July 17, 2015
5 Ways CRM Software Can Increase Your ROI
When making a decision about investing in any product/service for your company, probably the first thing that comes to your mind is: Will the return on investment (ROI) be high? To put it simply, will the benefits from that product be more than the costs associated with it?
Of course, when you buy products/services for your business, like CRM software, you expect to have positive ROI. There are some products that require a lot of time, sometimes many years, in order to show the benefits. However, this is not the case of CRM softwares. The reason is that just because CRM softwares have so many advantages, you notice a positive change from the first moments of implementation. Below are 5 ways CRM software can increase ROI of your business.
1. Excellent Targeting
Sometimes, businesses spend a lot of money on people who are not their potential customers and do not need their products. These businesses apply “big net” approach to marketing. They start promoting their business to everyone and then select a few buyer personas out of thousands. As a result, a lot of money, time and, of course, effort is wasted. CRM makes it easier to create targets and perfect buyer personas. This means, you will be spending less time dealing with unqualified prospects and therefore increase your ROI.
2. Better Nurturing
Now when you have qualified prospects, you still need to convert them into your clients. With the help of CRM software, it’ll be much easier for all of your team members to deliver the right messages to the right buyer personas. When you find information about the interests and needs of your prospects, then you will have the chance to put your efforts in the right direction.
Moreover, CRM softwares are continuously providing businesses with feedback about what’s good, what needs improvement and what should be eliminated from the marketing strategy. With such information available, you can implement some quick changes and there will be no need to wait for the monthly and annual reports.
3. Improved Customer Service
Experts say, that it usually takes 5-10 more time, effort and money to attract new customers than it takes to keep the existing ones. So, increasing customer loyalty is among the best ways to save money and marketing efforts and we all know that in order to create loyalty, it is important to have excellent customer service. CRM software can help you here as well, as they provide you with all the necessary tools and information in order to provide high level of customer service.
You will have better customer service, as all of your employees will have access to the same data and, as a result, errors and misunderstandings will be eliminated. For example, if a customer communicates with service department, all the comments, complaints and suggestions are kept. In this case, if the same customer connects with that department again, the next employee will not need to ask all the questions from the beginning, as he/she will have the data concerning that customer on his/her hands. So, with CRM, your customer service quality will be improved a lot.
4. Less Efforts Wasted
Another way that CRM software can increase ROI is by reducing your efforts. Just because everybody who communicates with a client is able to see all the past communications with him/her, there will be no need to repeat the past actions again and again. Repeated efforts waste time and money, as a result, lowering the efficiency of your business. However, with CRM, you can be sure that your efforts will be less wasted.
5. Comfortable Structure
Nowadays, most businesses apply online CRM. This is a great chance for businesses to lower the operating costs, and as a result increase the revenues. Keeping customer data may be really expensive, because you must buy servers, software, set and maintain data center and all of these are costs for your business. However, with cloud model, you only need to pay for the monthly/annual plan. This is another way that CRM software helps decrease costs and increase ROI.
With the help of CRM software, your company can have higher sales, lower costs and overall better efficiency. Of course, there is no software that can help you solve all of your problems, but there are some tools that can help you make better decisions and improve the operations of your company. CRM software is one of these tools and you will be able to enjoy the ROI as soon as you start running the software.
So, do you still think that your business can survive without CRM? I don’t think so