Conservative estimates of the cost of winning a new customer relative to maintaining an existing one put the figure at around four times the amount. Whilst the direct cost of losing customers can be measured, there are also less tangible costs.
Companies implementing CRM cite improved customer retention and more precisely targeted marketing activity as key benefits realised from their deployment.
However, sales and marketing teams are not the only ones to benefit directly from CRM deployments. Business processes are also seeing improvements. CRM:
- Reduces duplication and time wasting across multiple departments.
- Centralisation of customer information is probably the single biggest benefit afforded
- Improves communication between teams such as sales and finance.
Other business process benefits include
- Improved order tracking and management.
- Better pipeline tracking has improved their ability to predict manufacturing and production requirements.
These issues are related. Improved pipeline and order tracking strengthens customer service but also feed directly into production environments, where staff need as much advance information as possible to ensure that customer requirements are fulfilled in a timely manner.
CRM benefits management decision making processes due to the improvement in the quality of information available for strategic management decision making and that superior forecasting has led to better cash flow and business decisions.
Sales forecasts are one of the key metrics on which critical decisions are made. Any tool that improves the accuracy and visibility of both short-term monthly and quarterly forecasts and longer term pipeline is enormously beneficial to decision makers.
Mobile CRM offering sales teams the ability to continually update customer information is a logical step for businesses that put customer service and retention at the top of their agenda. Enhanced customer service options such as ticket tracking, service level reporting and customer web portals are another popular option, and enhanced support desk management such as returns management and defect tracking.
Interested in finding out more on CRM? ProAptivity specialise in the deployment of CRM solutions into small and medium size businesses. They are the Northern Ireland solutions partner for Maximizer CRM which offers both on-premise and on demand solutions with full Mobile CRM capabilities. For more information contact 028 90735630