Private Equity CRM

42 out of the 55 companies (76.4%) questioned about satisfaction with their current CRM software responded that they were dissatisfied.

27 of the 61 different companies surveyed (44.3%) use a Microsoft application (i.e. Outlook, Excel, Access, Dynamics CRM) in some way as a part of their total CRM experience.

-7 (11.5%) use a Microsoft Office application to supplement another brand of CRM.

-22 (36.1%) use non-CRM Microsoft applications (i.e. Outlook and Excel)

-10 (16.4%) use Salesforce

-9 (14.7%) use ACT

-5 (8.2%) use Microsoft Access or Dynamics CRM

-4 (6.6%) use SalesLogix

-3 (4.9%) did not know or gave no response

The remaining 8 companies (13.1%) use other CRM brands included in the graph above.

Survey participants were also asked to rate CRM features in order of what is most valuable to them (the number '1' indicating most important feature for them).

The options consisted of the following:

-'Ease of Use'
-'Web-based'
-'Integrates with Outlook'
-'Integrates with External Data Base'
-'Ability to Get a Clear Snapshot'
-'Flexibility and Ease of Customization'
-'Schedule Management'

The results from the 14 companies that responded to this specific question:

-42.9% ranked 'Ease of Use' as the most important
-21.4% ranked 'Schedule Management' as the most important
-14.3% ranked 'Ability to Get a Clear Snapshot' as the most important
-14.3% ranked 'Integrates with Outlook' as the most important
-7.1% ranked 'Integrates with External Database' as the most important

We also found that the following CRM features were ranked as second most important:

-35.7% 'Ability to Get a Clear Snapshot'
-14.3% 'Web-based'
-14.3% 'Flexibility and Ease of Customization'
-14.3% 'Ease of Use'
-14.3% 'Schedule Management'
-7.1% 'Integrates with Outlook'

Drawing from this data, it can be concluded that amongst the group surveyed, the top three most important CRM features are 'Ease of Use,' 'Schedule Management,' and 'Ability to Get a Clear Snapshot.'

30 out of the 57 companies (52.6%) who responded to the question "Have you switched CRM software within the past three years?" responded that they had not.

We found that 32 out of the 53 companies (60.4%) who responded to our question about using business information services (Capital IQ, Hoover's, Dow and D&B) do not use them.

Of the 21 companies that said they do use them:

-18 (85.7%) said they use Capital IQ.

-The next most commonly used services were D&B , followed by Hoover's, Dow, Thomson Reuters, and others such as Manta, Merger Market, Capital Link, etc.

After asking the companies about what they used most commonly for data views, we found the two most popular responses to be 'contact information' and 'deal tracking'.

After asking the companies what features would be of the greatest value to them that they do not currently have, the two most popular responses were 'user friendliness' and 'integration.'

When it comes time for you to start using a CRM system for the first time or to take the plunge and adopt a new one, there are some things you may want to consider to make sure you are prepared to use a CRM system for all it is worth.

CRM software is meant to help your business in many different ways, especially to increase efficiency. In no way is it supposed to make things more complex and stressful for you. It can do great things for you such as keep you organized and updated, help you identify problem areas and trends, and, of course, help you maintain relationships with clients. There are countless ways in which CRM systems can help you.

You may find yourself a bit overwhelmed if you don't have an idea of what you would like the CRM system to help you to achieve. Do you want to see where you are lacking productivity? Do you simply want to record contact information and keep track of communication with clients? What about having the ability to create and share groups of contacts?

Although it's perfectly acceptable for you to want to do only one of these or all of them combined, you should at least know what you expect the system to help you with. This should be considered before you purchase software. It might help to think of what your organization's pain points are and what data you plan on entering into the system. Keep in mind that since you have to actually enter data to give yourself and the CRM system something to work with, you cannot expect to realize results without the user(s) giving input.

In order to use the system to its full potential, to get the most out of the system and to realize the benefits, you must learn how to use the system, and to your benefit. This is where simplicity comes in as a valuable characteristic. The more simplistic your CRM software is (simplistic meaning uncomplicated for the user), the better able you will be to use it for all it is worth because you will have a better chance of knowing all the features really well instead of just knowing many features slightly or not knowing them at all. If you pay for software that has a million different complicated features, and they aren't helpful to your business or you have no idea how to use them, you may be setting yourself up for frustration.

Written by Melissa Cocks
Touch Ahead Software LLC

Since investing in CRM software requires a substantial amount of thought and careful consideration, you have the right to want everyone in your organization to use the software to its full potential. You may worry that some people will be reluctant to use it, or that they won't want to put effort into learning how to use it. Although not every CRM system is difficult to use, some people find it hard to leave their comfort zone and become familiar with a new way of doing things - even if the new way will benefit them.

The following suggestions may help ensure that employees are willing to adopt the new software:

Lead by Example

If you want employees to be as excited about the new software as you are and to see the value it has in helping with everyday tasks, it helps to be an avid user yourself.

If employees know that you don't actively use the software, they probably won't think it is worth it to use it themselves. After all, why would an employee use software that a leading figure in the company won't even use? Take the time to explore your new application and you will see how greatly it benefits you. You will then naturally want to share your enthusiasm with others in the organization. Also, there is likely going to be someone who stands out in your organization as a quick adopter. Encourage this person to help and motivate others.

Train

Once the CRM software is implemented, it can't be expected that employees will automatically know what to do with it and which buttons perform what function. Therefore, it is necessary that there are learning resources available to employees.

Training sessions help employees learn the purpose of certain functions within the software, as well as how to enter data correctly. They help everyone to be on the same page and learn how to use the software strategically. It helps to think of examples that are applicable to your organization's processes to use during training. If you find a certain tutorial video interesting, share it with those you think could really benefit from it. Remember to take advantage of the learning resources the CRM vendor has available!

Written by Melissa Cocks
Touch Ahead Software