Is it Complicated? Maybe, but the Benefits are Worth it!
A Customer Relationship Management (CRM) solution is a cloud-based solution that meets the needs of online merchants. A modern CRM solution helps online merchants develop cross-channel strategies, while traditional CRMs were designed to support sales teams in customer relations. With the ability to precisely profile customers through modeled data, a CRM offers much more than just tracking orders.
Benefits of a CRM
The CRM industry is valued at $36 billion and growing, with projections of exceeding $40 billion in 2020 as CRM designers cater to the rapidly growing e-commerce market.
CRM solutions have one of the highest growth rates, with an estimated 27% of all cloud computing solutions being CRMs.
A CRM can deliver an impressive return on investment (ROI) of 245%, with a recent study showing $5 return for every $1 invested (Forrester).
87% of CRM solutions are hosted in the cloud, providing real-time access and data security from any location (Software Advice).
Mobile CRMs can increase sales quotas by 65%, compared to just 22% for non-mobile solutions (Innoppl Technologies).
The cost of customer service can be reduced by 40% with the right CRM solution (Microsoft).
Companies using a CRM have improved customer relations by 74% (Super Office).
The adoption rate of CRM solutions is growing, with 26% of businesses opting for cloud-based solutions (Customer Think).
Integrating a tailored CRM solution can increase revenue by 41% within 36 months (Information Age).
Teams using a CRM have a 47% better conversion rate with nurtured prospects and customers (HubSpot).
A CRM can improve the cash value of a business by 40% in the event of a sale or merger (Big Contacts).
The cost of prospecting decreases by 23% with a CRM in place (Super Office).
Businesses improve customer retention by 26% with a CRM (Client Look).
Mass mailing is a popular CRM functionality, with apps like Zoho Campaigns being in high demand (Forbes).
More than 70% of companies using a CRM have adopted it as a customer service tool, rather than for lead generation (Tech News World).
The use of mobile CRM is growing rapidly, with studies projecting a 500% increase in companies using CRMs by 2020. Mobile CRMs also improve business productivity by up to 20% (Forbes).
In conclusion, a CRM is a must-have for businesses looking to improve their customer relations, reduce costs, and increase revenue. With so many benefits, you would be crazy to miss out!