Top 3 ways to sink the ROI of your CRM
By Amer Wilson
How often do you come across such figures: Our CRM saves 24 working hours per week; Using XYZ CRM we increased our Sales efficiency by 50%; Our CRM ROI is ever increasing since I implemented XYZ CRM. Using this CRM my profitability went up by 120% in just seven months. Or This CRM is a sure and only way to your Startup’s success.
Check out: 2 More Ways To Sink the ROI of your CRM
While all these figures may be true and I don’t claim that you’re being duped by such figures out there. But did you really think that only spending bucks on a CRM will land you a magical position in the market where your profitability will hike and you will grow ever stronger?
Can we attribute all these conceited figures to just investing in a particular CRM or is there a grey area involved which CRM vendors won’t tell you about?
Folks! The rule of thumb says: there’s always a grey area involved! Lets explore!
Without doubt CRM is one sure ways to boost sales, drive engagement, hike profitability and give you a competitive edge over others. But is only investing in a customer relationship management system sufficient for you CRM ROI? I ask you to
Beware of these 3 pitfalls which can be decisive factors between succeeding and ruining all of your CRM ROI, Time and Efforts.
1.Not Customizing your CRM- leads to ever stagnant ROI of CRM
Do you ever feel that you are unique and running your business the way you want? Think that your competitors do not perceive things like you do? Think your business processes and workflows are quite unique?
If you think you are genuinely unique, then it should be reflected in your CRM.
Many CRM vendors out there brag about their personalized CRM systems. Trust me! None of them have taken into account your exact business model before designing their CRMs.
Therefore unless you customize your CRMs to the exact processes and information flows you want, You are never likely to reach the point where you start forgetting about your CRM investing and start thinking how self-proud you are to have made the decision of investing in a CRM.
KEY TAKEAWAY # 1
An off the shelf solution doesn’t understand your business needs and will continue to be a source of friction in your business processes. You need to customize your CRM according to your exact business requirements and not the other way around.
2.Automation Deficient CRM- A sure way to ruin your CRM ROI
Huh what? Automation Deficient CRM? Let me explain!
One of the foremost pet-peeves for your Sales team is manual data entry.
Over 20% of sales professionals cited manual data entry as their top CRM challenge.
-HubSpot’s-State of Inbound Sales Edition report
After all, what is the point of all that CRM investment if the Salespeople have to tire their own fingers doing menial tasks? They could be shaking the hand of a potential client or contacting their leads instead. Do I need to remind you of the ‘ABC RULE’ of Sales? ‘Always Be Closing’
Now if your guys keep on spending time on manual data entries, would they be finding any time to listen to what clients or potential leads have to say? Chances are if your Salespeople are not listening, somebody else out there is training their Sales team to listen intently. ‘Not listening’ is going to cost you dearly.
What then is Automation Deficient CRM? It is one which does not let you automate several tasks at once. And trust me there are some out there which make tasks so difficult that your Sales Reps prefer doing things manually.
KEY TAKEAWAY # 2
CRM, among many other things, is most importantly a time saving device. Get a suitable CRM that automates your daily tasks and makes life. Such CRM gives you the options to customize your workflows, provides several reports with a single click and lets you do all the work with minimal switching between windows. Remember the time your Salespeople save will be spent on actual selling.
3.Failure to recognize the Difference between CRM systems and CRM culture
Your problems are not likely to vanish by simply investing in a CRM. I cannot emphasize it more that CRM is not a magic wand likely to make your problems go away with one swing.
The chances are you’ve brought a CRM and now waiting for it to work its magic and pave the way to your market success. Unfortunately, that won’t work.
Chances are your staff would not whole heartedly accept the new technology and this will hamper the CRM success you aimed for.
How to rectify this?
Bring a culture of CRM. Wondering how a company does that? Let me explain with a simple yet most potent tip!
‘Ask your senior most management to adopt it first’. It’s psychological: Your Salespeople can never be passionate about change unless it comes from the top. Furthermore, hold training sessions for the staff. Give them a sense of self development and personal growth that comes along with using better technology like the latest CRM systems.
KEY TAKEAWAY # 3
A CRM system in itself will not give you the ROI you expected. You will have to inculcate a culture of CRM in your organization. Passion about CRM will only flow from your senior most management all the way to the bottom. And once it’s done, it’s a wait and watch game to ever growing CRM ROI.
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