2020 Professional Services Industry Trends: Client usage and Purchasing
Visibility is key. When it comes to the ability of knowing exactly what your clients and prospects are doing, you need to be conscious of specific data now more than ever. If I were to ask you the question below right now, how would you respond? Let’s take a look at what others in the professional services industry had to say.
Q. In general, how aware are you of changes and patterns in client usage and purchasing?
A surprising 48% of respondents are not aware or only somewhat aware of changes in client usage. This presents a huge opportunity for professional services to leverage a client relationship management (CRM) tool for data and communications as it pertains to enhancing customer engagements with prospects and growing existing relationships.
What can be taken away from information like this?
The understanding that companies need to leverage their data better. According to Nucleus Research the average return on investment for CRM is $8.71 for every dollar spent. And as stated by Destination CRM, a 2% increase in customer retention has the same effect on profits as cutting costs by 10%. Some worthwhile information when it comes to considering how you should harness the power of business data better.
Keep in mind however, a surprising 40% of CRM customers report having an adoption rate less than 90% as referenced in a study by CSO Insights. Companies that want to leverage the benefits of a CRM to enhance the customer experience and lifecycle must also create a robust training program. Only then can organizations ensure a successful adoption of a CRM to experience its benefits.
Download the full report here to get instant access to full survey report and analysis: 2020 Professional Services Industry Trends: Survey Result and Analysis.