Integrating In-House CRM for Strategic Growth: Should you do it ?

Every growing business eventually comes to a crossroads: Should we refine what we're already doing or explore new possibilities? It's a tough call between improving what you have and diving into the unknown to build something fresh.

Big tech companies looking to push boundaries often opt to buy up emerging startups or teams and fold them into their own operations. For established firms, veering away from their main business isn't straightforward. Starting something from scratch is generally harder than expanding something that's already up and running. In reality, fewer than 8% of internally started projects achieve significant growth.

Relying on mergers and acquisitions (M&A) for expansion isn't a surefire success strategy either. This route requires significant financial resources, something only the big players like Adobe, Google, or Meta can easily muster, plus the know-how to successfully bring new acquisitions into the fold. Yet, even with these resources, between 70% and 90% of acquisitions don't work out as planned.

So, what's the smart play for growth?

At Gatenor, we've embraced a strategy that involves dedicating a special corner for innovation, inspired by giant tech companies's successful approach. This innovation hub is where our team gets to brainstorm, evaluate, and develop groundbreaking ideas, away from the daily routine, yet aligned with our overarching goals.

Crucial to this process is our bespoke Customer Relationship Management (CRM) system. Tailoring our CRM to Gatenor's needs has been a game-changer, enhancing how we interact with customers, streamlining our operations, and securing our data. The magic happens when innovative thinking meets our robust CRM infrastructure, ensuring our new ventures not only play to our strengths but also make our customer experiences more personalized and engaging.

Our growth strategy intertwines strategic innovation with a solid CRM backbone. This approach isn't just about creating a space for new ideas; it's about ensuring these ideas translate into stronger customer relationships and more efficient operations. It's how we stay agile and responsive in the fast-evolving tech landscape, always with a laser focus on our customers.

The cornerstone of our strategy is developing customized CRM systems for other companies from scratch or optimizing their existing setups. This focus on CRM customization and enhancement has become our forte, providing businesses with the tools they need to get more organized, increase efficiency, and significantly improve the user experience for both employees and customers.

Having a CRM system tailored specifically to a company's needs offers a competitive edge that cannot be overstated. It goes beyond mere data management to become a strategic asset that drives better decision-making, fosters stronger customer relationships, and streamlines workflows.

When considering a new product or innovation, it's like navigating through uncharted waters. Here's a guide to help you analyze and develop your next big idea, making sure it's set up for success:

Understanding the Problem. Directly Addressing Your Unique Challenges:

‍Every business faces its own set of challenges. A customized CRM goes beyond generic solutions by pinpointing and addressing the specific hurdles your business encounters daily. Whether it's streamlining complex processes, enhancing customer interaction, or managing unique data flows, a CRM designed around your needs ensures that every feature adds real value, much like finding the right key for a lock.

Dive into the heart of what your product aims to solve. Is it addressing an urgent need or a supplementary benefit ? Take for example Chat GPT: it may seem like just a fun tool, but its high user engagement suggests it's fulfilling a deeper need, such as helping with every day tasks. Explore the demand for your solution thoroughly. Are people actively searching for it? What gaps exist in current offerings? This step ensures your product is rooted in a genuine need, enhancing its market viability.

Crafting Your Product Hypothesis. Standing Out in a Crowded Market:

In a sea of competition, a customized CRM can be the wind in your sails that sets you apart. By providing services and interactions tailored to your customers' expectations, you create a unique customer experience that not only meets but exceeds expectations. This level of personalization can transform customer satisfaction, turning casual users into loyal advocates for your brand.

With a solid understanding of the problem, brainstorm potential solutions. Your product should clearly distinguish itself, either by significantly outperforming existing options or by bringing something entirely new to the table. Apply the 'Delta-4' principle: ensure your product is at least four points better than competitors in some crucial aspect, be it quality, affordability, user experience, or another key factor that resonates with your audience.

Timing is Everything. Agility in a Fast-Paced World: Market trends and customer needs are ever-evolving. A customized CRM system offers the flexibility to adapt quickly to these changes, ensuring your business remains agile and responsive. This adaptability is crucial for staying relevant and competitive, enabling you to tweak and refine your operations in real-time to meet the shifting landscape.

Evaluate the market landscape to pinpoint the opportune moment for your product launch. Are there emerging tech trends or shifts in consumer habits that could favor your solution? Sometimes, a product's success hinges as much on 'when' it's introduced as on 'what' it offers.

Evaluating Fit and Feasibility. Maximizing Efficiency and Productivity:

By aligning with your business's specific workflows and processes, a customized CRM can significantly boost your team's efficiency and productivity. It eliminates redundant features that clutter generic systems, streamlines operations, and ensures that your team has exactly the tools they need at their fingertips, leading to better use of time and resources.

Reflect on whether your company is uniquely positioned to bring this product to life. Do you possess a special insight or capability that sets you apart? Equally important is the feasibility of developing a prototype. It's not just about having an innovative idea but also about having the practical means to realize it efficiently.

As your business grows, so too will your needs. A customized CRM is built with scalability in mind, designed to grow and evolve alongside your business. This foresight in design means that as you expand, your CRM can adapt to new challenges and opportunities without the need for constant, costly overhauls. Choosing a customized CRM is not just about managing customer relationships; it's about setting a foundation for sustained growth, unparalleled customer service, and operational excellence. It's an investment in your business's future, ensuring that as you grow, every step you take is supported by a system that understands and adapts to your unique journey.

So, should you do it ? Evaluating Prototype Costs:

Before fully committing to a customized CRM, it's wise to develop a prototype. This initial version serves as a tangible proof of concept, allowing you to test and refine the CRM's functionality tailored to your business needs. Interestingly, we've found that investing time and resources into a solid prototype can be significantly more economical—often 4x to 8x less expensive—than diving headfirst into building a Minimum Viable Product (MVP).

However, it's essential to remember that the true test of any innovation lies in its real-world application. Thus, while prototypes offer a cost-effective way to explore and refine your CRM, they also bring you one step closer to understanding its practical impact. To manage this phase effectively, careful budgeting is key. Aim to develop your prototype with efficiency in mind, understanding that not every idea pans out in the long run. Statistically, only about 1 in 10 ideas fully take off, so it's prudent to minimize expenses during this exploratory phase, allowing for more frequent iterations and testing.

By incorporating these considerations into your CRM customization process, you ensure that the transition is not just strategically sound but also financially prudent, setting a solid foundation for your business's future growth and success with a CRM system that truly resonates with your unique operational landscape.

I hope the insights into our methodology inspire you to embrace a more structured approach to innovation in your business. The strategy we've outlined, though initially crafted for our specific needs, is adaptable and can be beneficial across different industries and enterprises.

If your company has tried making its own CRM system or has started using one, tell us about it. Was it a hit or a miss? Let us know it meet your expectations, or were there challenges you didn't anticipate?

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