In this white paper, Steve Meier, Director of Marketing, details the significance of a CRM inside an organization and its capacity to unite various departments in pursuit of the same objectives.
Please click on the video to the right to learn more about the author, hear his insights on this white paper, and learn what motivated him to write about effective CRMs enhance workflows.
To discuss this white paper in detail, please contact Steve using the information provided at the bottom of the page.
Starting a business and growing that business is extremely difficult. It requires time, attention to detail, a strong team, and an even stronger plan of attack. Some companies scale quickly and experience exponential growth, while some move along at a much slower pace.
Regardless of the path a company takes to success, a well-defined process, backed by a deep understanding of the organization’s historical data, combined with properly implemented technology solutions, will provide the foundation for sustained growth.
Every organization is different, and each one operates in their own unique way. To maximize the potential of the entire company, each one must be broken down into operational departments to identify the roles and key metrics that drive performance. These metrics will help pinpoint the capabilities of each department, providing a detailed understanding of what works and doesn’t, highlighting areas of potential opportunity.
Most organizations can be broken down into clearly defined departments within sales, marketing, and operations. While each department has their own metrics they use to determine success, they are heavily intertwined and must work together to achieve revenue growth.
While there are numerous platforms that can be used to align each department, there are arguably none more important than the company’s Customer Relationship Management (CRM) system. A well-implemented and utilized CRM helps organizations streamline processes, build customer relationships, increase sales, improve customer service, and increase profitability. The platform forces marketing, sales, and operations teams to work concurrently towards the same goal, while providing a central hub that organizes the data and analytics that are crucial to streamline the way the business operates.
A CRM can be a growing factor in your business, and in today’s hyper-competitive landscape, 91% of organizations with 10 or more employees actively utilize a CRM to manage client and prospect conversations and gather analytical insights. In fact, studies show that by 2030, the global CRM market is expected to reach USD $157.6 billion, highlighting the impact this tool provides to growing businesses.
Surprisingly though, only 47% of users feel their organization’s CRM has a strong impact on customer satisfaction, and only 74% of companies feel this technology provides greater access to customer data.
If the sole purpose of a CRM is to align the organization and drive results, and 91% of organizations with 10 or more employees have implemented the technology, then why is the satisfaction rate so low? The answer often comes down to how the CRM was implemented, the processes in place that define how each department utilizes the tool, and the data analysis required to make the changes necessary to improve success.
The world of marketing is continuously evolving as trends, technology, and tactics change. Marketing teams thrive in data-rich environments, as they are the conduit that feeds sales teams fresh new leads and opportunities. Today, more than ever, businesses need a new way to communicate with customers in the digital age. To successfully utilize data and help fill out the sales funnel, it is imperative marketing teams have the software and analytical capabilities in place to track historical success, adjust in real-time, and continuously strive for peak results.
For any marketing team to compete, they must have a database to which they can market. Without a clean database, marketers are handcuffed and do not have a clearly defined understanding of the industry they are targeting. This not only impacts the marketing team but will greatly impact the sales team as they work to identify prospects that align with company growth.
The sales team is the first point of contact with new customers. Tracking interactions within the industry database is crucial to identifying areas of potential. By working closely with the marketing team, targeted campaigns can be deployed quickly and efficiently to attract and close new customers. These transactions can then be traced from initial contact until the deal is signed, offering new insights and data to better understand the market, the prospects within it, and the best way to approach new business.
The information gathered throughout the sales process is invaluable to the operations team. Knowing who the customer is, what their goals are, and why they are purchasing helps streamline the way operations is able to handle the project. This not only ensures a successful hand off, but increases customer satisfaction as the first interaction between the client and customer is efficient.
Operations teams live and breathe data intelligence and are a crucial component to organizational success. Quality is the main driver of future growth, and ops teams utilize data to ensure quality is delivered. Operational KPIs are created and measured so clients are happy and relationships are built for long-term, mutually beneficial success.
Properly aligned KPIs explain how well customers are engaging with your company, how many new customers can be successfully onboarded at one time, what labor costs exist in relation to client transactions, and ultimately provide the vital information showing the health and scalability of the company.
The ability to analyze data, by department, is instrumental in making educated decisions. When developing a long-term strategy or revenue goal, it’s important to pinpoint the data that drives your business. This data must be specific, measurable, and relevant.
Some sample CRM key performance indicators include:
Setting revenue goals for the year shouldn’t be a guessing game and identifying how to achieve those goals through data should be a straightforward approach. Aligning marketing, sales, and operational teams throughout the process will lead to educated decisions that drive revenue and improve efficiency.
To achieve success, the proper tools, processes, and software must be established to provide detailed data and analysis to the inner working of the business. Only then, can it truly be ready to scale.
An organizational CRM is the vehicle that drives revenue and moves the business forward. The CRM being utilized, and how the teams are operating within the platform, will determine the path the organization takes. To reach the destination in an efficient manner, data is the map that leads the way. Understanding this, and constantly reviewing what lies ahead, will ensure extraordinary outcomes for years to come.
https://makewebbetter.com/blog/31-sizzling-crm-stats-that-convince-you-to-buy-one-for-your-business-in-2022/
