Even before short-attention-span magnifier Snapchat hit the stock market in March, pundits and financial philosophers pondered whether it would turn out to be worth the billions invested. Some say it has more potential than Twitter, and some wonder why 10-second videos are still so hot.
Return-on-investment is a tricky thing even for Wall Street to figure out, so trying to maximize ROI for your own business is no walk in the park. But look no further than the technology at your fingertips. Here are the Do’s and Don’ts to maximizing your ROI.
Put the customer first
That means investing in a solid Customer Relationship Management (CRM) system; this puts all your customer information in one place, saving time, money, and other resources. You don’t have to mess with IT infrastructure — all major CRM vendors offer cloud versions of their apps. Choosing this software-as-a-service (SaaS) model means companies no longer have to deal with things that on-premise CRM apps demand, like servers, software issues, and new version upgrades. That makes for a more adaptable and streamlined system all around.
Use apps smarter
Take advantage of the new business and social applications out there, and integrate them with your CRM system. Marketing automation lets you introduce AI into your outreach efforts. Social tools let you hear what people are saying and get data in real time. All of this contributes to a better sense of what’s working (or not) in your company.
Go mobile
We’ve said it before and we’ll say it again: your employees and your customers live on their phones. Make everything accessible on mobile devices for your salespeople so they can close deals from anywhere; make it easy for them to review correspondence, manage contacts, and accounts. The integration should also ideally work with back-office systems, social networks, and web conferencing. It’s about meeting the customers where they’re at: their doggone phones.
Pit sales against marketing
CRM data is valuable when used to qualify leads for the sales department and to show which marketing campaigns scored new sales. But companies can miss these insights if sales and marketing teams aren’t in cahoots. Before you do anything else, get both teams in a room to map out common goals, and discuss how to use shared insights in a way that benefits both teams. If you integrate your CRM effectively, sales and marketing will operate as power couple.
Generate reports for the heck of it
The right CRM application can present data in an almost effortless preformatted report. But this analysis will do you no good if it is ignored. (ROI is not determined by the amount of paper printed or graphs charted in an office.) Take the time to not only read the reports, but to understand and act on them when needed.
Assume customers never change
CRMs are an excellent tool to connect with your customers and build relationships that grow. But don’t assume everyone is happy. Be aware that customers evolve and their needs change — and your business should change with them. The modern selling environment isn’t one in which you check in periodically with customers when you want to offer them a new product—it’s a constant and ongoing conversation.
That’s just the tip of the CRM iceberg, really. Check out our Complete CRM Handbook for more on how a CRM can revolutionize your business — and maximize your ROI.