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Why CRM Software is a Logical Long-Term Investment

By Steve Stroz on Oct 22, 2018 3:00:00 PM

Businesses are often faced with the difficult task of staying modern while still making prudent long-term decisions. Particularly now, there are many new software developments that allow businesses to communicate with clients efficiently. While much of the software would have an immediate impact on customer relations, not all of the programs or applications will still be relevant in a few years time. Businesses therefore have to keep the balance between being trendy and making logical long-term investments.

Of all the customer relations software on the market today, experts remain confident that CRM software will be relevant in the distant future. CRM software has been growing and developing over the past few years, and it's expected to stay on that path.

A recent Gartner study asserts that CRM will continue its growth over the next few years. The company's research states that CRM software revenues will grow in 2014 and 2015.  Joanna Correia, research vice president at Gartner, voices her opinion of CRM software in the study and explains which areas of investment are particularly important:

"CRM will be at the heart of digital initiatives in coming years. This is one technology area that will definitely get funding as digital business is crucial to remaining competitive. Hot areas for CRM investment include mobility, social media and technologies, Web analytics and e-commerce."

CRM is the ultimate software for managing customer relations. It provides sales teams with the tools and information they need to keep their clients happy. With CRM software, sales representatives don't have to start from scratch with each client, rather they can look up their past order history and assist them through a simple order process.

In addition, it benefits the clients because they are able to place their orders quickly and with a reduced chance of error or miscommunication. This strengthens customer loyalty and lays the groundwork for future business deals.

If you would like more information about CRM software, contact us.
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The Opportunity Cost Associated With CRM Software

By Steve Stroz on Aug 27, 2018 3:00:00 PM

CRM software can have a powerful impact on a business' sales process. Sales representatives are better equipped with data and information so they can be more effective in their talks with clients. The data gathered and compiled by CRM software can increase efficiency within a company.

Considering all of these benefits, there's certainly an opportunity cost associated with CRM software. In other words, choosing not to invest in CRM software can actually cost a business money. Instead of enjoying the benefits of the software, the company would be staying stagnant while their competitors pass them by.

A recent Business 2 Community article discusses CRM software and explains how a business can lose money by not investing in the software. This perspective also takes into account the rising costs of the service:

“Another built-in benefit of choosing a robust platform at the start of managing associations comes in the form of future savings. Manpower, equipment upgrades, loss of opportunities and allowing your competition to hurdle you add pressure to those deciding to switch relationship database software later down the road. Costs will inevitably grow, constraining business growth.”

CRM software is a long-term investment. Businesses that worry about the initial cost aren't focusing on the long-term benefits of the software.

Another thing companies should keep in mind is how their competition will benefit from the software. Any business that has crucial data about their target market has an edge over their competitors. It may not make a big difference in the first few weeks, but after a few months it will be evident. If a business doesn't want to fall behind in their market, they should focus on collecting data and information about their sales and customers.

Businesses should think of the opportunity cost if they're unsure about CRM software. Choosing to save money now may be a bad financial decision in the long run.

If you would like more information about CRM software, contact us.
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