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Is a CRM worth investing in?

CRM software can give you a return on investment (ROI) of about eight to one, however, the most recent studies have suggested that in the future this ROI will be about 30 to 1, shared by CRM.org. But how does a CRM give a business this kind of return on investment? In this article, we will look at how CRM benefits businesses, driving their performance and increasing their sales.

What is CRM software?

Customer relationship management (CRM) software is to help businesses manage their relationships with their customers and organise the data that comes with it. A good CRM software will have features such as:

• Tracking customer interactions – Track all of your business’s customer interactions to keep you aware of the length and efficiency of your sales process.
• Tracking sales teams’ performance – View how many deals your sales representatives are winning and losing.
• Storing customer data – Store your customer data to get a better understanding of your client’s needs and requirements.
• Documentation management – Easily manage documents like invoices and client files.
• Automation of tasks – Tasks like recording customer data will be done by the CRM software helping your efficiency and productivity.

CRM software is becoming a necessity for businesses to use, with 91% of businesses with over 11 employees having CRM software in place, highlighted by SoftText.

Things to consider when adopting CRM software

When you are implementing CRM software you must consider three key things:

1. Usability
2. Scalability
3. Security

Usability

The usability of the CRM software that you decide to adopt for your business is a very important thing to consider. The onboarding process when adopting CRM software should be as smooth as possible for your team so they can get all the benefits as soon as possible. Find a CRM that is accessible, and will have onboarding support for your sales team, for example, TEB. TEB includes support and training for new users so you can get the most out of the software as fast as possible.

Scalability

The scalability of the CRM software is crucial for the long-term plan of your business. You will want to adopt CRM software that can grow with your business. It must be able to handle your teams and customer data growing along with your business.

Security

Security features are key in CRM software as you will need your data secure without the risk of it being compromised. You will need to make sure that the CRM software you choose will have great security features in place so there is no risk of a data breach occurring.  

How to implement CRM software

Follow these steps to effectively implement CRM software into your business:

Plan your CRM implementation budget – Find a CRM software that will fit into your budget to keep you on track with your sales plan for this year. Do not have a sales plan? Find out how to set up your sales plan to set yourself up for success.

Plan for going live with your CRM software – Planning for the launch of your CRM software is very important, as when the software goes live, team training and integration of data will have to take place. Planning around your onboarding process will keep your business running smoothly and performing at a high level.

Measure your success – Now that your CRM software is implemented, it is time to measure your success. Set key performance indicators (KPIs) to see how successful your CRM software is. Example of KPIs:

• Monthly system activity
• Monthly lead conversions
• Monthly sales made
• Monthly prospects connected with

Invaluable benefits of CRM software

This section will look at the invaluable benefits that CRM software will give your business.

Understand your customers

CRM software will record information about your customers and track your interactions with them helping your business get a better understanding of your customers. This will help you provide great customer service to increase your customer satisfaction.

Improve customer retention

Your business will have a better understanding of your customers to provide a more personalised service, helping you build a rapport with them. This will lead to your business improving customer retention, and building long-term relationships with them.

Reduce human error

Human error can lead to resources and time being spent to correct it. CRM software will remove the need for manual data entry from sales representatives. This will remove the possibility of human error occurring when data about customers and performance is being recorded.  Find out how to boost your sales performance and get the best out of your team.

Increase efficiency

Your business will have efficiency increases as fewer manual tasks will need to be completed, e.g., manually filling out the information on clients. This will allow you to dedicate time and resources to other important parts of your sales process.

Easier sales pipeline management

CRM software will help streamline the management of your sales pipelines by automating some tasks and increasing data visibility. Find out how your sales pipeline management can be streamlined to win more deals.

Challenges of CRM software pricing

The price of some CRM software can be costly for your business which may fit you’re your budget and sales plan. However, there are a lot of options on the market that can suit different budgets, for example, TEB, which offers different packages for different budgets. These packages have different features, helping you find the price and package that suits your business’s needs.

TEB – The CRM software for you

TEB is a sales automation CRM software that can give your business invaluable benefits from better data visibility to streamlining your entire sales process. With TEB, you can increase your sales, revenue and growth to be more competitive in the market. TEBs stand out features include:

• Customer reports – Drill down on your data with custom reports to see the information you need.
• TEBs lead funnels – Organise your leads in terms of your business’s priorities and get a better understanding of your lead sources.
• Track your sales representatives – Track your sales teams’ performance to see who is winning and losing the most deals.
• TEBs workflow feature – Create a structured easy-to-follow work structure for sales representatives to follow to understand the requirements at each stage of the sales process.
• Ability to add notes leads - Share important information with team members by attaching notes to clients.

Want to see it for yourself? Easily book a quick demo with us where we will show you first-hand how TEB will increase your sales and drive the growth of your business.

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