Top Reasons CRM Projects Fail*
Lack of a coherent strategy
Failure to drive process improvement
Little or no executive support
Poor data quality
*Meta Group, 2001 Forester 2009
Sadly, companies don’t learn from their mistakes. In 2014 Success Accelerators and C5 Insight found that over one-third of CRM projects were still failing and that some companies had experienced 2 or 3 successive failures.
How do you avoid these failures?
Seek executive involvement. Leaders of your sales and investor relations team understand your business better than anyone. Your CRM project needs that leadership and vision in the mix. When leadership stays completely on the periphery of the CRM selection and implementation, the project will have a hard time gaining traction and an even harder time driving process change.
Break things – drive business change (why you need the executive backing mentioned in point 1 above). Eliminate “off-line” reporting on sales and client activities. Your CRM should be front and center for tracking. If management tolerates off-line (non-CRM) activity and sales reporting, you will undermine the value of CRM and create an environment in which the CRM data is incomplete and not trustworthy.
Demand adoption (again executive sponsorship needed) -the greater the usage of the CRM for management reporting, the more your users will care about the data. When no one in management is looking at the CRM data, compliance is spotty. Data quality will suffer. Data will be siloed by users with some trying to make the CRM work, and some going around it altogether. You will not get to the underlying issues of why your CRM is failing and you are likely to repeat those mistakes in your next project.
SatuitCRM was built for asset management professionals. We have worked in the asset management community for two decades. We understand the pain points. We provide an out of the box solution provides management reporting and business process that will help avoid the failures you may have encountered with other CRM’s. We can’t guarantee success, but we can give you a better starting point. Our US and UK-based client success teams have an average tenure of 8 years. Our management team comes from a background in asset management and will engage directly with your management to help assure their involvement.