Perfect Time For CRM Implementation For Any Business

If you ever plan to scale your business, you need CRM. CRM can make your life as a business owner much easier, while also helping your sales team get the job done in a more efficient and streamlined way. All businesses can benefit from CRM software. CRM doesn't just keep your contacts organized — it also offers tools to help you boost sales and execute more effective marketing campaigns. These include: Lead generation, Prospect nurturing, Email marketing, Sales quotes and invoicing, Order tracking, Sales forecasting, Performance tracking, Competitor tracking.

Cloud CRM for any business

CRM tool can be an expensive investment if not properly utilized; you want to make sure the technology makes sense for your business. Cloud CRM is an immense game-changer, and its ability to level the field in terms if CRM software functionality for small businesses in particular represents a democratization of the business computing landscape whose impact has yet to be fully felt. Cloud CRM is often a good choice for small businesses that lack the in-house IT expertise to deploy, manage and upgrade an on-premises CRM application. With Cloud CRM the vendor is responsible for managing the software, providing updates across the system and taking care of technical glitches, bugs and other issues as they arise.

Continuous rise Of CRM throughout this decade

What will really matter through 2016 and beyond is how businesses can make the customer experience as smooth and streamlined as possible. In today’s digital environment, customers use a range of different platforms and devices and expect to be able to move between those channels while maintaining a single conversation with the business. This is why CRM technology, which can integrate these channels and provide customer-facing employees with a complete view of the customer, will become even more important.

CRM software is one of the most effective tools you can use in your organization as it can help you nurture and enhance customer relationships. Those of you who have successfully implemented a CRM know how valuable it can be, but there are many businesses that still have yet to adopt a CRM. This could be due to cost and/or resources or the lack of senior management buy in, but now is the perfect time for CRM implementation

Investment on CRM continues to increase and becomes top priority for comming decade

Investing in CRM software is a top priority for IT, as businesses focus more on customer retention and customer satisfaction.

And the growth in the CRM industry shows no signs of slowing down. In 2008, CRM spend was forecast to reach $18 billion by 2016, yet a recent report by Gartner shows the growth has doubled and is now expected to reach more than $36 billion by 2017.

While many think CRM to be just a customer database, it is not so CRM software is a great source for managing and nurturing prospects, identifying their needs and marketing relevant content to them all while being able to get a 360 degree view of each and every customer.

According to a survey in 2012 in Tech News World where more than 500 organizations were surveyed it was found that the benefits of CRM technology can benefit almost any business and in several different areas. In fact, it’s difficult to think of any other business-related technology that is as versatile as CRM that has as many direct benefits. So long story short CRM not only helps your sales team but benefits your entire organization.

Increase in cloud-based CRM Solutions

It’s this increasing need for CRM that has led to the rise of using cloud based CRM solutions.

We can see that 6 years ago only 12% of businesses used cloud based CRM – This figure has now increased to 87%! For this reason it is thought that cloud based revenue will likely make up almost 50% of the 2014 projected $24 billion CRM sector.

But what about CRM in 2016 and beyond?

CRM growth and usage is on an ever increasing path, and now is the perfect time for implementing one for your business let it be of any size and nature, it is tried and tested to increase sales revenue. A forecast from Gartner anticipates that the customer relationship management market will be worth $27.5 billion worldwide in 2015. Rising to $37 billion by just 2017.

Details of the projections of the image above:

Since 2011 each year around 70% of businesses have stated they plan to increase spending on technology. The figure remained the same in 2014. This year on year investment is seen necessary by most businesses in order to keep up to date with the fast changing digital technology industry. This is highlighted by the fact that just 2% of businesses plan to decrease spending this year.

We can see that CRM software leads this technology investment, with 49% of businesses planning to increase spending. This is not just to keep up with their competitors, but also as a result of improving sales. The investment in customer service software shows the intention of businesses to retain existing clients. By not only improving customer service, but also providing online self-help options.

"CRM will be at the heart of digital initiatives in coming years. This is one technology area that will definitely get funding as digital business is crucial to remaining competitive," said Joanne Correia, research vice president at Gartner. "Hot areas for CRM investment include mobility, social media and technologies, Web analytics and e-commerce."

E-commerce is top of mind for CEOs, chief marketing officers (CMOs) and senior executives as they seek the ability to improve overall customer experience, profitability and sales. At the same time, marketing technology is a hot area for IT investment, but solution decisions are increasingly being driven by CMOs and the marketing organization, with little to no IT involvement. CIOs will need to work more closely with CMOs and marketing leaders to adapt to the increasing technology demands emanating across the marketing organization. Mounting pressure on CMOs to drive growth, improve accountability and reduce costs is pushing marketing organizations to make significant marketing technology investments across a broad set of applications and functionality.

Business Benefits Of CRM

Implementing a customer relationship management (CRM) solution might involve considerable time and expense. However, there are many potential benefits.

A major benefit can be the development of better relations with your existing customers, which can lead to:

  • increased sales through better timing due to anticipating needs based on historic trends
  • identifying needs more effectively by understanding specific customer requirements
  • cross-selling of other products by highlighting and suggesting alternatives or enhancements
  • identifying which of your customers are profitable and which are not

This can lead to better marketing of your products or services by focusing on:

  • effective targeted marketing communications aimed specifically at customer needs
  • a more personal approach and the development of new or improved products and services in order to win more business in the future

Ultimately this could lead to:

  • enhanced customer satisfaction and retention, ensuring that your good reputation in the marketplace continues to grow
  • increased value from your existing customers and reduced cost associated with supporting and servicing them, increasing your overall efficiency and reducing total cost of sales
  • improved profitability by focusing on the most profitable customers and dealing with the unprofitable in more cost effective ways

Once your business starts to look after its existing customers effectively, efforts can be concentrated on finding new customers and expanding your market. The more you know about your customers, the easier it is to identify new prospects and increase your customer base.

Even with years of accumulated knowledge, there's always room for improvement. Customer needs change over time, and technology can make it easier to find out more about customers and ensure that everyone in an organization can exploit this information.