Small and Midsize Businesses Mirroring Competitors with CRM Investments
Customer relationship management (CRM) is a data-based approach that businesses implement to improve customer retention, loyalty and profitability per customer.
Research indicates that the ROI on a properly integrated CRM solution can range from $2.50 – $5.65 for every $1.00 invested. Not only can a well-oiled CRM can drive significant increases in leads and revenue but it can also improve customer service. While large enterprises adopted CRM years ago for, small and midsize businesses are just getting in the game. Only about 1 in every 4 small businesses currently has a CRM system in place.
Why? Well, the biggest reason is that small business owners have a concern regarding the time and effort it takes to implement a CRM solution. However, that may soon change. The newest CRM solutions are cloud-based and have the ability to integrate performance enhancing applications. This not only increases the value of having a CRM in place, but also decreases the barriers that use to be associated with implementing a CRM solution.
Smaller businesses depend on retaining customers and they benefit enormously by having a system in place that gives them the ability to create a repeatable process that manages every interaction they have with their customers and prospects.
A huge misconception among those not familiar with CRM is that CRM solutions are primarily built to organize contacts. Not true, the primary objective of a CRM solution is to increase sales and create a standardized sales process. A CRM solution gives managers a way to outline the procedures that are required to be completed on every transaction.
Of course, every business is different and requires a different solution. That’s why it is crucial to choose a CRM solution that fits your business. The solution that fits your business might be as simple as a tool that lets you track leads and manage follow ups. It doesn’t have to be complicated. New cloud-based CRM solutions offer more benefits and are less complicated to implement.