Poorly managed business relationships cost marketing professionals £250,000 a year – rising to £1 million for large companies.
The survey of UK sales and marketing professionals published by CRM platform Copper, revealed the average salesperson experiences 20 lost sales each year due to mistakes and problems associated with CRM systems. With the average sale estimated at £500, that’s a cost to their organisation of £10,000. As part of the research, Copper asked how many employees in the companies surveyed collaborate on the sales process. This averaged 25 people, adding up to an average total loss of £250,000 per company per year.
According to the research, three-quarters of sales and marketing professionals waste an average of nine hours on CRM system admin and data entry each week, totalling almost a quarter of a 40-hour working week and more than 450 hours per year.
However, the research found the top business priority for the next year is to improve team efficiency (39%), which ranked ahead of growing customer numbers.
Morgan Norman, CMO at Copper, said: “Businesses everywhere are looking for ways to cut costs and increase margin, but they’re missing out on improvements to areas that improve relationships and maximise sales. As the figures show, the cost of this lost revenue is huge, especially when you consider the total impact on the UK industry as a whole.”
