By Erika Sommer, Content Writer at PipelineDeals
Not many people are aware of what Customer Relationship Management (CRM) software is. Better yet, according to a Capterra study, only 18% of businesses less than a year old actually invest in a CRM. The culprit? Lack of education around the platform. So, what is a CRM and why do you need one?
In a nutshell, it’s a tool that helps you manage and track the customer lifecycle as they move through the sales pipeline from awareness to the eventual purchase of your product or service.
A CRM does this through visibility and scalability, which eventually leads to a return on your investment.
A CRM gives a viewpoint into the entire framework of your sales pipeline. You’ll be able to audit your sales teams progress through reporting features that show you how long it takes deals to close, and how efficient your sales team is as closing them. In fact, increased visibility to deals can help increase your time-to-close by 43%.
From there, you can begin to assess how to scale your sales team based on growth, or lack thereof. If someone is underperforming, it’s time to make adjustments. One way to do this is by sales and marketing alignment. In fact, strong sales and marketing alignment increases customer retention by 36% and increases sales win rates by 38%.
And when you adjust and scale accordingly, you’ll start to see your growth margins increase—leading to a sweet return on investment.
Sun X Solar was able to double their revenue when switching to a CRM, and you could too! If you need a little push and want to find the best CRM for your time and needs, take a look at G2 Crowd’s guidebook on CRM implementation.