In today's economy, with just about everyone cutting back on their expenses and looking for any way to save on costs, business finance departments could be hard to convince about the benefits of implementing new CRM Software.
While the marketing team may see the value of CRM software immediately because of the ease and capabilities it offers in improving customer relationships, financial teams are likely only to see the initial investment and ongoing costs involved.
To help attain a healthy middle ground between these departments, it's important that businesses ensure their finance department is aware of the many benefits it provides to the marketing team and ultimately to the company by helping to keep and attaining new customers. And, marketing teams should also be well aware of the financial performance goals that must also be met.
In a VendorGuru.com white paper, "Feedback Loop: 6 Ways to Make Customer Relationship Management and Financial Performance Work Together," authorRichard Barrington notes key ways to diffuse any conflict between the departments and ensure that both back a CRM software purchase from the start.
To make it easier to create the association between CRM efforts and financial needs, the white paper highlights six top examples.
Customer Retention is highlighted as a way to provide measurable, quantifiable reasoning and results for choosing a CRM solution. By associating client retention with an improved financial impact, helps to make a compelling cost-benefit case.
Next, using customer optimization can be used as a way to highlight how finance feedback can help guide sales and improve business profit margins.
Sales Efficiency measures such as return on sales (ROS) can also help to link a company's sales efforts with the financial rewards.
To find out more about ways to positively associate CRM efforts and financial needs check out the white paper HERE.
In the overall picture, a CRM system plays a vital role in business success and is key for both the marketing and finance departments. Gaining acceptance from both can improve an organizations earnings and help them to better focus priorities.
Stefania Viscusi is an assignment editor for TMCnet, covering VoIP, CRM, call center and wireless technologies. To read more of Stefania’s articles, please visit her columnist page.
Edited by Stefania Viscusi