Some Cold Hard Stats on CRMs

The market for CRM has grown to become one of the largest in the world, and it’s still expanding. Companies of all sizes are adopting this technology to streamline their workflows and provide better customer service. 

In 2022 alone, SuperOffice discovered that CRM usage increased from 56% to 74%. Experts predict CRMs will generate around $80 billion in revenue by 2025. 

One of the factors contributing to this growth is that most of the dominant CRM software is cloud-based. Additionally, many CRM software are accessible on mobile devices. Hence, salespeople can access the CRM anywhere and at any time.

Another major factor that influences the growth of CRM is the benefit it offers to businesses. From increased sales to improved customer experiences, the benefits are vast. Here are some solid stats on CRMs that show how beneficial they are to businesses:

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1. Increased Revenue

CRM effectively helps sales reps organise their workflow, automate administrative tasks, and leave them with enough time to spend with customers and do high-priority sales tasks. In other words, CRM helps sales reps reach out to customers on time and increase their customer base.

According to 45% of businesses, adopting CRM software helped them improve sales revenue. Furthermore, Nucleus Research reports that 65% of businesses that employ mobile CRM meet their sales quota. Nucleus Research also reports that for every $1 spent on CRM, you can expect an $8 ROI. However, recent studies suggest that the ROI ratio may reach as high as 30 to 1, which is $30 ROI for every $1 you spend on CRM. 

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2. Increased Rates of Customer Retention

According to a study, 47% of CRM users report that it helped them increase their customer retention rate. Also, 47% claim that it boosts customer satisfaction, which has a direct impact on customer retention. 

A different study by Invesp suggests that a 5% boost in customer retention can yield anywhere from 25% to 95% profits. The quality of your customer relationships plays an important role in your customer retention rates. While the products play a part too, it’s no secret that happy customers make loyal customers. 

The easiest way to ensure that you create a good customer experience is to adopt CRM. A CRM can help you create a personalised customer experience for each customer to boost customer satisfaction and retention.

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3. Improved Productivity

Errors cost time and money, and manual data entry is error-prone and time-consuming. An efficient CRM software significantly eliminates the need for manual data entry. This, in turn, improves the satisfaction of your sales reps and enhances productivity. 

Forrester claims in a study that 50% of teams enhanced their sales productivity by adopting mobile CRM. Another study also reports that companies using CRM can boost their productivity by 50%. 

A CRM like Pipedrive achieves this through its sales automation features, which automate every step of your sales process and repetitive tasks that take time. An efficient CRM software will help your sales teams speed up everyday operations and focus more on profit-yielding tasks. And just like other companies using CRM, you can cut labour costs by 20%. 

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4. Better Customer Service and Satisfaction

CRM helps your sales teams deliver top-notch customer service. To back this claim, a 2018 study reports that 85% of companies using CRM see improvements in their customer experience due to the availability of real-time customer analytics. 

Providing excellent customer service is important because it influences customer loyalty and, ultimately, the growth of your business. This fact is backed by a survey by SuperOffice, which concludes that 86% of buyers are willing to pay more for excellent customer service. 

An efficient CRM provides insights into your customer’s behaviour that salespeople can use to provide personalised customer service for each customer and faster responses to queries. What this means for your business is more sales because 80% of buyers are most likely to patronise a brand offering a personalised customer experience. 

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5. Highly Effective Marketing 

According to a recent report by Blue Research, 94% of customers stopped communicating with companies that sent irrelevant messages. 

CRM systems provide your marketing teams with the resources they need to efficiently segment your customer base, allowing you to fine-tune your marketing message. 

Furthermore, a Capterra report shows that 39% of businesses claimed that CRM software improved their upselling and cross-selling efforts. Another study also reports that companies using CRM see a 300% boost in their conversation rates. 

A good CRM system gives you in-depth knowledge of your customer base, which helps you fully understand their behaviours and preferences. Consequently, you can develop more effective and targeted marketing campaigns. 

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Conclusion

CRM software has proven to be a beneficial technology for businesses to increase their revenue, enhance customer retention and loyalty, improve sales teams' productivity, and empower them to provide better customer service. Your marketing team is not left out; CRM also helps to improve the effectiveness of your marketing campaigns. 

These benefits, backed by statistics, leave no room for doubt that CRM is the perfect tool to help your company grow. Pipedrive CRM stands tall as one of the best CRMs on the market today, with much more benefits than your average CRM. 

Pipedrive experts at Motii, the No. 1 Pipedrive CRM partner, can help you implement Pipedrive CRM and train your staff on how to optimise the technology. Contact Motii today to get started. ‍

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