Show Me the ROI: How a Bespoke CRM Can Instantly Earn its Keep
Regardless of the industry or size of your business, one of your primary goals when taking on a new system or process will always be getting the best return on investment possible. Why? Because everything that comes into your business needs to ‘earn its keep’ to prevent funds from simply being wasted.
Unfortunately, it’s the fear of securing a healthy ROI which puts many organisations off of moving away from their current CRM and trying something new – especially when living in uncertain times, post-Brexit referendum. That’s why in this week’s blog, we’ve taken a look at three ways an out of this world bespoke Lunar CRM earns its keep, faster than you can say ‘blast off’!
1. Savings from the Start
Let’s start short and sweet. The first and most immediately noticeable ROI comes from the initial movement towards a bespoke CRM. Within minutes, you’ll be paying less for more – and that’s a saving which keeps on accumulating as you move further away from things such as in-house servers, maintenance costs and time spent on training. Our Lunar team can also guide you through setting up your first dashboard, making the savings start the moment you do.
2. Bring Something New to the Table
The beauty of a bespoke CRM comes in its ability to gobble up all the data you give it to create instant, in-depth reports. Gone are the days of trawling through figures and feedback to get what you need; now, it’s just a few short clicks away. What does that mean for you, apart from shorter waiting times? It means you’ve got the strategic capabilities to develop new services to sell to your existing customers!
Combining this time saving with the information provided by your bespoke CRM grants you the freedom to explore how your business can do more for its customers. Their usage statistics, feedback and the popularity of your current offering gives you a healthy insight into which services would be useful, which would be appreciated, and which should simply wait in the wings. Once that service is set up, the CRM essentially pays for itself!
3.Time is Money
As the old adage goes, time is money – and when you own a business, you know all too well how true that is. Although building and maintaining relationships with clients is the primary focus of any CRM, saving time for your team through marked workflow improvements is also a priority. Tally up the number of hours spent working with a clunky, off-the-shelf option – including training, maintenance, updating and downtime – and monitor the huge time savings once your bespoke CRM has been introduced.
The beauty of that freed up time is what you can achieve with it. Perhaps your team can use the extra time for personal development to elevate your organisation’s offering even higher? Perhaps output can be doubled with all those spare hours? Maybe the workflow measures highlight areas and individuals which need improvement? The possibilities (and ROI) are endless!
How Do I Measure this ROI?
It’s all well and good telling you to expect an ROI, but if you’re not sure what to look for, then it might not be immediately visible. As mentioned above in point three, you need to take note of the hours racked up dealing with your current system. Monetise those hours – this is usually done by factoring in your employees’ cost per hour – and you’ll be able to compare the two figures. For new services, work out the profitability possible when costs are removed from revenue and compare with the monthly cost of a bespoke CRM. Keep your eye on these costs and watch the return come rolling in!
These are just some of the simpler ways to measure ROI with your new bespoke CRM, but our Lunar Team will be able to shed some more light on the matter from mission control. Simply get in touch to find out more or to request a free demo!