Marketing, Customer Service, Sales… a CRM Manager has a lot to keep tabs on. For a CRM manager to keep their focus, it’s important to stay aware of important statistics that shed light on where the industry is going. In this post, we’ve collected 10 statistics that every CRM manager should know in order to stay ahead of the game.
#1 25% of Facebook and Twitter users expect a reply to their complaints via social media in less than 1 hour, while 66% of social media users expect a response within a day
This is the first statistic on our list for a reason. As a CRM manager, one of the growing responsibilities you face is being constantly accessible to your customers through social media. Your job doubles as a community manager for all social media platforms where customers are expecting instantaneous responses from companies. To be a successful CRM manager, you need to be there at all times to be a consistent source of knowledge and information when your customers have concerns.
#2 80% of consumers will research your product online before making a purchase
Your online identity matters. If you don’t take the time to make a user-friendly website full of positive testimonials and customer feedback, you are missing out on your main advertising tool. Make sure your product has a positive and active presence online based in the customer experience.
#3 79% of consumers trust online reviews as much as personal recommendations before making a buying decision
This means that your main job as a CRM manager is to keep your customers happy. Remember, it is your current customers who will be coming back to buy your products and services as repeat customers, and they are also the ones leaving online reviews for your products. As this statistic shows, staying in touch with your current customers and keeping them happy is the key to getting positive reviews, an essential component to getting new customers.
This is one of the reasons why we are so passionate about NPS surveys and keeping surveys brief and to the point. You definitely want to keep your customers providing feedback through surveys, but you don’t want to make them crazy with long winded, pointless questionnaires. Learn to find the balance so that you can get the feedback you need while keeping everyone happy.
#5 It is 6-7 times more expensive to acquire a new customer than it is to keep a current one
OK, hopefully by now everyone is familiar with this statistic, but we’re bringing it up here again because it’s so important. As mentioned in number 3 above, keeping your customers happy is your number one job as a CRM manager, because as this statistic reminds us, churn and retaining customers is the best investment you can make in your company.
#6 While you only have 5-20% chance of selling to a new prospect, you have a 60-70% chance of selling to an existing customer
This statistic sheds light on just how important it is to focus your sales on existing customers. While new prospects are important, they can’t replace the customer loyalty value, lifetime value, and brand ambassador value that comes from loyal long term customers.
#7 78% of consumers have bailed on a transaction or not made an intended purchase because of a poor service experience, and yet a typical business only hears from four percent of its dissatisfied customers
Are you monitoring your customer’s service experiences through feedback and surveys? If not, think about this statistic and consider the business you might be losing from customers leaving transactions because they were faced with a bad experience and not given the opportunity to address it. Your customers won’t check in with you before leaving if you don’t make an active effort to communicate with them, but they will tell others about their bad experience.
#8 68% of customers say the reason they will leave a company is because they feel it doesn't care about them
At the end of the day, customers just want to know they are cared about, and as a CRM manager, this should be top priority. Rewards programs, responding and following up on suggestions and questions, and offering accessible and friendly customer service are all key tenants of a successful CRM program.
As a CRM manager you are often the liaison between the marketing department and the sales department. Don’t rush your leads over to sales before they are ready. Instead, invest in an in depth lead nurturing campaign that will get your leads prepared for sales and result in better conversions for your team.
#10 The odds of a lead becoming qualified is 21 times greater when he or she is contacted within 5 minutes of submitting the lead versus within thirty minutes
Once again, it’s all about being accessible, whether with social media communication or directly with leads through email. Make sure you are guiding the sales and marketing campaigns to respond to leads within five minutes of receiving a lead so that you don’t lose your leads to the competition.
Are these statistics helpful in focusing your CRM efforts? Comment below or tweet to us at @MyFeelBack and let us know your thoughts!