CRM systems (Customer relationship management systems) have come a long way in the last decade. What was once a privilege restricted to only the most elite and advanced marketing teams is now widely available and some could say almost a vital component of marketing for all businesses. However consequently, the sheer volume of CRM systems available has also exponentially shot up making it much harder to make an informed decision about which one is right for you.
Customer relationship management (CRM) software is one of the most important pieces of software most major companies have in their arsenal. Allegedly, acquiring a new customer can cost five times more than retaining an existing customer. The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%. So, why is CRM so important?
To put it simply it tracks interactions you have with your customers and provides a complete picture of where you stand in regard to customer relations and how you are doing at the moment. The basic information held by CRM software is firstly the client contact details like name, phone number, email address etc but can also store the details of those phone calls, meetings and emails that are completed or ongoing.
But is the cost really worth it? Definitely. Here’s why.