There’s more to success with CRM than your initial investment in a system. In fact, the cost in time and money can be up to four to seven times that of the software itself, depending on what you want to roll out to your team.
I like to compare the Total Cost of Ownership, or TCO, to an iceberg. The initial investment is the tip, which you can see above the water. But we all know that most of that iceberg is under the water.
One of the top reasons that companies struggle with CRM (outlined in the SalesProcess360 whitepaper, the Top 10 Reasons CRM Fails) is that they underestimate the cost to implement CRM correctly. By “correctly,” I mean investing time and money in, for example, modifications to meet specific needs you may have, initial and ongoing training of anyone who will touch the system (most of your company), and data cleanup, a crucial first step to any CRM implementation.
If you align your expectations with this reality, you will have the foundation you need for CRM success.
Costs in the form of time and money that you should consider before you get started include:
- Admin training
- System modifications
- Systems integration
- User training
- Data cleanup
- Project management
Remember: CRM is a long-term strategy – not a one-time project. You’re changing your company’s culture, and it won’t happen overnight. To really get the ROI you’re seeking, step up to the plate with the time, money and commitment to make the changes your company needs to grow.