10 CRM Stats That Will Blow Your Mind
Businesses may find it easy to reign in new customers – but when it comes to retaining them for the long run, it proves difficult.
We can’t blame the business owner for this – after all, its a problem almost every business faces. With a world as dynamic and fast-paced as ours, there’s no wonder that retaining customers has become such an important – but tricky – task.
Instead of focusing on the problem, we should be fixed on a solution. What a business needs in this digital age is a digital solution: a system that can help manage customer relationships for you.
One such solution is the CRM system – short for Customer Relationship Management System. It has recently become popular – and for good measure. We have collected 10 proven CRM statistics that will convince you to invest in one yourself!
- By the year 2020, customer experience will overtake price and product as the most unique factor for a business – i.e. a feature of function that clearly separates it from the competition. (Source: Walker Study)
- 86% of buyers are willing to pay more for a better brand experience. (Source: Oracle)
- 47% of consumers would recommend a business to others if it successfully provided a good customer service. (Source: New Voice Media)
- Satisfied customers are 14 times more likely to buy a product again compared to a new customer. (Source: Groove)
- Companies with a strong omnichannel presence and customer engagement strategies can actually retain an average of 89% of their customers. (Source: Aberdeen Group)
- 79% of leads fail to convert if there is no CRM to assist a business. (Source: Pardot)
- CRM can successfully improve customer retention by as much as 27%.are known to improve customer retention, by as much as 27%. (Source: Trackvia)
- Overall, 74% of businesses using CRM report to maintain better customer relationships. (Source: Software Advice)
- The cost of investing in a CRM tends to be high – but the average ROI for a CRM system is $5.60 to $8.71 for every dollar spent. (Source: Nucleus Research)
- Using a CRM can lead to sales conversion rate improvements of over 300%! (Source: Cloudswave)
The CRM system is no new or foreign concept. In fact, it has existed in the market for decades. However, the CRM of today stand out because of their newer, faster, lighter and more agile features. The best example is of Oscar.
This Point Of Sale system from Pakistan has a cloud-based CRM system integrated within, which lets you understand your customers’ minds. Not only can you create customer profiles with valuable information like their contact details and shopping habits, but you can also keep them connected with new offers, discounts, custom feedback surveys, and much more.
The need for a CRM system has never been this severe. The days of manually inputting data and processing it all for customer insights is old and obsolete – now, you should choose a good CRM system to trust in, so that your business can finally flourish.