Customer Relationship Management solutions like other business software applications need to pay for themselves or the investment may be ill conceived. The gains that a well implemented solution such as Microsoft Dynamics CRM are very measurable. These areas include:
- Customer service
A recent study conducted by Forrester Research revealed significant results in discovering what the return on investment in a CRM solution might be. 95% of companies surveyed reported solid gains in marketing. A closer look at the research tells the story. A 4.2% increase in productivity, 3.7% increase in profits and a 3.4% reduction in administrative costs associated with marketing activities.
In sales the study showed that 87% of the companies included in the survey saw benefits by adding a CRM solution. They experienced a 4.5% gain in productivity, 4% in profit growth and a 3.7% reduction in administrative costs. The survey also showed that customer service can see a positive impact when a CRM solution is introduced.
97% of the surveyed companies experienced a benefits from a CRM related to customer service. These included a 4.2% increase in productivity, 3.5% less customer churn (customers that leave versus needing to add new customers to make up for the loses) and 3.5% in reduced administrative costs.
You may be asking yourself what does this mean to my company or how does this apply to my situation. These are great questions. It is important to apply the findings to a real life situation. In my next post I will apply the results of the survey and the percentages that were revealed by the companies surveyed to a real company using data they supplied. I can tell you this much the results will be surprising.
How a CRM is implemented is a key factor in realizing these returns. This is where we at Beringer Associates come into play. We have helped clients maximize their investments in IT products for more than 20 years. Our services are different from other IT providers on the market because we have a long-term implementation strategy that follows best practices and support to help companies grow. If there are any issues with the software, we are available 24/7 to fix the problem so it will not impact your business.
If your distribution company wants to finally leverage up-to-date data to enhance your customer service, contact Beringer Associates today.