Customer Relationship Management (CRM) software is an integral part of business nowadays. According to the projected trends, the global CRM market will grow from $63.91 billion in 2022 to $145.79 billion by 2029. That growth rate is around 12% in just seven years. As the demand for CRM grows, the cost of it may go up with it. Hence, finding ways to save money on CRM can be a big help to your business expenditures.
Here are some things to consider on how to cut down the cost of your CRM:
1. Define how you need the CRM
Get a CRM because you realize the need for one. Be sure you’re not getting it just because you are influenced to do so without fully understanding why you have to. Just like any equipment, this business tool must be purchased out of necessity rather than curiosity.
You must understand why and how you need a CRM. In this manner, you can easily demand your vendor to tailor-fit it according to your business needs. You can maximize your investment in this software as you know how every penny works.
2. Compare and customize
Take time to research the right CRM for your business. Keep note of the recommendations by social media influencers or your fellow businessmen. Listen to several sales pitches from different CRM vendors. As mentioned above, knowing the true reason for getting one helps you in getting a customized solution, and not just something thrown at your table.
A bride would want a properly fit wedding dress. Your business does not deserve an RTW bridal outfit as well. Moreover, you wouldn’t need to pay for CRM features that your company does not need (yet).
But even if you choose a standardized CRM, you still know what to look for among the many brands in the market. Choose one that has the most of what your business needs.
3. Understand all the costs involved
When you visit a typical website that compares the prices of CRMs, it mostly shows the price you have to pay per user per month. It seldom mentions the obscure costs like:
- Minimum contract terms
- Onboarding fees
- Data migration fees
- Training costs of the team
- Personnel learning curve and adjustment period
- Data cleanup
Knowing these factors helps you budget for your CRM better. It will eliminate budget overshoot.
4. Execute in stages to save money on CRM
Bite only what you can chew. You don’t need to be excited and avail all the features the CRM offers. This is even if it sounds so helpful but deep down you’re not even sure.
Maximize free trial periods exploring the functions. During this time, explore what add-ons your business needs and what you can do without.
As time passes, the need to get more features shows. The number of users may also increase. However, you are more knowledgeable about the onboarding process this time. The budget is better prepared.
5. Not everyone should have a CRM seat
Some team members may only need to access the contact database of the CRM. For example, those in tech support have no use for the data analysis features of CRM. They also don’t need the complete sales history of the customer.
Shared Contacts for Gmail® may be enough for them. It costs only a tiny fraction of the CRM seat price. No need for special training or onboarding expenses either. Still, it gives your team members access to the client’s contact details.
You can set their access permission to “View Only” to prevent accidental edits or deletion, too. In this manner, you can be sure that the data is secured.