well as long-term capital or “sale” value is if you own your own business premises, in which case, we concede that your CRM is likely to come a close second.
A Customer Relationship Management (CRM) system is a critical piece of software that will (most definitely should!) affect or touch every part of your business enterprise. It will take considerable effort from you and your organisation to diligently select your CRM, implement and leverage if it is to deliver tangible benefit and generally improve your business.
So let’s look at just one area in which the value of your CRM can be measured:
A CRM will Boost Efficiency and Effectiveness:
More effective marketing campaigns, better campaign management, and report generation time efficiencies are all important measures of efficiency and effectiveness. Other valuable effectiveness measures include:
- How good you are at resolving customer issues upon first contact
- Overall success rates of problem-resolution
- How long it takes you to resolve/deliver service to customers (clock-hours and man-hours)
- What your customer attrition trends are and especially what patterns relate to attrition-reduction
- How your customer response rates compare across your various touch points and the trends apportioned to these.
- Effort levels spent in generating targeted promotions, sales reports, and marketing research information
- How long it takes to go from lead to conversion in a sales cycle and whether this is improving (as well as your campaign development cycle and product development!)
- Where your profit-hearts reside and the deltas from these pivot-points
Scores on any specific efficiencies metrics can be interpreted as good or bad only with respect to specific strategies and objectives, and with respect to specific customer segments. For example, perhaps your company may look favourably upon an increase in average talk time with the high-value customer segments but unfavourably upon an increase with your low-value customers. Perhaps an increase in abandoned calls among low-value customers may be viewed favourably by your bosses, whereas you would be expected to immediately address an increase in abandoned calls by a high-value customer segment.
The point is that you will have got the proof-points to hand together with the context and a rapier sharp knowledge of where you stand- because you are running a CRM system.
Want 10 more tips of how to get the best out of your CRM?
Download your copy of our free Whitepaper now
This blog is an excerpt from our free Whitepaper “CRM = Your Best Business Asset” which goes onto describe the 10 key things you need to do to make the business case for and prove the value of your CRM implementation.
Download this whitepaper now by putting your email address into the box below
Putting Customer Relationship Management into the heart of your business will be the best business move you make.
If you’re interested to know the ‘what’, ‘why’ and ‘how’ this can be true then read our freebusiness whitepaper