INC. BRANDED CONTENT / CRM
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Customer relationship management (CRM) is a data-based approach that businesses use to improve customer retention, loyalty, and pro;tability. Most large enterprises adopted CRM years ago for a very simple reason: It works.
Research shows that ROI on a properly integrated CRM
solution can range from about $2.50 to $5.60 on every dollar
invested. CRM can drive signi;cant increases in lead
conversion and revenue generation, and it can improve
customer service by as much as 50 percent.
Yet, while surveys have found that most small and
midsize businesses (SMBs) are aware of CRM’s potential
bene;ts, only about a quarter of them have adopted it. One
reason may be a lack of understanding about what CRM
really is, says Joseph See, chief information officer at
Pepperdine University. “CRM is not a technology strategy.
It is entirely and solely a business strategy.”
SMBs may also be concerned about the time and e;ort
required to implement a CRM solution and how quickly ROI
can be achieved. “SMBs are businesses that behave like
consumers,” says Bastin Gerald, founder of Apptivo, a developer
and provider of CRM and related solutions. “;ey don’t have a
lot of patience. Everyone wants instant grati;cation.”
However, the latest generation of cloud-based and mobile-
friendly CRM solutions should help allay those concerns. And
with their ability to integrate multiple performance-boosting
applications, they have more to o;er SMBs than ever before.
Acquiring and retaining customers is the key to success
for SMBs, and they need a system that enables them to create
a repeatable process to manage all the interactions they have
with their customers, from simple questions about product
features to complaints and invoice inquiries. “If you have a
holistic view about your customer at the micro level and are
CRM LETS YOU USE DATA YOU
ALREADY HAVE TO WIN MORE BUSINESS