Over the past decade, businesses have been investing more and more in customer analytics . This investment has been proven to be effective in improving communication with clients. CRM software can assist businesses with their customer relationships and has a good ROI.
New research shows that companies that invest in customer research outperform ones that don't. Here are the results of a recent report conducted by Aberdeen Group (the percentage symbolizes the year percent change):
19.7% customer win-back rate for users, 9.0% for nonusers
6.8% cross-sell and up-sell revenue for users, 2.6% for nonusers
6.2% customer retention for users, 3.6% for nonusers
3.7% improvement in average customer care costs for users, 0.7% for nonusers
3.3% revenue from customer referrals for users, 1.6% for nonusers
3.3% customer lifetime value for users, 0.9% for nonusers
As you can see from the statistics, customer analytics have a major impact on sales and customer relationships. In just about every major statistic, companies that use customer analytics outperform companies that use a more traditional approach.
If your business is considering CRM software, like ACT!, Hubspot, Salesforce, or Zoho, but is not sure if it's worth the money, then take another look at the statistics and compare it to the costs. If you're looking to increase customer win-back rates or up-sell revenue, CRM software can help you finish the job. For companies with these needs, CRM software will almost definitely have a positive ROI.
In addition, compare the cost of CRM software to other steps you would take to increase your customer win-back rate. Inbound and outbound marketing may be useful in this area, but they aren't free services, either. One way or another, businesses are going to have to pay to increase their win-back rate. CRM software may be the most cost-effective solution of the bunch.
If you would like more information about CRM software, contact us.