Now that the Robly360 CRM is out and available to all email customers, we wanted to remind you how a customer relationship management (CRM) system benefits your organization, and when it might be time to consider one for your team.
Businesses Grow with CRM Systems
First of all, you can’t run or grow a business unless you can keep track of your customers. This includes the mundane things like names and contact information as well as more valuable information like notes on recent conversations, keeping track of tasks, seeing what needs to get done across departments, tracking purchase and payment information and more.
A good CRM system helps do these things, and helps you easily see what has been done and needs to be done, all in one centralized location.
Getting and Keeping Customers is Easier When They Feel Like You Care About Them
When a customer calls your organization, and you have access to all recent conversations and interactions, and can speak with them knowledgably and be helpful, they are more likely to stay with you. This shows a well-run organization and one that cares about its customers.
“Depending on which study you believe, and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one,” according to Amy Gallo in “The Value of Keeping the Right Customers” published by Harvard Business Review.
More importantly, repeat customers are a lot more profitable than new customers. According to research done by Frederick Reichheld of Bain & Company, increasing customer retention rates by 5% increases profits by 25% to 95%.
In an article titled “Customer Retention Should Outweigh Customer Acquisition,” published on CMO by Jerry Jao, Mr. Jao states:
“Consider this: According to the Gartner Group, 80 percent of your future profits will come from just 20 percent of your existing customers. That means the revenue sources you’ve been trying to find are most likely sitting right under your nose, waiting to be nurtured and cultivated.”
So, How Do Businesses Feel About the Return on their CRM Investment?
CRM is supposed to help you track the ROI of your sales and marketing efforts, but how did businesses feel about the ROI of their CRM investment? Nearly half of respondents said that their CRM has significantly improved their customer retention rates and customer satisfaction rates. Similarly, revenue was up for 45% of respondents after implementing a CRM, and 39% said the software helped lead to significantly more upselling and cross-selling opportunities.
Source: CRM Industry User Research Report, Published by Katie Hollar, July 15, 2015.
What Prompts Organizations to Purchase a CRM System?
People in organizations try to keep track of sales contacts and marketing activity on all kinds of documents, spreadsheets and tools. As organizations grow, teams add people, and the number of customers and products or services expands, it soon becomes apparent that these ad-hoc tracking systems can’t keep up. This is where a CRM system generally comes into the picture.
Source: CRM Industry User Research Report, Published by Katie Hollar, July 15, 2015.
Are We There Yet?
If you are a growing organization or if you want to be a growing organization, perhaps it is time to take a closer look at a CRM system can do for your team. Improving coordination within teams, providing better customer service, driving more sales and retaining more customers are all benefits of using a CRM. If you are not yet using a CRM, how many more reasons could you possibly need before you look into it?
Robly360 CRM
The Robly360 CRM is available to all Robly email customers at no additional cost.