If you are working in today’s challenging publishing industry, chances are you could use a few shortcuts for boosting profitability. After all, publishers are masters of creating high-quality content, but great products do not always equate to making more money.
According to basic economics, more revenue and lower overhead costs will increase profitability, and one of the easiest ways to get there is through better technology. Since multiple studies prove that CRMs fuel more sales and revenue, it’s worth ensuring you get these ten benefits from your core CRM product:
1. Your CRM is designed specifically to boost revenue from publishing.
Most generic solutions will help you boost sales but you will get a better return on your tech investment if it is built for an ad-based revenue model. Certainly, a generic solution can integrate with third-party publishing apps, but the amount you will spend on systems integration and customization will derail your #1 objective: increasing profitability.
2. Your CRM offers shortcuts that preserve manpower and resources.
When your publishing CRM connects to offers to contracts, contracts to ad orders, and ad orders to invoices, you can avoid duplicate data entries, costly mistakes, and wasted labor. In fact, if your CRM does not turn tedious processes into simple buttons and clicks, you are not getting enough benefits from your tech product.
3. Your CRM accelerates the new business process.
When tools make it easy to generate more offers and proposals, you are practically guaranteed to close more contracts.
4. Your CRM is supported by an honest vendor.
If a tech vendor claims their product solves every potential publishing challenge, you may be disappointed to find a bunch of lukewarm capabilities. By focusing on functions with the greatest impact on profitability, you can bridge any gaps once you meet your top priorities.
5. Your CRM reports do more than tracking.
Nearly any solution can aggregate data but reports with projections that help you assess the future will also help you make better business decisions moving forward.
6. It’s not the cheapest product on the market.
Just because a product is very inexpensive, it doesn’t mean you are getting a better deal. If a $15,000 tech investment saves $150,000 in labor, your software package more than pays for itself.
7. Your CRM makes it very easy for clients to pay their invoices.
If your cash flow is tight or if you need approval on a bank loan, robust Accounts Receivable capabilities are worth spending the extra money.
8. Your support plan includes customized guidance from qualified professionals.
To maximize your return on tech investments, you’ll want to budget for support from professionals who truly understanding publishing challenges.
9. Your vendor clearly communicates all costs.
Between support fees, maintenance costs, imports, and other potential upcharges, a good vendor will communicate pricing transparently. Sometimes the monthly cost may seem like a great deal until you realize the vendor is merely providing a “starting point”.
10. The cancellation process is painless.
The truth is, vendors who create truly great products are not threatened by the discontinuation of service.
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