CRM stands for customer relationship management and, as the name suggests, it is used for managing your relationships with customers.
How can Kulture Konnect support your CRM efforts?
Having a CRM allows any business to increase leads, accelerate sales, organize their contacts and better serve their customers. We can help you with the following:
Deals pipeline set up
Being able to have a clear picture of your sales funnel is crucial. We can assist you in setting up your deals pipeline so you can have the necessary intel of where leads and deals stand in order to take actionable steps.
CRM set up and clean up
The purpose of a CRM is to keep all details about leads and customers in one place. This means that maintaining a clean database is of utmost importance. We can help you with the set up of your CRM on Hubspot, importing your contacts, identifying and removing non-valuable contacts (duplicates, spam, offenders, and more), creating and implementing additional objects to show specific details, set up of chat bot, task management, email tracking/notifications, meeting scheduling widget set up.
A CRM system allows you to track interactions, data, and notes about customers or prospects and keeps all this information in a centralized database accessible to multiple people within an organization. The main purpose of a CRM is to streamline sales, marketing, customer service, and more by reducing unnecessary clutter and paperwork, speeding up communication, and improving customer satisfaction.
How can I measure the ROI of a CRM?
If you’re here, we would have to assume that things like lead generation and revenue growth are important for you and your business. This means that whether you’re already using a CRM, or you’re thinking of implementing one soon, this question keeps flying around in your head: “Is it worth It?”
The global tech analysis firm Nucleus Research, says that the average ROI on a CRM investment is $8.71. In other words, CRMs return almost $9 for every $1 invested. However, this can be misleading because the return really depends on three key factors:
- CRM features vs company’s needs
- Whether your staff is actually using the CRM
- If your staff is in fact using the CRM, whether they are using it correctly
But, assuming that all of these three factors are fulfilled, there are a few metrics that you can use to measure the success of your CRM:
Speed to lead
How quickly your sales team reaches out to leads after data-capturing makes a whole difference. In a study published in Forbes and the Harvard Business Review, it was established that “the chance of qualifying a lead when responding within the first five minutes is 21 times higher than when responding within 30 minutes.”
This can have a great impact on your conversion rates, and there is a simple strategy to improve your lead nurturing processes: consistent follow up. It is of general knowledge that prospects say “no” at least four times before saying “yes.” Unfortunately, only a few sales people continue with the fifth touch point.
Segmentation is key in a CRM as your sales team can offer relevant information and services to the most responsive groups of customers and leads to better match specific products, services or offers.
Employees waste an average of 55% of their time on administrative tasks, and your sales team is not unfamiliar with this situation. With a CRM you can automate a lot of your sales team’s routine actions, potentially saving hours that can be better spent on revenue-generating activities like active prospecting.
Sales staff productivity
Your sales team performance is not a fixed variable and is influenced by many things. However, individual and team productivity is a goal that can be measured and incentivized. A good CRM will allow you to analyze the number of leads processed and compare it by lead sources and other groups within your team. In cases like this, metrics like close deals per rep can be at your fingertips.
Having a CRM comes with many revenue opportunities. But, you will have to be aware that simply installing a system and telling your reps to use it won’t cut it. Implementing a CRM is not only an investment, but also a commitment that involves everyone in your business.