Customer Relationship Management (CRM) is a buzzword for the processes and tools that enable sales staff to analyze their sales chain and prioritize potential clients, focus on pertinent factors, and…
Customer Relationship Management (CRM) is a buzzword for the processes and tools that enable sales staff to analyze their sales chain and prioritize potential clients, focus on pertinent factors, and identify areas of interest in order to create sales strategies that will increase revenue. This term is new, but the methodology is old. In the “Mad Men” days people did this all on paper, and had no way of creating reports or searching for important statistics. Today, companies can utilize a plethora of software packages available for their business size and obligations. What many smaller businesses and firms don’t realize is that there are inexpensive CRM tools that can be used to amplify their sales and reduce overhead costs.
CRM For Small Businesses
CRM allows small business owners to identify and alleviate those operational challenges which stifle business growth: sales decline or stagnation, client attrition, and overhead costs. These tools enable a business owner to see in one central location all of the variables affecting their business. Using CRM tools introduces a level of visibility that simply will not come from notes or a simple spreadsheet. What they do is enable the type of notes and categorization of sales calls that will generate accurate reporting for maximum understanding and strategic planning.
Analytics And Reporting
Storing your customer and sales information in a CRM system grants you automatic access to a full range of reports on which services or products are selling and who’s purchasing them. All this information enables you to acquire a clearer picture of the sales pipeline itself: Is it working well? Which problem areas need addressing? Which company representative is the most productive? The centralized nature of the information stored in a typical CRM allows powerful analytic and reporting tools to probe and interpret the information for your benefit. Stand-alone systems, with their decentralized information warehouses, significantly fail in this regard.
Further, CRM tools are highly proficient at client management and will collate an entire team’s notes so that a Sales Director can search for specific keys into customer understanding. With these tools a sales team could analyze the types of customers purchasing their products and services to formulate targeted sales strategies—or even assist with branding a business based on the type of customers. For example, if most of your revenue comes from the real estate industry, you now know that your sales and marketing campaigns should be highly relevant to them with key words that reflect their business concerns. These types of reporting tools allow sales teams to create strategies for long-term goals and profits.
Growing And Keeping Customers
Small business owners cannot afford to target the wrong customer population. This is death to any business. What small businesses require is business intelligence; the ability to see trends, statistics, and areas of improvement. Being able to see what works, what isn’t working as well, and what area of a business is growing is absolutely invaluable. There is really nothing else more important. No one wants to be behind the trends, or to keep wasting money in sales to the wrong customers. Just because you started with one type of client doesn’t mean that this is where your business must remain or will continue to be relevant within. Using a CRM tool, business owners can accurately predict the direction of their business and move forward with greater clarity. The tools have the ability to give a birds eye view on everything from customer base to where the money of the company is going. Why spring for a mass marketing approach when the right CRM tool can allow you to focus and fine-tune your marketing efforts for a greater profitability?
Because many of the CRM suites are dynamic and pull together various aspects of business, they oftentimes remove the need for other pieces of software or manpower. CRMs will track revenue, discounts, cost of shipping for sales and returns, and the number of dissatisfied clients and “returns”. They provide better than adequate methods of revenue tracking that can be introduced into overall strategic planning and directional meetings to discuss the corporate value chain.
Additionally, CRM tools allow small businesses to keep their current clients and revenue streams by enabling both employees and the sales force to quickly respond to a customer complaint or need. They can review ordering trends and put together packages that will be tailored to current customers, and prevent any snafus or misunderstandings with customers whose loyalty keeps the business engine going.
The Customer’s Experience
Today’s customers anticipate a smooth, streamlined experience from beginning to end. They expect to be easily identified by the small business and to be expertly catered to by the business representative. From the customer’s point of view, the shorter the call and the less they are made to wait, the better. CRM tools delivers this and more by cutting down on the time the customer is made to wait by, first, quickly identifying the customer, second, subsequently addressing their needs and, third, recommending additional products or services that match their profile.
Improved Coordination And Cooperation
When the marketing, sales and customer service departments of a small company share the same CRM platform, they are able to communicate in the same language. Instead of being separated by a lack of access to key information or systems functionality, when a company uses the same CRM, the business teams or departments are able to function more cohesively. All at once, they have what they need to work as a single unit and know how best to attain their common business goals and objectives.
Efficiency and staying atop of tasks are a must for any successful business. Many CRM tools today come equipped with features that enable company teams and departments to expertly tackle mundane tasks that simply have to get done. Tasks such as scheduling appointments, updating records, tracking follow-ups are all important functions that the right CRM can help a small business accomplish.
Don’t Get Left Behind
CRM software is used by every successful business in the country because of their unique ability to refine and pinpoint key areas of customer’s interest for effective and streamlined marketing campaigns. Using these tools a business can track an online ad’s success, a particular salesperson or technique and which words resonate with customers in order to create a precise and effective marketing campaign. These tools improve a business’s operations and enables sales teams to create effective marketing campaigns, customer engagement and outreach, and improve revenues.
There are many types of CRM tools on the market today, each with their own flavor and benefits. Small businesses can afford to purchase CRM tools, they cannot afford not to.
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