Without even talking about the instability of the economy, you can spend a lot of time worrying about the instability of your business or your industry market.
Worrying about what will happen next. Worrying if next year will be at least as good as this one. Worrying that something goes wrong and you won’t have enough saved up to weather the storm.
Each investment decision we make is the same in professional life as it is in our personal lives. We weigh the risk, the possibilities, the rewards, and everything in between before making a decision.
And there’s a lot of worry out there specifically about investing in CRM.
“It’s more than we can afford,” or “it’s just going to cost us too much.”
I’m here to tell you that you can’t afford to NOT invest in CRM, because not having one will cost you even more.
You can’t afford to not invest in CRM
We get it, CRM isn’t your bread and butter. But it is your ticket to lots more flavors and types of breads and an abundance of freshly churned butter.
CRM software is what will help you bring home the bacon faster, smoother, and more frequently than before.
That’s what CRM is designed to do: help your team sell better by cutting out the busy work, helping to focus their efforts, making sure nothing falls through the cracks, and helping to resell by retaining existing customers.
And that last one is an important one.
Because 1 existing customer is worth 5 new ones. If CRM software can help you retain just 1 customer, it’s like replacing all the hard work and cost of finding 5 new customers.
Bain & Company found that,”increasing customer retention by just 5 percent can increase profits by 25 percent to 95 percent.”
Imagine if you could retain 50% of your customers. You’ve already multiplied your earnings by 5x.
And that right there is one of the main functions of CRM: to help retain your existing customers by providing an environment for long-lasting relationship growth.
But that’s not even the half of it (or should I say, the 1/5?)
Statistical ROI for CRM
Just check these CRM statistics out and you might start singing a different tune:
- Revenue increases of up to 41% per sales person
- Decreased sales cycles of over 24%
- Lead conversion rate improvements of over 300%
- Customer retention improvements of 27%
- Decreased sales and marketing costs of 23%
- Improved profit margins of over 2%
Take a minute and go over the math in your head using your company’s numbers right now and tell me this isn’t a good investment.
And it gets better
CRM, especially cloud CRM software, is increasingly inexpensive.
JobNimbus, for instance, charges only $25 per user per month. Even if you have 20 salespeople in the system, if they can just make one sale more each, or if each one of them can retain one more customer than before, then the CRM has already paid for itself several times over.
All this unclaimed potential is money wasted
Think about it this way, your choice is between spending a little bit of money or losing a whole lot of money by not spending the little bit.
What, you crazy or somethin’?
Think about all the opportunities you’ve already missed. Think about how much time you could save. Think about all the customers you could make even happier.
It’s all about making a smart investment that’s built to pay itself back in dividends.
Like everything we do, we challenge you to give it a try. Start a 14-day free trial, no obligations, you don’t even need to pull out your credit card to sign up.
Throw it through the ropes and give it a shot. It might just be the best business decision you could possibly make.