Customer Relationship Management (CRM) is vital for every type of business out there, and no doubt many companies are keen to adopt some form of CRM system to help them manage their customers and sales better. Yet even before you begin, you may have been bombarded with statistics stating that implementing CRM has a high failure rate of 63%, which means more than half of companies are failing in their CRM initiatives.
While this may be daunting, the reason why CRM fails at a high rate has nothing to do with installing or renting a program into your current business system. In fact, the problems begin even before you look into adapting any form of technology.
Work on the foundation
When planning your CRM project, it’s important to remember that CRM is not a technology based project. A CRM project involving technology should always be paired with strategy; the foundation of what will make your CRM a success. Your CRM strategy should consist of:
- Creating market awareness for your product and services
- Positioning yourself as market leaders
- Generating leads, prospects and increase revenue
- Customer experience strategy
- Customer loyalty strategy
And many more strategies that revolve around your business, your market and your customers.
Once the strategy has been formulated, only then can you consider the technology that will help support it best. The strategy doesn’t have to be a big one, with many steps and KPIs to consider. You can start in small steps, understanding what works for you in achieving your goals through getting to know your company and your customers better.
While it takes time and dedication to work on stretch hours to establish this foundation, it is worth it. You will find your CRM journey a lot easier and the percentage of success will be close to 70% once you have done your foundation correctly.
Remember: Do not rush through these key steps. Take your time to ensure your foundation is strong.