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What is CRM?
Customer relationship management (CRM) has the business purpose of
intelligently finding, marketing, selling to and servicing customers. CRM is a
broadly used term that covers concepts used by companies, and public
institutions to manage their relationships with customers and stakeholders.
Technologies that support this business purpose include the capture, storage
and analysis of customer, vendor, partner, and internal process information.
Functions that support this business purpose include Sales, Marketing and
Customer Service, Training, Professional Development, Performance
Management, Human Resource Development and compensation.
Why CRM .
A CRM system helps your business grow because it tracks the history of
customer interactions. Why is this important? Because tracking is everything.
From calls made and emails sent, to meetings held, presentations delivered, and
even the next steps needed to close the deal or grow that customer account.
Customer satisfaction is the key to success in any business. In order for a business to consistently
maintain success, it needs to satisfy its customers by providing high quality products or services at
the right price. Thats why businesses need to constantly interact with customers in order to
understand their true needs.
It needs to track and analyze those interactions in a systematic and organized fashion in order to
build lasting customer relationship which translates to long-term success.
- See more at: http://www.rishabhsoft.com/blog/5-key-challenges-in-crmimplementation#sthash.z68oE43j.dpuf
Current Challenges.
CRM Products
Key take-aways:
Vendors of CRM
1)Sales Force
2)Oracle sales Cloud
3) Microsoft Dynamics CRM
4)Sugar CRM
5)Work
6)
Emerging Vendors
1. Workbooks
Though Workbooks has been around for less than a decade, their successful CRM
solution is a favorite of many. Workbooks CRM is designed specifically for small and midsized businesses, and is
offered as a web-based solution. Workbooks was rated #1 for Customer Satisfaction on the G2Crowd Report on
CRM software.
2. Nimble
3. Insightly
Insightly provides a CRM solution that is inexpensive, robust and mobilethe perfect
tool for small businesses. Founded in 2009, this innovative company merges traditional CRM features like contact
management and file sharing with new features like project management and powerful email integration.
4. Zoho
Emerging vendor Zoho offers a number of business applications (like CRM) that
businesses can pick from to build a comprehensive solution. Though Zoho CRM doesnt have all the bells and
whistles found in other solutions, its affordability and potential for customization earn it a place on this list of emerging
vendors.
Challenges.
The challenges associated with a CRM solution include the need to invest significant amount of money in the
process. ===== Cost & investment
As the CRM solutions do not come cheap, businesses must make the required investments and be prepared to wait
and let the benefits actualize instead of being impatient and demanding instant solutions.====Paitence
The point here is that CRM implementations are usually long drawn affairs, which means that the commitment from
the businesses must be deep and meaningful. ===Commitment.
Further, there is the slip between the cup and the lip as far as CRM implementations are concerned. These relate to
the lack of coordination between the businesses and the vendors that usually result in the requirements being not met
because the vendors did not understand the requirements properly and the businesses were pressurizing the
vendors for faster implementations and quicker results.
Apart from these challenges, the users need to be trained properly and this is an aspect that does not receive the
attention it deserves.
This is because of the fact that unless the users are trained in using the CRM software, there are likely to be
mismatches between the user expectations and the reality of the implementation.
Statisiitcs.
1. CRM is expected to grow to a $36.5 billion market worldwide within the next
three years! (Source: Forbes)
2. 43% of customers use fewer than half the features they have on their CRM.
(Source: Salesloft)>> Tweet this stat!
3. 72% of users would give up all the extra features just to get a CRM thats
easier to use. (Source: Salesloft)>> Tweet this stat!
4. Only 47% of all companies have CRM software. (Source: Smart
Insights)>> Tweet this stat!
5. 24% of companies use SaaS to complement their on-site CRM solutions.
(Source:Baseline)>> Tweet this stat!
6. The average ROI for CRM is $5.60 for every dollar spent!
(Source: Baseline)>>Tweet this stat!
7. CRM increases sales by up to 29%. (Source: Salesforce)>> Tweet this
stat!
8. 25% of Facebook and Twitter users expect a reply to their complaints via
social media in less than 1 hour. CRM can do this. (Source: Media
Bistro)>> Tweet this stat!
9. 66% of social media users expect a response within a day. (Source: Media
Bistro)>> Tweet this stat!
10. 79% of all marketing leads are never converted to sales.
(Source: Pardot)>>Tweet this stat!
11. 65% of small businesses who use social business tools expect positive
ROI on their CRM. (Source: Salesforce)>> Tweet this stat!
12. CRM is the #1 enterprise software in projected growth.
(Source: Salesloft)>>Tweet this stat!