20 CRM Statistics That Will Revolutionize Your Business in 2024
Continuously earning new customers and clients is the key to unlocking more revenue and growing your business. That’s where a customer relationship management (CRM) platform can help.
CRMs help you develop long-lasting relationships with prospects and current customers to encourage them to convert and keep coming back for more. http://CRM 2024 digital marketing analysis
On the fence about using a CRM for your company? This list of 20 CRM statistics for 2024 is for you!
Keep reading for a breakdown of the latest CRM facts and trends. The stats on this page will answer the following questions:
20 CRM Statistics That Will Revolutionize Your Business in 2024
How widely used are CRMs?
What are the benefits of using a CRM?
What do businesses want from their CRMs?
What problems do CRMs help to solve?
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How widely used are CRMs?
One of the first questions you might have if you’re considering using a CRM is: “Is anyone else doing it?” If most businesses are getting by just fine without a CRM, it makes sense that you might not see it as a necessary investment.
However, that’s not at all the case. These five stats demonstrate just how widely used (and heavily relied on) CRMs are in the business world:
1. CRM is the fastest-growing software in digital marketing.
Digital marketing requires many different types of software, from SEO plugins to graphic design tools. But by far the fastest-growing type of marketing software is CRM software. That should immediately give you a strong idea of just how important and widely-used it is.
2. 13% of companies say that investing in a CRM platform is one of their top sales priorities.
Not only are a lot of companies investing in CRM, but many of them consider it to be one of their top priorities. In other words, CRM software isn’t just nice to have — it’s essential to the success of your marketing and sales efforts.
3. 92% of businesses say CRM software plays an important role in achieving their revenue goals.
Revenue is the end game for any business, and yours is no exception. So, it’s pretty important to know that CRM software has a reputation for helping businesses drive more revenue. It’s a key factor in generating more sales and earning more income.
4. Effective sales organizations are 81% more likely than ineffective ones to be consistently using a CRM platform.
A lot of companies are great at driving sales. Others… not so much. Obviously, you want your company to emulate whatever the successful ones are doing. And one of those things is using a CRM. Those successful companies are 81% more likely to be using CRMs than unsuccessful ones.
5. 65% of companies start using a CRM within their first five years in business.
A CRM isn’t something that you get around to after years and years of doing business. You want to get set up with a CRM as soon as it’s feasible for you. That’s why most companies start using one within their first five years in business.
What are the benefits of using a CRM?
Now that we’ve seen how widely used CRMs are, let’s take a look at why so many businesses use them. What are the benefits of having a CRM? What kinds of results do they drive? Find out with these eight stats.
1. 74% of businesses say CRM software gives them improved access to customer data.
One of the first benefits a lot of companies say they get from their CRMs is better access to customer data. In fact, that’s basically the main function of a CRM — to let you gather and analyze data about your customers. That helps you better understand (and sell to) your audience.
2. 47% of businesses say that CRM software has a significant impact on customer retention.
Understanding your customers better makes it easier for you to retain them for the long term, because you know exactly which of their needs you need to meet. So, it shouldn’t be surprising that nearly half of all businesses say their CRMs help them retain a lot more customers.
3. Report accuracy can increase by as much as 42% when businesses use CRM software.
One of the main things businesses use CRMs for is report generation. A good CRM can compile customer data into helpful reports that let you visualize customer patterns and trends. And one of the best things about those reports is that they can be as much as 42% more accurate than reports made without a CRM.
4. Sales forecasting accuracy can increase by as much as 42% when businesses use CRM technology.
In addition to standard reporting capabilities, CRMs have a highly accurate rate of sales forecasting. That means they’re perfect for helping you figure out what sorts of sales trends to expect down the road, allowing you to better plan out your budget.
5. CRM software can increase conversion rates by as much as 300%.
Because CRMs are so great for helping you learn more about your audience, they’re also great for helping you drive more leads and sales among that audience. With the help of a good CRM, you can triple the number of conversions you drive with your marketing campaigns.
6. Revenue can increase by as much as 245% when businesses use a CRM platform.
Another metric that CRMs can help increase is revenue. That probably isn’t surprising, since we just established that CRMs drive more leads and sales. Still, knowing that CRMs can earn as much as 245% more money for your business is a pretty big selling point.
7. Lead cost can reduce by as much as 23% when businesses use a CRM platform.
Not only do CRMs help you make more money, but they can also help you spend less money. Using a CRM allows you to target a more precise audience, reducing wasted marketing and ad spend. The result is that it costs a lot less to generate leads.
8. The average ROI of CRM is $8.71 for every $1 spent.
CRMs cost money. So, who’s to say that you’ll end up earning back more money than you spend? Well, the stats certainly indicate that you will. In fact, on average, CRMs help businesses earn $8.71 for every dollar spent on the tool.
What do businesses want from their CRMs?
We now know what CRMs can do for businesses. But what do businesses look for in their CRMs? What features do they expect their CRMs to have? These four stats have the answer:
1. 94% of users want contact management features in their CRM platform.
One of the main features that companies look for in a CRM platform is contact management. This feature allows you to track specific leads and customers so that you can see where they are in the buyer’s journey and continue reaching out to them. Thankfully, most CRMs include this feature.
2. 88% of users want interaction tracking features in their CRM platform.
Another big feature you should look for in a CRM is interaction tracking. This lets you see when each user interacts with your business in some way. For a given contact, you could see when they called you, visited your website, or made a purchase. That makes it easier to target people with the right type of marketing.
3. 82% of organizations use CRM systems for sales reporting and process automation.
The vast majority of CRM-using businesses use them to generate sales reports and automate various sales tasks (among other things). That means you should probably look for a CRM that has these capabilities, since they’re some of the most valuable things a CRM can do.
4. 87% of businesses use cloud-based CRM platforms.
CRMs are designed to gather and store data. Some CRMs store that data on your computer. But most businesses opt to use CRMs that store their data in the cloud. That way, you don’t risk losing all your data if your local network gets broken into, or if your computer somehow gets wiped.
What problems do CRMs help to solve?
To wrap up our list of CRM statistics, let’s look at a few of the things that CRMs help to fix. Ultimately, CRMs are designed to help businesses solve problems. So, what are those problems? What do businesses struggle with when they don’t have a CRM? Find out with these three stats:
1. 30% of businesses say that closing deals is their number one challenge in sales.
For many businesses, the biggest challenge is the final step of the sales process: Closing deals. But one of the best ways to close more deals is to learn more about your prospects so you can figure out the most effective way of driving sales. That’s why so many companies benefit from using CRMs.
2. 73% of customers point to customer experience as an important factor in their purchasing decisions.
Customer experience plays a huge role in driving sales. When leads feel like a business is speaking to their needs and offering a viable solution, they’re more likely to buy. And a CRM is the perfect tool for helping you do that by better understanding your audience’s needs.
3. 32% of sales reps say they spend more than an hour each day on manual data entry.
Sales reps should spend most of their time actively working on driving sales for your business. Instead, though, many salespeople spend a decent chunk of their time manually plugging customer data into relevant platforms. The good news is that a CRM can automate your data entry and free up your sales reps to drive more conversions.
Time to Level Up Your Sales: 20 CRM Statistics That Will Revolutionize Your Business in 2024
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Want to make these CRM statistics a reality for your business?
Do you want to make these impressive CRM statistics for 2024 a reality for your company? Are you ready to start driving more revenue for your business with a CRM? Nicrest can help!
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