This growth can be attributed to two realizations that companies have made:
- The need to focus on customer retention and satisfaction.
- The need to attract new customers.
While this may not appear to be groundbreaking, it is important. Since competition should never be underestimated, it is safe to assume they are already investing in CRM, which helps them to keep and grow their client base.
However, investing in the asset is only the starting point. The size of the ROI is determined by the skill level of those that use it and how well the end user can leverage CRM for sustainable growth. The bottom line is: great skills equal great return.
Have a goal
CRM should be installed with a plan, having goals for what the installation of the system should accomplish. Oftentimes when CRM fails, it is because individuals lose sight of their goals either due to lack of understanding of the CRM or lack of acceptance. CRM is expensive, but the return achieved from a fully functioning, effective CRM is much greater than the initial investment.
Effectively managing customer relationships is a journey, not an end game, because customers' needs change and competitors adapt. The need to stay in front of key customers is not going away, it is growing.
The true value of CRM derives from enabling users to take the CRM information and turn it into knowledge, which can then be used to make better decisions.
- Marketing users will be able to know how to make better decisions regarding who to target.
- Sales reps will be able to make better decisions about where they spend their limited time.
- Customer service users will be able to make sure that the information they learn about a customer is effectively being shared with both sales and marketing.
If you are curious to see how your CRM is performing, take this
by InfoGrow Corp.