CRM is an important tool, but it is just a tool. When the laptops are shut down for the day, it’s your sales team that is responsible for bringing value to clients and driving revenue. Implement your CRM with that in mind and you’ll be pleased with your ROI.
In 2017, CIO magazine reported that around one-third of all customer relationship management (CRM) projects fail. That was actually an average of a dozen analyst reports. The numbers ranged from 18% to 69%. Those failures can mean a lot of things — over-budget, data integrity issues, technology limitations, and so forth. But in my work with clients, when I ask executives if the CRM system is helping their business to grow, the failure rate is closer to 90%.
The primary reason they miss the mark in helping companies increase revenue is that CRM systems are too often used for inspection — to report on progress, improve accuracy of forecasts, provide visibility, predict project delivery dates, and provide a range of other business intelligence — rather than creating improvement in the sales process. Front-line sales professionals and managers rarely find the majority of these capabilities useful in winning more business for the company.
CRMs today also serve a lot of masters, from executives in the C-suite, technology, marketing, finance, and, oh yeah, sales. They try to address more objectives than are reasonable for any software system. I recently led a working session for a team of executives looking to select a CRM provider. By the time everyone weighed in on their must-haves, we had identified 23 unique objectives. With such a diluted focus, it’s virtually impossible to succeed.
This story is from the July - September 2019 edition of thinksales.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July - September 2019 edition of thinksales.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Getting Over Your Fear Of Cold Calling Customers
A recent research study found that 48% of business-to-business salespeople are afraid of making cold calls.
10 Tips To Get Honest, Productive Feedback
Great leaders are great learners. Their never-ending pursuit of information pushes them to constantly improve and sets them apart from the rest. Getting and learning from feedback isn’t always easy, but it is necessary, if we want to become better.
The 5 Things All Great Salespeople Do
The best salespeople know they’re the best. They take pride in their art form. They separate themselves from the rest of the pack regardless of circumstance. So how do they do it? What’s their secret? Are you one of them?
Why Trade Shows Are Worthy Of Your Marketing Budget
Given unrealistic expectations against a modest budget, marketing leaders are routinely tasked with making trade-offs on what stays and goes in their annual budget. In a highly digitised world, trade shows might seem like the ancient way to do things, but they remain one of the best forums for exposure to customers. Increase your success rate with trade shows through more thoughtful planning that aligns sales and marketing to common goals and objectives.
Why CRM Projects Fail And How To Make Them More Successful
CRM is an important tool, but it is just a tool. When the laptops are shut down for the day, it’s your sales team that is responsible for bringing value to clients and driving revenue. Implement your CRM with that in mind and you’ll be pleased with your ROI.
Is Your Corporate Strategy Paying Off?
Key questions to determine if your strategy is working.
3 Ways to Improve Your Ability to Diagnose
Selling requires a strong ability to diagnose the client’s problems and challenges.
How To Create Compelling Content
How do you create content that cuts through the noise? How do you get attention now that there is a glut of content being created?
Build Up Your Resilience By Asking Yourself Two Simple Questions
You may surprise yourself and find good in the bad.
How Marketing Can Increase Customer Lifetime Value
Marketing can play a pivotal role in boosting customer profitability.
