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Crm Roi
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When it comes to overcoming that fear of failure and convincing skeptical senior executives that CRM can pay dividends, a well-planned ROI strategy can make all the difference. That was the message from Rebecca Wettemann, vice president of research at Nucleus Research in Wellesley, Mass., who mapped out an ROI game plan at the conference.
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In the rush to create an ROI analysis for CRM, you should be careful not to “over-infer” the data. Human factors can sabotage the most carefully analyzed projects and dramatically increase costs. Also, predicting customer response to new systems is challenging. And at this stage in the CRM industry, revenue benefit forecasts are highly speculative.
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Most clients who embark on CRM initiatives do not have the required skills in-house to adequately assess the ROI, as this is a highly specialized area that requires unique management and operational skills. The unfortunate result is that this critical first step is often assigned to CRM vendors themselves or to their consulting partners. This is a bit like turning the fox loose in the hen house.
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What should you use to measure the operating performance of a CRM system if not ROI? That should be determined by your business objectives and what your system is designed to produce. A good starting point is customer metrics: revenue and cost impact arising from the acquisition and defection rates within different classes of customers.
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CRM ROI should be tied to a technology plan for the system. All the system functionality cannot be delivered day one of implementation, but must be deployed or rolled out over time. Implementing system functionality in phases minimizes risk and increases management control. Tying CRM ROI to specific functionality in system releases in a technology plan leads to a more accurate ROI model.
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Whatever kind of ROI you decide you need, the key is to have the metrics determined to measure it before you start the CRM implementation. These metrics, along with well-defined goals for the system, will guide the CRM process and provide the means to measure the success of your project.
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