Have you implemented a customer relationship management (CRM) solution at your company but you’re struggling to realize the sales performance benefits? You’re not alone! In fact, studies have shown that 30% - 60% of CRM implementation projects fail (C5 Insight). That’s a very scary statistic! Especially when you consider how expensive and complex a typical CRM implementation can be.
Additionally, 66% of expected CRM benefits remain unused/unrealized (CloudApps). A traditional sales approach with a CRM solution tacked on will not suddenly convert your sales team into perfect digital content management or provide you with the sales and marketing alignment of your dreams!
Which is why, we’re offering insights into how to get the most out of your CRM software investment, and drive sales success.
Addressing the Challenges of CRM
CRM is everyone's first choice for a sales tool, which is great, however it is not a stand-alone solution, but rather an essential piece in your sales technology stack.“The definition of the sales stack (also known as a sales technology stack) is a term for the totality of sales software (typically cloud-based) that a particular sales team utilizes. As new sales tools become available, sales reps and managers are embracing a wide variety of technologies. A sales technology stack can benefit reps by accelerating sales productivity, providing reps with contextual details about customers and automating tedious tasks.” (Ring DNA).
CRM provides a database for comprehensive client information, as well as a backdrop for predictive analytics and future interactions, however without the right integrations and best practices your CRM will simply become an admin detour with little benefit for the end sales user.
The problem is, that although your CRM provides unquestionable value for B2B companies, for your sales users the majority of information they need is elsewhere. Onboarding, training, decks, and sales collateral can be found anywhere from emails, to over-crowded hard-drives. When sales users have to look outside of their CRM for the resources they need, utilization will decrease, leaving managers with a lack of insights and analytics.
It’s not all doom and gloom!
Let’s look at the success that other companies are seeing with their CRM investments.
- CRM offers $5.60 average return for every $1 spent;
- Companies have reported as high as 15% improvements to sales function metrics; and
- 87% of companies that are ‘extremely/satisfied’ with CRM are also increasing CRM budgets
- (C5 Insight)
So, how can you boost your CRM ROI?
One of the best solutions for demonstrating the value of your CRM is adding integrations, such as a sales content management platform. By integrating these two platforms you can create a single sales hub. The benefits include: easy access to sales collateral, content recommendations, onboarding and training materials, and insight into prospect/buyer behaviour (ToolBox).
Above you can see a typical CRM / SCM integration. This integration provides users with the resources that they need directly in their CRM opportunity. They no longer have to waste time searching through collateral to find the assets that they need. Instead, the top-performing, recommended, content for their unique prospect is delivered right to their doorstep. The recommendations are based upon predictive analytics, customer history, sales stage, industry trends, product application, and so much more.
Did you know that, 75% of Netflix users select movies based upon recommendations? It’s the perfect way to add value to the CRM experience, while increasing your content utilization and effectiveness.
Interested in that statistic? Then check out "5 Digital Content Management Lessons from Netflix"!
Additionally, with a detailed integration users can access their SCM directly from their CRM, to view their content recommendations in the context of their library, including accessing more detailed information about which collateral to use, pre, during, and post-call.
Lastly, any good CRM integration allows sales users to log important meeting information in real-time without the burden of having to remember to input the data after the fact. This way, your CRM will always have the most up-to-date data.
For example, below you can see a sample content history data log directly in a SAP opportunity.
Streamline the delivery of sales content and buyer information in a way that makes senses for your sales teams. When you take the right steps and implement the right co-working tools you can create a single sales hub, that will add value and drive the ROI from your sales technology investments.
If you’re ready to bring your sales content to life and improve the way you sales teams present, share, and analyze collateral then request a demo today!