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( votes)Worried About the COVID-19 Economy? Here Are 3 Reasons to Get Started with Your CRM Software Project Now
With skyrocketing unemployment, $2 trillion (and counting) added to the national debt, and analysts predicting a global recession, businesses are understandably hesitant to take on new projects. But believe it or not, the current economic conditions are actually the ideal time to move forward with your organization’s CRM software project. Here are 3 reasons why from the experts at AKA.
1. Bull Markets and CRM Software Projects Don’t Always Mix
There’s no question that companies have had easy access to capital over the past decade — and in some ways, that’s made it easy to launch new CRM software projects. But a booming economy doesn’t necessarily lend itself to revamping your CRM software.
At AKA Enterprise Solutions, we focus on meeting our customers’ implementation needs. This often means sticking to urgent timelines, which are common in a booming economy. Companies often take on too many projects because of the amount of capital on hand, and then try to rush the projects along at the last minute by sinking more resources into them. But this can result in a lack of testing, which often leads to problems down the road.
A booming economy also means higher turnover of your company’s best talent, as competitors are able to extend attractive job offers. This organizational “brain drain” can lead to a lack of accountability for large CRM projects.
The bottom line: When your business isn’t running at 100% capacity to meet surging customer demand, you have more time to devote to a new CRM software project. This means better results and fewer errors.
2. Customer Relationship Management is Key for Thriving in a Shrinking Economy
During the last recession, AKA helped a number of businesses transform the way they processed their customer data by implementing new and up to date CRM software solutions. As a result, these businesses were able to better serve their loyal customers and take advantage of existing customer data — both of which helped them stay afloat in a shrinking economy.
Even in the best of economic circumstances, keeping existing customers is more cost efficient than attracting new ones. A recent article in the Harvard Business Review quantifies this fact, concluding that “loyalty leaders” manage to grow their revenue at 2.5x the rate of industry competitors. This is even more true during a recession, which is why it’s so important to make sure that you’re utilizing your existing customer data as effectively as possible.
The bottom line: Investing in a better CRM solution means improved customer data utilization, higher customer lifetime value, and better business performance during difficult economic times.
3. Digital Transformation Is No Longer Optional
Businesses across the country have suddenly found themselves faced with an enormous challenge: getting their employees set up to work remotely. For organizations without a robust digital strategy, this has been a difficult feat to accomplish.
The takeaway here is clear: if your business isn’t fully digitized, there’s never been a better time to undergo a full digital transformation. And if your organization is struggling, don’t despair. There’s still time to build a solution that enables your employees to work remotely.
The bottom line: In the face of COVID-19, businesses need remote access to customer data. Even after the current crisis subsides, this need will only continue to grow. A cloud-based CRM solution is the answer.
Next Steps for Your CRM Software Project
Does your organization need to expand an existing CRM system? Are you considering transitioning to a new platform, or are you just getting started on your CRM journey? Whatever the case may be, now is an excellent time to get started with a new CRM software project.
Trying to decide which CRM solution is right for your business? Take a look at this blog, The Top 7 Reasons Companies Choose Microsoft Dynamics CRM Over Salesforce.com, to learn why Dynamics 365 is the perfect choice for organizations across a range of industries.
Ready to take the next step with your business’s new CRM solution? Contact the experts at AKA to find out how we can help.
ABOUT AKA ENTERPRISE SOLUTIONS
AKA specializes in making it easier to do business, simplifying processes and reducing risks. With agility, expertise, and original industry solutions, we embrace projects other technology firms avoid—regardless of their complexity. As a true strategic partner, we help organizations slay the dragons that are keeping them from innovating their way to greatness. Call us at 212-502-3900!
Article by: Matthew Case | 212-502-3900
Matthew Case has worked with CRM for 9 years and with Microsoft Dynamics since CRM 2011. Specializing in CRM architecture, interface design, user adoption, and change management, he is driven by the desire to help users find ways to easier, more efficient work through software innovation.
