As we approach 2024, strategic planning takes center stage for companies worldwide. Many of these plans focus on achieving growth and increasing profitability. To drive profit, you have several levers to pull: increase price, increase volume, and/or decrease costs. How does a CRM software platform fit into a company's strategic growth goals? It can and should be a major factor in increasing volume and decreasing costs, and it may even have data to inform pricing decisions.
Unfortunately, CRMs often seem like an expensive, underutilized tool with unreliable information. However, what if your CRM could be properly utilized and have accurate data? That could translate into some real profit for your business in 2024!
Companies are increasingly using CRM software platforms organization-wide, not just within sales teams. This is because platforms are becoming more and more robust. So, here are three reasons why a good CRM can put your company on a strong trajectory for growth this coming year.
Unmatched Efficiency
New year, new processes! Regardless of what departments are using your CRM, there are ways it can help each employee's day go more smoothly and efficiently. Forbes states that close to 65% of sales reps spend time on non-revenue-generating activities. By fine-tuning your processes, implementing automation, and integrating additional tools used by your organization, you could be increasing your revenue-generating bandwidth without having to hire additional employees at a much larger cost. One example is to use lead scoring to help your sales reps zero in on the prospects who are most engaged with your marketing efforts and, therefore, more likely to buy versus prospects who aren’t engaged. Sales reps who use their time more wisely – by using their CRM effectively – will likely close more deals.
Compelling Data
Making strategic decisions without data to support those decisions is like taking a shot in the dark. When looking at your business plan for 2024, wouldn't it be great to have reliable data that you could report on and visualize with just a few clicks? Additional research by Forbes found that just under 80% of organizations do not trust their data. Making it a priority to use a CRM and ensure clean data can put your company in the 20% of organizations that do believe in their data and can make actionable decisions to reach their goals. Good data can help you decide when you need to hire or how you can better design your sales territories for maximum coverage. These are only two small examples of the power of data for driving growth.
Operational Value
A CRM can foolproof the way you do business. With different things like employee turnover, potential acquisitions, and overall scalability, CRM software can allow you to establish operational value for your organization. Operational value may include achieving cost savings, increased employee satisfaction, rapid growth, and the ability to stop spinning your wheel and take on additional initiatives as a company. For example, automating some processes in customer service can quickly add to your bottom line. Another example is to integrate your digital marketing platform with your CRM, so all go-to-market teams share the same data, which ultimately drives better alignment and increased effectiveness.
A study by Grandview Research showed that the CRM market was valued at 58.82 billion USD in 2022 and is projected to grow by another 14% by the time 2030 arrives. It is becoming increasingly important to operationalize your sales team and overall organization to keep up with the competition. How you use your CRM will make you stand out against your competition and hit your 2024 strategic goals.
TopLine has spent 25 years consulting in the CRM market, specializing in Zoho, HubSpot, and Microsoft Dynamics CRM platforms. We would love to come alongside your business as a strategic CRM partner. Our aim is to help you exceed your goals for 2024 and beyond! Reach out to our sales team for a free 30-minute consultation to determine how we can help! Contact us at 1-800-880-1960 or info@toplineresults.com for more information.
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