Wednesday, April 25, 2012
In November of 2011, Nucleus Research released a study that concluded customer relationship management (CRM) offers a return of $5.60 for every $1 companies invest. Recently, Adam Honig interviewed Rebecca Wetteman, vice president of research for Nucelus, to discuss how CRM can offer such a high ROI.
According to Wetteman, one of the keys to companies seeing such a high ROI is that it is being deployed in far more capacities now than when it was first developed. Initially, companies used CRM for limited purposes, such as sales and marketing. In recent years, however, companies realized that CRM can apply to a wide range of departments and applications, including market research and customer service. Consequently, businesses are gaining more value from the tool without spending more money.
This concept was recently highlighted by Sci-Tech Today. The source spoke to several business leaders about the benefits they gained from CRM. Mike Snyder of Sonoma singled out social CRM, claiming that it significantly improves an organization's ability to develop relationships with existing and potential customers through social media networks.