This article is a recap of “Growth Decoded” a show that investigates the relationship between the customer experience and business growth — one topic at a time. Register here and join the quest to conquer the customer experience!
Did you feel that? Chances are you didn’t. Because CRM to a lot of people is, well, boring. But it doesn’t have to be! It can actually be quite exciting. Let’s take a look at why.
First of all, let’s get on the same page here about what we’re talking about.
What is a CRM?
CRM stands for Customer Relationship Management, and it’s a process or a system to manage all your company’s interactions with current and prospective customers. CRM has become pretty synonymous with CRM software — or the tool that you use to manage your customer info.
And when you put “sales” in front of “CRM” ? Now we’re talking about getting more customers.
So — we’re talking about a software tool that helps you get more customers by managing your relationships with them. After all, it’s right there in the acronym.
Sales are important, for obvious reasons. And therefore, CRM is pretty important too.
According to Fortune Business Insights — CRM software is one of the largest software markets in the world and its growth continues to accelerate. The CRM industry is expected to reach over $129 Billion USD by 2028 — with a Compound annual growth rate of 12.1%.
According to Grand View Research, 91% of companies with 10 or more employees have deployed a customer CRM system in their org.
So if this thing is so big, and so important, then… How does it work? How does it help you add new customers? How does it help you stay on top of your leads?
A sales CRM keeps all of your customer information in one place. It’s the source of truth for your customer facing teams when they need to know:
- Who to follow up with
- When to follow up with them
- What their situation is
- Any and all previous communications with a customer
- Which contact from an account is best to reach out to
- A customer’s status
- The last time someone talked to them
- Any specific details about an account or contact
A CRM organizes your follow-up — it can even help you prioritize your tasks so you never let a lead fall through the cracks.
But all of this takes time.
The average CRM user spends 5.5 hours a week entering information into the CRM. That’s 286 hours a year (7+ FULL work weeks)!!!
- Adding deal notes
- Setting reminder tasks
- Moving a contact to the next stage of your sales process
- Leaving voicemails and logging them
- Realizing that you’ve made a typo in a contact’s email address
- Logging emails and phone calls
- Getting frustrated that contact information is out of date
- Double-checking their deal stage
- Updating contact information
- Realizing that you’ve made another typo in a different contact’s email address
Look — you’re going to spend time in the CRM. But the idea isn’t to spend that time moving information from over here to over there, or fixing typos, or furiously looking for a contact’s LinkedIn profile to make sure their job title is up to date.
You want your CRM to work for you, to help you sell better, faster, and more efficiently.
The best part is that you can automate a lot of this stuff.
You can combine the organizational capabilities of a CRM with the efficiency and time saving capabilities of sales automation and turn your sales CRM into a revenue engine for your business.
In episode 4 of Growth Decoded, we wanted to find out how. Check it out:
Watch the episode above to learn:
- How a sales CRM helps you stay on top of your leads
- Which businesses benefit from a sales CRM
- How to take your sales CRM to the next level with sales automation
- Ways to use lead scoring to prioritize your follow-up
- Which automations you should start with
- How to define and automate your sales process
- How to use automation to streamline your sales process