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14 September, 2020
Know the CRM Stats that Boost Your Small Business
It is a known fact that customer relationship management (CRM) is an inevitable tool when it comes to carrying out and reformulating a small business. It is more than important for a small business to have a tool that records, manages, and analyses its various sales and with its previous, current, and potential customers.CRM software is now the biggest software market and is growing rapidly and contributes massively to the growth and profitability of small businesses, therefore it is key to know the CRM stats that boost your small business. Below are some CRM Stats that small businesses around the world should pay close attention to:
Increase in customer loyalty: ‘Customers are king’ is a saying that every business firmly believes in throughout the world. This saying is even more relevant when it comes to small businesses as these businesses are still developing in the market. Hence, CRM for small businesses majorly affects its customer gratification and loyalty levels which in turn contributes to their growth. According to recent reports, 50% of small businesses have mentioned that the introduction of CRM has benefited the company in terms of customer gratification.
Centralized systems: One of the main advantages of a CRM software is its ability to bring all the key information related to the market into one single platform/system. Therefore, initiating a CRM for small businesses makes it easier for the company to communicate information across various departments and creates a workflow management system. 74-80% of small business users found the ability of the software to eradicate wrong information and improved access to customer data from one platform extremely useful for further growth.
Boosting overall sales: Based on a 2013 report, introducing CRM can boost the company’s overall sales by 25-30% and also increase efficiency and employee output in the long term. When a CRM software is combined with various other tools or softwares used by the company, it provides the company with a better outlook on the total sales of the company weekly or monthly. These automatically prepared reports allows the small business to analyze their strengths and drawbacks and prepare in advance strategies to implement in the next month that will allow the business to boost their sales and become a leader in a competitive market place. This increase in sales will also grab consumer attention to the developing small business.
Faster return on investment (ROI): After quite a bit of research and reference to reports, a conclusion can be made that businesses that adopt CRM, the average ROI period is 13 months and the average return on investment for CRM is $8.71 for every dollar spent. Therefore, small businesses that adopt CRM have a faster and a better return of investment period as compared to those 40% of companies that still use other methods of data storage such as spreadsheets and emails etc.
Accessibility from multiple devices: Most companies adopt CRM due to the ability to access this tool from multiple devices. This ease of accessibility makes it hassle free for the employees of the company to access information from a phone, tablet, desktop etc. as and when needed. This accessibility also increases productivity and overall performance of the small business. Research states that 80-82% of CRM users access their CRM using multiple devices. Hence, CRM proves to be more effective and efficient due to this specific advantage.
Improvement of various components of a business: According to a 2013 industry report, CRM for small businessesnot only improved the storage of information, but also simultaneously improved various other departments of the company. Mainly, it contributed to better lead nurturing, accuracy in sales forecasting, reducing customer acquisition cost, marketing and management of current and potential customers. This improvement of various components of the company using the CRM tool also helps the business to reduce their overall business development costs.
In conclusion, what we can gather from the above mentioned information is CRM is a data driven, cost effective and important tool. Paying close attention to the key stats can be a game changer for small businesses and change the overall outlook of these businesses in the market and make them stand apart from their existing and upcoming competitors.