Businesses of all sizes can benefit from accurate CRM data, observes CEO DR Republic, but only a professional firm can supply a cost-effective approach to provide necessary accuracy.
Customer relationship management (CRM) revenues grew 12.3% to $26.3 billion from 2014 to 2016, according to Gartner, the world’s leading information technology research and advisory company. This upward trajectory is not likely to change anytime soon, as accurate CRM data has infinite benefits to organizations of all sizes. Accurate data closes a significant gap between what sales is doing and what executives are seeing.1
CRM refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle.2 The goal is to improve business relationships with customers, assist in customer retention and drive sales growth.
CEO of DR Republic, a global business process outsourcing provider, points out the sad reality that only a very small amount of most firms’ CRM data is accurate. According to consulting firm ZS Associates, 74% of respondents say improving the quality of their data is a top priority, and overall fewer than one in four respondents believe that their company’s data is accurate.
The risk of relying on inaccurate data is incalculable. Aside from the fact that sales teams won’t have the appropriate information needed to “always be closing,” lack of accurate data leads to enormous issues of mistrust between a rep and the technology they’re provided, resulting in an overall lack of adoption. Given the size of the investment in CRM, this is a problem that needs to be solved unless a business wants to forfeit up to hundreds of thousands of dollars a year.
“CRM has become one of the most influential factors in building brand loyalty and strengthening brand image,” Khan observed. “Call center interaction in CRM is often cited in defining customer service; however, there are many facets of CRM outsourcing that have evolved with rising customer needs and expectations.”
Khan also noted that smaller businesses may find that outsourcing their CRM is a much more cost-effective approach. In 2008, just 12% of businesses using CRM stored their software in the cloud, but this figure had risen to 87% by 2015.3 And the global CRM outsourcing market was projected to grow at a compound annual gross rate (CAGR) of 5.75% over the period 2014 to 2019.4
The cost-effectiveness of outsourcing capital and labor-intensive operations is one of the major factors driving the growth of the market, per a Research and Markets’ CRM report. More companies are outsourcing the back-office functions that require more infrastructure, capital investments and HR training, thus reducing their cost of operations.
CRM systems are designed to compile information on customers across different channels, i.e., points of contact between the customer and the company. These could include the company’s website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customers’ personal information, purchase history, buying preferences and concerns.
Khan emphasized, “The combination of our comprehensive contact centers, highly professional staff and data-intensive CRM capability that provides accurate CRM data, pays off for our client companies by facilitating growth, helping them create jobs and improving their bottom line.”
About DR Republic
DR Republic is a global business process outsourcing provider with extensive experience in call center operations, digital media solutions, and direct response solutions. By using its integrated channel management capabilities and highly-trained staff, DR Republic develops and deploys inbound and outbound customer support fully integrated with its clients’ marketing campaigns. Digital media solutions include website design, digital franchising, fully functioning eCommerce operations, and the creation of interactive, immersive and responsive social media campaigns across different platforms. DR Republic is also highly experienced in the area of direct response trial, consistently delivering improved customer satisfaction, increased customer retention, and better order value. To learn more about DR Republic and its capabilities, please visit https://www.drrepublic.com.
- p., n.d. Web. cmswire.com/customer experience “What Next-gen CRM Will Look Like: The Coming Accuracy Wave”.
- p., n.d. Web. SearchCRM/@whatisdotcom “What Is Customer Relationship Management (CRM)?
- p., 20 Oct. 2016. Web. @BetaNews. “What You Need to Know About CRM.”
- N.p., 24 June 2015. Web. businesswire.com Research and Markets “Global CRM Outsourcing Market 2015-2019.”