21 CRM Facts Your Business Needs to Know Now
How can CRM help your online business succeed? With ecommerce expected to surpass $2 trillion in annual sales worldwide this year, it makes sense to have a strong strategy in place for success. Make sure you know these CRM facts so your team has the weapons it needs to skyrocket sales.
With CRM for ecommerce, you can plug the software directly into all of the sales channels that you are using. This not only gathers your customer information immediately for analysis, but also enables you to monitor trends, buying habits, return patterns, cost vs. profit, lead origination sources, conversion funnel tendencies and more.
Mike Lazar, ReadyCloud, LLC, Huffington Post: “Here Are 8 Ways CRM Can Benefit Your Online Business“
1. CRM is a $36 billion industry
CRM is quickly evolving. Over the past two decades, this industry has grown immensely in value. For 2017, it’s valued at a $36 billion global industry. By the year 2020, think tanks are predicting that it will be worth more than $40 billion.
2. CRM industry has 27% year-over-year growth
CRM has a higher growth rate than most other software industries, save for operating systems. With cloud CRM becoming the new norm, it’s propelled this industry to new heights.
3. CRM delivers an ROI of almost 245%
That’s what a recent Forrester study found when they followed a group of more than 2,000 employees that were split into groups at various companies. Other studies have found that CRM has an ROI of $5 for every $1 that is invested into the solution at an enterprise level.
4. Cloud hosted CRM comprises at least 87% of all active solutions
Gone are the days of desktop powered, client solutions. These days, studies show that the clear majority of CRMs are hosted in the cloud.
5. Mobile CRM skyrockets sales quotas
A study comparing mobile to non-mobile CRM systems found that companies that were using mobile solutions achieved 65% of their sales quotas, as compared to those that were not, which only achieved 22% of their sales quotas.
6. 65% of people using CRM want it to be easy-to-use
Of the most important feature sets desired in any CRM system, ease of use tops the cake.
7. Team productivity increases dramatically with CRM
With the right CRM system in place, the productivity of corporate teams has been found to increase by 50% or more.
8. Customer service labor costs drop with CRM software
If you have the right CRM system in place, studies find that labor costs for customer service decrease by as much as 40%, and in some cases even more.
9. CRM helps most businesses improve customer relationships
With numerous studies helping to feed this fact about CRM, the findings show that a whopping 74% of businesses improve customer relationships.
10. Most businesses will have a strong adoption rate
The average adoption rate, across the board, for CRM is about 26%. This number increases when cloud solutions are combined, and increases further when cloud and mobile solutions are integrated.
11. Revenue streams improve by a large margin with CRM
The right solution in place has been shown to improve revenue streams by 41% or more within 36 months of implementation.
12. Leads nurtured by CRM have a higher average conversion value
If your team uses this software to nurture leads, studies show that the average conversions value is 47% higher.
13. CRM helps increase the average purchase value
The right system can help your company improve the average purchase value by 40% or more.
14. The cost of leads goes down with CRM
Leads can cost a fortune these days. But with the right CRM in place, the cost of leads decreases by 23% on average.
15. Improved customer retention rates
With the right CRM, a business can improve their customer retention rates by 26% or more.
16. Email marketing is a popular feature in CRM systems
60% of small businesses report using CRM primarily for email marketing and gathering/nurturing of those inbound organic leads.
17. Customer service can set new milestones
Recent reports on CRM find that more than 47% of companies using it have improved their customer service rating overall.
18. CRM provides insights into a complete customer sales cycle
CRM isn’t just for marketing, it also helps you track the entire lifecycle of your customer. This includes from the originating sale or point of contact down to every order, shipment, return, inquiry and dispute.
19. CRM is equally as powerful a customer service tool as it is a sales fueler
A Tech News World study finds that 74% of companies using CRM report using it to improve customer service, not nurture leads.
20. Cloud CRM offers a secure way to store your customer databases
With an offsite hosted system in the cloud, such as the newer CRM systems offer, the customer database, settings and preferences are safeguarded by the cloud, intrusions are reduced and corrupt files are a thing of the past.
21. Mobile CRM usage is expected to increase by a staggering 500% by 2020
Studies are showing that mobile accessible CRM improves productivity by at least 15%, with most companies showing a strong 20% improvement.