Evaluating CRM return on investment, Roi of CRM, Roi on CRM

Customer Relationship Management (CRM) is the business strategy that organisations are adopting to improve relationships with the customers for rapid growth and profitability. Customer Relationship Management solution brings technology into the marketing and sales process, integrating and automating all customer-facing activities.

A healthy relationship with the customers, channel partners and suppliers are essential for business growth. Customer Relationship Management helps in company-wide integration and process alignment to customer, channel partner and supplier requirements.

Customer Relationship Management streamlines business processes like sales, marketing, order execution, customer service and support to maximise productivity, throughput and customer satisfaction levels. Customer Relationship Management helps in technology and resource alignment to gain more in-depth insight and understanding of behavioural patterns of the target market. This, in turn, helps in providing a platform for smooth, efficient and effective communication within and outside the organisation.

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Customer Relationship Management (CRM):

CRM automates all the front line processes and functions of an organisation including marketing, sales, order execution and customer support.

Highlights:

• Present a single face to the customer
• Increase insight into crucial customer issues
• Increase revenues through up-selling and cross-selling
• Increase sales pipeline visibility
• Enhance the speed and reach of interaction
• Be in control of individual and team activities
• Consolidate and streamline communication channels
• Forecast future requirements and growth trends
• Win-Loss Analysis

What is the ROI from CRM?

CRM can provide businesses with significant cost savings and new growth opportunities.

Increased Efficiency Levels:

CRM streamlines the day to day activity of the organisation, thereby increasing employee efficiency and morale. This results in increased employee productivity, thus saving the manpower cost.

Customer Retention (Cross-selling & up selling):

CRM maintains complete customer history helping you to know your customer better. This information helps you to serve your customer as per their taste, ensuring customer retention, repeat business.

Also Read: Mobile CRM: are you already a digital company?

Reduced Sales Cycle:

CRM interaction manager helps to keep the sales and marketing team up to date regarding the current status of a prospective customer. Further assisting in follow-ups, correspondences leading to a quicker response and reduction in the sales cycle.

Resource Performance Analysis:

CRM executive performance analysis reports equip the top management with the data and knowledge required to review individual capabilities and performance. This again helps the customer to deploy the right people on the right task.

Overhead cost Reduction:

CRM helps organisations to reduce the overhead costs like fax, telephone, courier etc. by automating the correspondence activities. Thus it promotes the concept of paperless office while reducing the existing paperwork to a minimum.

Ensure Payment Collection:

‘CRM’ and the credit limits maintained by the software helps to keep the cash flow of the organisation.

Retain critical business information:

 ‘CRM’ organises the company information like customer history, lead generation and management, order details etc. at a centralised location thus ensuring that the business retains critical business information in-house and remains unaffected by the manpower turnover.

 Tailor Services to Customer needs: ‘CRM’ empowers the organisation with complete customer history helping, in turn, to make better judgements regarding the customer and forecast future customer requirements.

Improved Customer care:

‘CRM’ can help organisations in providing the highest degree of customer satisfaction that is valuable for organisations with a focus on customer care and well being.