CHARLOTTE, N.C. – Customer Relationship Management (CRM) projects were known for high failure rates 15 years ago when modern solutions first became available. Gartner’s latest CRM market share report indicated the industry expanded from $18B in 2012 to $20.4B in 2013, and projects it will be a $36B industry by 2017. How have failure rates changed after 15 years of technology evolution, with expenditures continuing to climb?
Businesses acquiring new CRM software often inaccurately assume that failure rates are now on the decline, given the great leaps that technology has taken. C5 Insight set out to provide fresh statistics into CRM success and failure, offering insights into what differentiates successful organizations from those that fail. What emerged is an in-depth study titled CPR for CRM: The Elusive Path to Profitable Customer Relationship Management.
“It is clear that many businesses fall into the trap of believing the marketing hype about CRM – that choosing the right technology alone will alleviate the risk of failure. But C5 Insight’s team was still surprised to see that well over 30% of projects still fail, and that 2nd and 3rd time implementations fail at nearly the same rate. Organizations continue to believe the myth that new technology will solve CRM failures – and the reality is that the technology solution has almost nothing to do with it. We’re excited to be behind a study that clarifies this and offers solutions to this consistent problem,” said Managing Partner Geoff Ables.
The study was conducted via audience and statistical sampling, with participation solicited via multiple channels, using a technology agnostic approach. More than 150 unique users representing a wide range of industries, business sizes, and job functions took an online survey to provide detailed feedback on their CRM experiences. Additional follow-up interviews were conducted to further frame research findings and dive deeper into best practices and common pitfalls to avoid failure.
Topics discussed include: common adoption obstacles, system integration practices, plans for ongoing support, and satisfaction levels with regards to cost, ease of software configuration, scalability and cloud deployment options.
The complimentary white paper detailing the results of this study is available here.
The complementary paper includes over 12 years of research, recent survey results, and CRM turnaround success stories.
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