7 CRM Costs Your Finance Team Can't Afford to Overlook

It’s hard to imagine a successful modern business without CRM.

The image is a scary one: Marketers chasing customers through various touchpoints. Operations teams overwhelmed with manual processes. Potential deals slipping through the hands of sales reps.

All of this explains why there’s such a market for CRM software right now, valued at over $100 billion USD in 2024.

But this growth has also sparked a CRM arms race, with major providers competing to pack the flashiest, most extravagant features into their software.

This might sound great – who doesn’t love more functionality? Yet all of these developments have driven up the price of CRM, making it harder for CFOs and finance teams to justify the investment. And the expenses don’t stop at the initial purchase either.

If you’re responsible for your organization’s budgets or are looking to purchase a CRM, here are some hidden costs to watch out for:

1. Customization costs

No two businesses are the same – so why should their CRM systems be?

A custom CRM is by no means a necessity. However, tailoring a solution to the specific needs, size and functions of your business can be a game-changer.

Custom software can integrate with your existing tools, ensuring continuity and preventing the need to overhaul your entire tech stack to make it fit. It can also improve usability by aligning with how your teams actually work.

But there’s a catch: customization can be expensive. Depending on the level of tailoring, it can drive up the cost of your software considerably. There’s also the risk that these custom features make your CRM so complicated that people don’t want to use it.

Workbooks does things differently. Our customization options enhance usability without adding unnecessary complexity, ensuring your CRM fits your business needs – not a sales rep’s quota.

2. Ongoing maintenance

Just as CRM software isn’t necessarily one-size-fits-all, it’s also not ready straight out of the box.

Think of CRM like you would a car:

• It needs ongoing maintenance
• The more complex it is, the more likely things will go wrong
• The pricier it is, the more expensive it is to maintain

 To keep your CRM performing at an optimal level, you’ll need to monitor:

• Data management: Removing poor, outdated and duplicate data to ensure reliability
• Integration checks: Applying further updates to integrate your CRM with new tools
• Software releases: CRM vendors will release updates to improve functionality and fix bugs
• Security improvements: Ensure protection from cyber threats and compliance with privacy regulations

With big providers, you’ll need the services of third-party consultants to take care of these tasks, which can be costly.

Workbooks eliminates that hassle. We handle all implementation directly, delivering a personalized approach with actual people – not robots. That’s why we’re rated higher across all areas of customer support than some of the market’s biggest providers.

3. Staff training

You could have the most sophisticated CRM software in the world, but if your employees don’t know how to use it properly, what good is it doing you?

Training is another cost you’ll need to account for. And once again, the more complex the software, the higher the costs, and the longer it will take to get your team up to speed.

It’s not a one-time thing either. If you have reasonable turnover, training will be a recurring expense for every new hire.

Unlike big providers, we prioritize fit over flashy sales pitches. That’s why we take a Shared Success approach, helping you understand how a CRM can truly benefit your business before you make any commitments.

4. Unused features

Feature-rich CRMs can be enticing, but do you actually need everything they offer?

There’s a good chance you’ll end up paying for CRM features you never use. These could be:

• Too complex for time-poor teams to master
• Misaligned with your business needs or growth
• Redundant, as your existing tools may already do the job

With Workbooks, you only pay for what you use.  Unlike other providers who often require you to buy full licenses for all users, you can mix and match licenses with Workbooks, ensuring you only pay for the features each user actually needs.

5. Capped functionality

What’s worse than having features you don’t need? Paying extra to access the ones you actually do.

With big CRM providers, this is a common reality. They draw you in with an initial discount or an appealing quote. It seems like a great deal at the time, but once you need to scale up and require greater functionality, you’ll be hit with additional costs that can quickly escalate.

We’ve heard this frustration from countless businesses. At Workbooks, our pricing is transparent, and functionality remains unlimited – no hidden fees, no surprises.

6. Inefficient workflows

CRM should integrate with your organization’s workflows, not impede them. That’s one of the primary reasons businesses invest in this technology.

Yet overly sophisticated systems can:

• Disrupt existing processes
• Increase frustration among employees
• Lead to costly mistakes, like poor data entry and missed leads

Fixing these inefficiencies often requires outside consultants, adding even more to your costs.

7. Poor adoption

The biggest hidden cost of all? A CRM your team won’t use.

The ultimate goal with any new tool is a return on investment. But if employees find the software too complex or frustrating, adoption rates will plummet – turning your investment into a wasted expense.

What’s the solution?

There’s a lot of BS in the world of CRM. Hidden costs, misleading pricing and aggressive upsells are all part and parcel of working with some of the market’s biggest providers.

Don’t let sales reps push you into overspending on a CRM solution you don’t need. Take our advice: if you’re in the market for CRM, know what you need before committing, and don’t let vendors dictate your budget.

Check out our guide on ‘How to Build a No-Bull Business Case for a Better CRM’ for practical steps.

With Workbooks, you get a CRM designed for real business needs – without unnecessary costs. Start with a free Shared Success Workshop and see how we can help you drive ROI without the hassle.