CRM is the largest market for software in the enterprise category as of 2022. While that means that CRM software in general is proving very popular, it also means that there is more competition in this space than ever before. There are a host of different solutions offering different feature sets to appeal to businesses that have yet to adopt CRM. There are several factors to be taken into consideration when choosing a CRM, such as price, ROI, and security to name a few.
To clear the air and make decision-making a little simpler, here are 5 key components that form the backbone of the most successful CRM solutions in the market.
User Adoption
By far the most significant barrier to businesses using CRM systems is low user adoption rates. According to Forrester, more than half of CRM implementations fail due to inadequate adoption rates.
One of the things that can convince users to switch to CRM is the visual representation of their data. If the UI significantly improves their experience, they’ll be less hesitant to make the change.
The following steps can also be helpful in getting users to buy into CRM:
- All reports should be accessible on the CRM instead of being spread across different software and hidden away in folder hierarchies.
- Onboarding and usability should be made as easy as possible by limiting data entry requirements, such as reducing the number of required fields on pages.
- Make the CRM adapt to the terms in use by your business by changing the default nomenclature.
Security
Data privacy and cybersecurity measures have taken top priority for businesses looking to adopt software that handles sensitive data. As CRM holds all your business information, from sales figures to leads and contact lists, it is important to make sure that the software complies with universal standards of security and privacy such as GDPR.
Luckily, there are features included in modern-day CRM that enable administrators to set up security measures to prevent data breaches. Some of these are:
- Role definition and access restriction based on the assigned user roles
- Password rules such as length and character requirements
- Implementation of 2 factor authentication
Functionality
The most obvious facet of any good CRM is the functionality it provides. If the software doesn’t improve productivity or the day-to-day user experience, it falls at the first hurdle. It is critical for a CRM to offer functionalities that suit a business’s specific needs. The more flexible a CRM is in this regard, the more value it will add to the business. Look for the following:
- How well do the core functionalities work?
- How many different departments can leverage different CRM features to improve their operations?
- Is it possible to optimize the CRM over time to better make it fit your business needs
Automation
Modern businesses look at CRM as more than a database to store business data. It is becoming increasingly important for a Customer Relationship Management system to be able to automate different processes to save precious time. Businesses should look to evaluate the potential for automation in different sectors, from sales to marketing to customer service, when choosing a CRM, as it will come in handy in the long term.
Data Quality
One critical element that elevates the CRM from a storage space to a utility is the ability to use available data to generate quality actionable insights, be it through reports, dashboards, or other forms of analytics. An increased improvement in data quality is critical to ensuring increased productivity and boosting ROI.
Conclusion
If the mentioned components are utilised correctly in your CRM, you will get the most out of the system while also improving your employees’ work experience.
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