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2018

Most of the time, customers avoid to answer surveys thinking it would eat up their valuable time. Are the organizations sending questionnaires and considering responses on the serious note? When it’s all about the big data, ignorance has no room. Survey can be a game changer if done correctly. Manage the contact list to build the strategies and decisions creating win-win situation!

 

We have analyzed the market scenario and listed some of the reasons responsible for low response rates of any survey.

Questions that Lets you Think on your Surveys Strategy

Have you built your Target Market Efficiently?

In several cases, the ultimate reason of receiving low response rate is, the target market built is either inappropriate or holding incorrect contacts. Send customer feedback survey to helpful contacts by shrinking down the contact list for obtaining accurate survey results. If you are including customer centric questions in the survey, exclude the non-customer contacts like CEOs, managers, secretaries etc. 

 

Have you involved your Customers in your Findings?

Involve your customers in the business specific surveys is #rule1 to make any marketing campaign successful. They are the important aspect of your sales cycle. Integrating them in the survey by letting them know your business plans and forthcoming strategies will ultimately help you offer them better customer satisfaction. Integrating customers will boost sales of the organizations seeking extensive growth and better business future.

 

Have you Chosen Correct Questions?

Have you included the right and helpful questions in your questionnaire? Proper market research will let you prepare effectual survey questionnaire. It will get you the best and effective response from valuable customers. Keep the questions short and easy to understand.

 

Have your Sent the Survey at the Right Time?

You need to send the survey at the right time as it is important to know your customers when they are at their best. Inappropriate time may get you either wrong or non-desirable results. Considering the target market, set the time to send the survey questionnaire.

 

Prevent poor survey results affecting the business decision. Avoid making common mistakes to boost your sales with inaccurate customer feedbacks. Identify the reasons that spoil your customer surveys before it increases the count of unhappy customers.

CRM Return On Investment (ROI) is a complex topic. Many organizations are simply using ROI calculations to spice up presentations and aren’t using ROI metrics as a proven, valuable and trackable metric. Earlier this year, we heard Rebecca Watterson, of Nucleus Research, speak about CRM ROI at CRM Evolution 2018. Her organization uses research and innovation to construct a trusted CRM ROI calculation---and her ideas really stuck with us.

So what is the return on CRM? Surprisingly, it’s a flat model. For each dollar spent on CRM, the ROI increases by $8.71 (it doesn’t matter if you’re spending $10,000 or $1,000,000 on your CRM investment). Interestingly, this model changes based on other variables:

  • Average return goes up 4.2x if you use an edge CRM
  • A cloud-based CRM delivers 3.2x the ROI of on-premise CRM (this number continues to go up)

5 Tips for Presenting CRM ROI to your Leadership Team

 

So whether you are presenting to your management team to invest in the deployment of a new CRM or you want to invest in an additional CRM project--here are four tips from UpCurve Cloud based on Nucleus Cloud’s research for presenting CRM ROI to your leadership team:

1. Less is More

Rather than compiling a long list of all the benefits that your CRM implementation is going to deliver, focus on two or three really strong benefits. The term “less is more” rings true here. If you present more than five values, skeptics in the audience will start to wonder how much the CRM is really going to meet their expectations.

2. Direct vs. Indirect

Acknowledge the elephant in the room and plainly state which benefits and savings are direct and which are indirect. Direct savings are those that are those cost reductions that are guaranteed or expected to happen as a result of the CRM implementation. Examples of direct savings include:

  • Reducing your employee headcount
  • Avoiding regulatory fines
  • Decreasing costs of paper usage and travel time

Indirect savings are those that are caused by an increased worker or manager productivity. Indirect benefits might include:

  • Shorter sales cycle
  • More accurate sales forecasting
  • Less time spent on organizing and prioritizing
  • Other increased performance of metrics

The reason this is important is that the believability of these factors depends on whether they are direct or indirect. Your team is more likely to believe direct factors, and by acknowledging their doubt, you can then directly address it.

3. Use Research to Predict ROI

When you can, use research to calculate your ROI. You may not be able to perform a research experiment directly within your organization--but be creative with how you define “research”. Some examples of credible research include:

  • Direct observation at a pilot site
  • Corporate history
  • Surveys and employee interviews
  • Case studies from similar companies

If these types of research are unavailable to you, Nucleus Research suggested you should still always do an assessment--use benchmark data, educated guesses, and vendor estimated supplies. Any analysis is better than none.

4. Use Correction Factors

As an employee at a CRM partner who has done over 1,000 implementations, and interviewed countless successful customers for case studies, I know that productivity improvements are a large source of success for many organizations using CRM systems. But, as Nucleus Research has found in their studies, everyone discounts indirect benefits such as productivity. By using a correction factor, everyone can agree on the initial benefit and then discount it to be conservative. This usually satisfies skeptics and financial managers.

This correction factor is explained by the fact that while a CRM tool does provide an employee with more time, what they do with that time is not always productive. Your correction factor is a number between 0 and 1 that you use to adjust the value of their increased productivity.

Assign a higher correction factor (.7 to .9) to people who are highly motivated to use saved time for additional work (such as sales reps and line workers). Use a lower correction factor for roles who are less likely to use saved time effectively (such as marketers). If you’re not sure, use .5 as an average and conservative measure. You can also calculate your ROI with different correction factors for sensitivity analysis into how productivity changes indirectly affect the total ROI of your project.

Concluding Thoughts

We’re curious to see what further innovation Nucleus Research brings to the industry’s thoughts on ROI. Nucleus Research has produced a CRM ROI calculation tool for your CRM implementation. You can download it here or to learn more about CRM financial modeling, reach out to us here.

This article was originally published on UpCurve Cloud's blog