Customers leave their footprints on your business dashboard with their buying patterns and feedback. When we analyze these patterns vital customer statistics are highlighted. These statistics are very important for modern age business enterprises.
For small and mid-size businesses, each customer holds great value. You cannot afford to lose your customers due to wrong strategies. To drive growth, it is safe to track trends that your target customers have been following.
Customers’ purchase patterns and post-purchase feedback should define your selling and marketing strategies.
“ The customer’s perception is your reality” – Kate Zabriskie
Let’s understand which statistics are useful and how you can incorporate the results of this study to modify your strategies and operations.
It looks like a lot of work but, there are tools to make it easier. One such MUST-HAVE tool is a CRM.
Contents
What does a CRM do?
A CRM, as a collaborative tool, benefits almost all the units of a business organization.
With the entire customer data stored in one place, the CRM aims at process automation to record service issues, manage marketing campaigns, and identify sales opportunities. It helps you to create sales pipelines and build customer relations.
There are multiple functions a CRM software can perform, each of which records, maintains, and links data of one department to the other.
How does this data help you grow your business?
The data collected from different customers is information about your business which you can use to improve customer relationships and experience, increase employee productivity, enhance sales processes for increased conversions, streamline inventory management for greater accuracy and boost online sales to generate increased revenue.
Stat 1
When you collaborate with your existing and prospective customer contacts with a CRM, every communication between your organization and the customer is recorded.
When a sales rep tracks the customer’s journey through the CRM with the help of past communications, they get detailed insights into the customer’s needs.
This information aids the sales rep to tailor solutions suited to the customer’s requirement which incentivises the customer to engage with the sales rep and increases the chances of them making a purchase.
This study by Keap and Leadpages, throws light on some facts about small business organizations that do not harness the full potential of a CRM software.
In the era of personalized customer experience, some businesses do not use this powerful tool, which is a CRM, and connect with the customers in an old-fashioned way losing out on potential sales.
33% of customers abandon business relationships because personalization was lacking.
Your brand can’t be one to be abandoned by customers due to the lack of modern technology and its expertise.
Maximize the benefits of CRM engagement with your business to maximize your sales numbers.
Stat 2
By using a CRM customer retention and satisfaction rates increase by 47%
This statistic speaks of brand loyalty.
Your investment in a CRM software gives you benefits in different forms. One of these benefits is customer retention.
A CRM improves the company’s customer experience and consumers then like to stay with you.
To retain a customer is a lot more cost-effective than acquiring new ones. CRM software has robust systems to improve the customer satisfaction score of your company. It inspires brand loyalty in your consumers.
Stat 3
Customers spend 20% to 40% more when they are engaged with a company using a CRM
Customers spend more when they connect with a brand. When customers are engaged with a company that uses a CRM, they find a professional and personalized experience.
It creates trust in the minds of the customers for your brand. Thanks to the CRM, they believe in your sales approach and they spend more.
Stat 4
50% of the shoppers don’t think that their feedback goes to anyone who can act on it
Avoid these numbers for your business. Here’s how you can change this scenario with the help of a CRM.
- Maximize your company’s CRM engagement
- Train your employees to maintain and update customer data.
- Segment this data into old, new, and prospective clients.
- Now when you are ready to roll out a feedback survey, you know which segment to target.
- Record the responses.
- Act on it. Customer’s pain points should be taken care of or else they can trouble you in the future.
When your customers understand that you care, they value your business.
Stat 5
78% of the customers back out of a purchase due to poor customer experience
Once again, it’s customer experience! Customers are the backbone of any business and one cannot afford to have a weak link here.
As a CRM user, your company focuses more on customer data. This data is integrated and updated in the CRM for a comprehensive view of all the departments.
A customer who backs out of a purchase is a red flag raised for your sales and service teams.
But, the good thing is that with a CRM, you can identify loop-holes and fix them.
Pull out the contacts from your CRM and connect with your customers who backed out. Ask them what changed since they first decided to buy and then decided otherwise.
A CRM aides timely actions in such cases. All you need to do is to act fast.
Customer Experience – THE Most Important Metric of a Mobile App
Stat 6
Conversion rates rise by up to 300% using a CRM
Yes, it is true!
CRM creates data-driven leads.
Customer information like past purchase behavior, personal details, similar product usage, etc. is stored in a CRM.
This information acts as a list of parameters to decide whether the lead is qualified or not. Qualified leads are moved up the sales funnel.
Now, the sales reps know which leads to act on and they can manage their sales pitch according to the information provided by the CRM.
The time taken to understand the customer reduces drastically.
Our “well-prepared” sales rep closes the deal and moves on to the next one, increasing the conversion rate by leaps and bounds.
3 Time-Saving Strategies the Best Sales Reps Use
Stat 7
A CRM increases the sales forecast accuracy by 42%
“The success of a sales strategy is directly proportional to the combination of sales forecast accuracy and implementation.”
Your sales pipeline is based on leads.
A CRM is an automated system that generates leads and has data to support each sales lead.
Every sales lead comes with a different set of facts and figures that quantifies the quality of the lead.
Prioritize your sales pipeline with accurate customer data.
With an increased accuracy rate, devote more time and resources to follow the top leads.
The process of sales generation with leads becomes planned and simple.
Stat 8
Only 9% of the users find difficulty in tracking the sales funnel with a CRM.
When you construct a sales funnel in your CRM, the sales process is tracked with clarity.
These are the different stages of conversions.
A clear step by step visualization helps you work on the problem areas where the conversions are stuck. This paves the way for an increase in sales and more revenues are generated.
Businesses that use a sales quoting software will gain tremendous efficiencies and clarity by integrating their quotation software with a CRM.
Stat 9
12% of the businesses that use a CRM, go for cloud-based CRMs only.
And this number is continuously increasing. Reasons?
Features of a cloud-based CRM –
- Accessed from anywhere.
- Easy to operate
- Integrations with other apps
- Cost-effective
- Uncomplicated installation
- Data backup
CRM stores crucial business data and converges it for the benefit of sales and service. Cloud-based CRM introduces flexibility and accessibility to data usage.
Stat 10
The average ROI for a CRM is $8.71 for every dollar spent.
This is a popular statistical figure you can easily find on the internet. Let’s break it down to understand its importance for CRM users.
A CRM is an investment that a business enterprise makes to streamline and automate its processes. A CRM is also used to collect customer data to build a strong sales pipeline.
When we compare these revenues earned with the investments made in the CRM installation, we get the return on investment.
In fact, the ROI of a CRM software system, when properly implemented, can exceed 245% (Source)
Stat 11
Effective sales organizations are 87% more likely to be consistent users of a CRM
There are many benefits of using a CRM in a sales environment. When your business experiences an increase in sales, productivity, customer retention, and conversion rate the usage of CRM within an organisation sticks.
Key Takeaway
A CRM is proven to be one of the most useful automation tools in the business. It converges all the customer data to one place which a business organization can pull out for sales, operations, and customer service.
A unified approach to get your teams on one application, like VARStreet, to manage sales and customers efficiently will not only aid you to stay organized but also target the right leads!
VARStreet’s robust reporting systems help you track your KPIs and use real-time analytics.
It records every communication with a lead to generate accurate status about the sales process and adds and manages corresponding tasks for your team.
Powered with store analytics, abandoned cart handling, and seamless integrations, VARStreet CRM takes care of your business automation as a whole.
Click below for a FREE demo!
