If the Entellium situation doesn't make prospective CRM software purchasers nervous enough, the effects of the current economic downturn have them quaking in their boots. Last week's New York Times profile of the changes facing Silicon Valley puts the situation into perspective:
October “was like turning a switch,” said Robert Barbera, chief economist at the Investment Technology Group, a research and trading firm. “Everything pretty much shut down.”
Even Sun is laying off thousands of workers who would normally supply hardware to CRM software vendors. Therefore, it's important to find a great referral to a solid CRM software provider by focusing on a few key elements:
- Where did you learn about the CRM vendor? Was it from a reputable CRM software directory, from reliable reviews, or from a paid advertisement? The more you can find out about a CRM software vendor online, the more trust you can put in them.
- What kinds of clients do they service? Believe it or not, a company that serves a handful of Fortune 500 companies right now is actually less attractive than a CRM software provider that works with thousands of mom-and-pop businesses. A diverse income stream insulates a CRM software vendor from the failure of a large client.
- Do they have the interest of your business at heart? Is your CRM software vendor looking for a major up-front financial commitment, or are they willing to let you start small and grow? Big down payments are a sign of companies that struggle with cash flow.
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