Are you a small business owner still debating the value of CRM? Consider this: A recent study by Nucleus Research revealed that every dollar invested in CRM has a return of more than $5. Nucleus based the figure on 70 case studies of companies in several industries and various sizes, including giants like Microsoft and Oracle.
The study stated, “In terms of overall financial value the CRM projects studied in this analysis delivered 63 percent direct benefits, such as cost savings or avoided hires, and 37 percent indirect benefits, such as increased productivity or greater customer retention.” If numbers like these don’t make you sit up and take notice, you’re probably not paying attention.
Some of the details of the study aren’t as spelled out as I’d like, but it’s difficult to argue with the outcome. The CRM industry is growing. In 2010, the industry achieved global revenue of more than $16 billion. The 2011 numbers are currently estimated at year-over-year growth of 7.6 percent with global revenue up to $18 billion. And as social networking, mobile access, and the related analytics continue to evolve, the power of CRM will only increase.
If you’re not currently using a CRM, what’s holding you back? Up-front costs are low, delivery is simple, and you’ll be more productive. Just think about a nightmare scenario in which your current system is lost. Then ponder how relieved you’ll feel knowing that your database is completely secure.
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