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Strangely, even though it costs 5-10 times more (on average 7x!) to acquire new customers, most companies focus on acquisition more than customer retention with 63% of marketers feeling that new customer acquisition is the most important advertising goal. (Kissmetrics)
A well thought out CRM system and accompanying business technology strategy can
- track & manage leads, prospects, customers, opportunities and contacts
- improve customer retention
- track emails, appointments, tasks, phone calls, notes & files
- integrate sales and marketing for better return on investment
- help you track sales more efficiently to contribute to more business
- provide a place to store relevant files
- can reduce email overload by becoming your central hub of interactions so everyone has access without being copied in on a thousand emails
- integrate with online accounting packages for easy book-keeping & banking
- track social media activity, email marketing opens and clicks
- provide improved customer service & support, building customer loyalty
- provide statistics to gain insight and analysis with real-time reporting, calculations etc
If you are managing your business via a bewildering array of Excel spreadsheets, paper & address books (or, the back of a proverbial fag packet) then installing some form of CRM system at any level is an important first step for organisations starting on their digital transformation journey. It requires those organisations to be bold and agile as they move towards more dynamic processes. “Recent studies predict that by 2017 about 70% of successful digital business models will rely on dynamic processes designed to evolve with customer needs.” (Rebecca Wetteman, BPMOnline). CRM in all its forms is moving towards being the key resource of nearly all customer-facing processes.
