The challenge with prior article mentioning $5.60 ROI study Technology Promise is it does not typically examine firms that invest a lot in CRM technology and then squander it through poor planning, shifting goals or adoption failures. It is unlikely they would talk about it, for career security reasons.
As suggested in other blogs on this website to succeed: you need to engage users inclusive of leadership/management commitment at a minimum. Developing an innovative plan enabled by this technology investment would be ideal.
Participants of Nucleus Research’s study reaped $5.60 reward because they remain engaged with their CRM efforts throughout the life cycle. They planned, achieved, and set up, but then they keep evaluating what they’re doing. In others they were Score Keeping
Specifically, they viewed their CRM investment beyond simply a technology project, or a fire-and-forget answer to their needs. Similar to Gartner's assertion, they focused on all technology being business outcome-driven. They understood its advancing nature as a project that can benefit from outside perspective, at times. If you’re willing to spend in energy, attention and money, you’re far more likely to get the ROI you’re hoping for.
Consider what’s unexplored below the iceberg waterline of today's CRM. For example:
- Integration: Persistence of silos of information inside the organization.
- Extension: Limited use of CRM applications with small number of users
- Collaboration: Lack of user adoption
bEffective helps lay critical groundwork to help you avoid some of the pitfalls that lead to a project’s failure to deliver the expected ROI. According to CRM Buyer, there are five common mistakes that regularly contribute to these failures:
1. Businesses simply replace one set of information silos with a new set of CRM silos.
2. There is no gap between the respective, often conflicting, goals of sales and marketing – two of the most important departments in any CRM project.
3. Managers demand reports for their own sake, but never study or translate their findings. The result is that they uncover no intelligence to drive the business — even though surely the main reason for investing in CRM is intelligence gathering.
4. Managers ignore what the CRM project reveals to them about their customers, and carry on trying to control the conversation – disregarding social media best practice.
5. Having managed CRM effort, businesses continue their merry way with idea that simply having it in place will get them closer to their customer.
Avoiding the mistakes listed is by careful planning. This should start before you even think about calculating your ROI.
CRM initiatives must be technically sound and answer the question, “What is the return on our money?" Does your CRM project focus on defining business results while hindering risk? bEffective’s ROPE (Return on Pain & Expectations) methods ensure that your CRM plan addresses four critical questions: Are any benefits realized? What is the impact on project costs? Is future flexibility increased? Did we reduce risks?
And bEffective is there to help you with those questions.