John Wanamaker (1838-1922), was a US department store merchant considered to be the “pioneer of modern marketing”. He famously said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” – a quote that has become embedded in modern marketing.
Recent marketing trends have revolutionized or rather digitised the traditional marketing model. A model that is now dominated by ‘inbound’ rather that than the traditional ‘outbound’ focus. Despite this revolution in marketing, (Customer Relationship Management) CRM software, is consistently ranked as delivering the greatest Return on Investment (RoI) tool in Marketing.
How CRM software deliver the best ROI?
If John Wanamaker were alive today, he would have his question answered. He would be able to accurately and precisely measure the ROI of practically every single marketing activity and pound spent. CRM software is the tool used to deliver this insight. CRM is the tool used for the measurement and control of marketing campaigns. It offers real-time reporting and business intelligence that enables CRM to deliver the best ROI.
Measurable Benefits to CRM
There are several measurable benefits from implementing a CRM Software. These are at an individual, organisational and a process level.
The measurable benefits to CRM include:
- Increased sales productivity as a result of better visibility.
- Better collaboration between departments.
- Integration with MS Outlook, MS Word, accounting software and other business specific applications enabling a 360 degree view of the business operations
- Through ease of access to client information, CRM can improve the customers experience and create cross-selling opportunities.
- Improved customer-service as a result of greater visibility, accountability, management, and control.
- A lowered cost of sale due to streamlined processes and operations.
- Acceleration of sales conversion resulting in revenue gain.
- Productivity savings of an estimated 16 man-hours per month due to better reporting tools, data consolidation, reporting automation, and business insight facilities.
Organisations that have CRM Software in place achieve marketing cost savings. They have more real-time customer insights, and improved campaign management due to analytic capabilities. Through greater customer insight, marketing departments can segment, and target customers based on their buying preference.
No longer do we rely on conclusions based on vague and imprecise relationships such as “we advertised last week, and sales increased so it must have worked”. The common one that I have heard many times is, “the objective was awareness and clearly many people are now aware of us”. In today’s world, this just does not cut it anymore.
In summary, CRM delivers the best ROI!
CRM software delivers the best ROI through attracting the right prospects, converting them into leads, closing the sale and delighting the customer. CRM helps with the setting of objectives, designing of strategies and implementing scientific, measurable tactics that maximise sales, revenue, and profitability.
CRM is critical if an organisation is to achieve intellectually. CRM is a critical component alongside cost effective digital tools, modern websites with good SEO and a smart social media strategy. This can result in the convergence of inbound and outbound marketing strategies. Fundamentally, CRM delivers the best ROI through the solid insight gained on the customer. This insight forms the basis on which future marketing strategies are based.
ProAptivity focus on the implementation, training, and support of highly customised CRM software solutions. Our CRM software offers an affordable solution to any business working towards implementing a culture of best practice throughout their organisation.
If you want to access if your business is CRM ready, maybe some of our ebooks could help! Alternatively visit Maximizer CRM for more information Contact us today on 028 9099 6388 or via email@example.com for a free review for your CRM requirements.