CRM or NOT? New Evidence on CRM Success and Value
Last week we looked at how customer relationship management (CRM) strategies and solutions are critical to managing your prospects and customer interactions. This week we are sharing some findings on the value a CRM solution can bring to a business. Investment in CRM involves both financial and resource commitment. For growing small and medium-sized enterprises (SMEs), understanding the benefits and value that CRM can provide is critical to both CRM and business success.
However, conveniently available evidence of peer CRM experiences, benefits gained and the solution features which help achieve such benefits, is scare. This is why Maximizer has undertaken a study with 300 SME’s across the EMEA (Europe, Middle East and Africa) region to provide a benchmark and guidance for businesses looking to adopt and develop CRM within their organisations. The ‘Annual Benchmark Study 2017 - Measuring Value and Success from CRM’ contains independent analysis of research establishing common trends and proven evidence for CRM success and business growth contribution.
So, on a practical level, how can CRM help your Business? Looking at one area of the report, namely top operating benefits achieved, we can see that the top two benefits, unsurprisingly, revolve around data, the core of business operations.
Centralisation of Customer Data: Centralisation of Customer Data’ is an essential building block for strategic CRM if it is to be deployed throughout the organisation, either immediately or in the future. Creating this one ‘single version of the truth’ that addresses all aspects of the business – sales, marketing, customer service, operations, product development, finance, etc. – results in numerous business benefits:
- Invalidates the creation and management of data silos at department and individual level
- Facilitates teams working from (and feeding into) the same knowledge base, all equally enabled with customer intelligence
- Improved collaboration across teams, especially when implemented through a ‘cloud’ deployment to enable remote access. Information is shared in a way that makes it easier for teams to interact and assist each other.
Improved Data Quality & Value: Customer data needs to be up-to-date and accurate to be useful – in effect, avoiding the premise of ‘garbage in, garbage out’. However, this is a substantial challenge for any business to successfully achieve, especially where a culture of data silos has become entrenched in the organisation.
Working from a central repository of customer intelligence helps alleviate data inaccuracy issues and provides numerous opportunities:
- Gives a more comprehensive view to all of the various interactions and experiences a customer is having with the business. So focus on data quality is as much about comprehensiveness, as it is about its accuracy and currency.
- Provides for the re-examination of business processes and activities to ensure successful buy-in and application by all departments and individuals in adopting data inputting and updating habits.
- Justification for the ongoing adoption, use and monitoring of Key Performance Indicators, training and data management practices to provide sustained long term best practice data management.
These are just two of the benefits and values that SME’s gain from CRM. To learn more, request your FREE copy of the Maximizer SME Benchmark Report at http://go.maximizer.com/benchmark-report
- Part I: Business Objectives & Operating Benefits
- Part II: Key Product Features & Business Outcomes
Or download the FREE Summary Results Infographic http://go.maximizer.com/hubfs/Summary-Infographic-sp.pdf