To succeed in today’s dynamic world, business demands that you must stay ahead of your competition. Your competitors are everywhere to snap up and exploit the opportunity received from you. This provides plethoric alternative options available for the customers. Customers today – happy or unhappy, never fail to review the company on social networking sites, which is as powerful as Word of mouth in deciding the company’s rise or fall.
Each company has a desire to expand and grow in this global world. However, a small business entrepreneur has to face a daily challenge at each development stage. He has to keep an eye on everything. Right from the beginning of the project until its delivery, it is a tedious task for him to manage everything and maintain a constant performance balance. Thus, it is quintessential to overcome this challenge and simplify the management process.
One advantageous option, which has proved to be a boon for small business, is available now as a CRM tool. Many companies consider their existing customers as valuable assets. Hence, it is very necessary to retain existing business clients whilst looking for new sales prospects. CRM software allows you to streamline and automate business processes. It helps you to analyze the bottlenecks in the organization that is slowing your business growth.
According to a survey, usage of CRM has increased sales by 29%, sales productivity by 34% and forecast accuracy by 42%. CRM application is an invaluable tool that helps an organization to track and analyze all the interaction records of their clients. It simplifies and manages all your customer data in one place.
How to make your business more efficient?
- Look into your future:
In context to your other financial management systems, one should take a chance to predict future business revenue. To have a view of future business revenue, one must consider the CRM as “future-predicting” option. It is the leading indicator of your profit margins and revenue metrics.
While monitoring the dashboards, the higher management can track market activities and can accordingly predict future problems to gross sales and revenues. Thus, all department leaders can reset their corporate strategies and can adjust plans depending upon the outcome of those strategies. This enables you to have a clear visibility over your future and ensure that your business processes remain efficient.
- Customer Intimacy:
Today’s customers judge a product or a service based on its purchasing convenience, after sales service, product/service reliability etc. However, instead of trying to implement all these, companies can narrow their center of interest and can focus on either operational excellence or customer intimacy. They can excel in any one of the disciplines and become champions setting stuff business standards that are beyond competitor’s reach. Companies targeting customer intimacy focus on tailoring their product and service offerings that fit customer demands. As a result, these companies gain immense customer loyalty. Companies pursuing “customer intimacy” as their value discipline set remarkable standards for the industry.
- Using what you have:
Business grows with reference. If your current customers are happy with your product or service, they will refer you to others. When new customers approach you with reference to your existing customers, you come to know that the previous customers are doing extremely well. However, what about your new customers? How will you know about their experience? You will have no clue what your new customer’s experience is. This can limit your opportunities for growth. CRM can help you to track your customers and access the long tail business opportunities of the market.
- Risk Management:
Many situations, unforeseen in nature that can result in a sudden drop in sales targets and deals. In addition, some unsatisfied customers may also choose to move to other service provider or vendor. When such a situation takes place, one should mandatorily analyze the sales strategies like – whether the customers are being contacted in time or not? Why are unsatisfied prospects moving to other companies? Is it because of the offerings or services? CRM can make it possible to track all the events and make the control process easier for you. It hardly takes minutes to reassign the tasks and management functions and to shift the opportunities to a sales person with better caliber.
Tips to boost your business revenue
- Enhancing your sales strategy:
Superior insights and respective actions can increase revenue up to 41%. You can improve your sales strategies by having a comprehensive view of all your contacts and follow a systematic approach. This can help you shorten your sales cycle by 24%. Also, encourage mobile access that allows your sales team to stay connected.
- Improve your customer retention strategy:
Never lack to nurture and improve customer relationships through occasional greetings and campaigns. Leverage customer information to find out the requirements and demands of the customers and share the data with other team members.
- Leveraging happy customers:
CRM helps a sales person to track the records of who is connected to whom and how. Depending upon your service and product kind, you can use referral leads that will help you provide a better advantage for your pitch. Most of the people trust their friends and colleagues when it comes to purchasing a new product. Especially, a colleague of an existing customer could turn more probably into a sales lead. You can seek the help of your existing happy customers and ask them for reference.
Business growth does not depend only upon sales person only; it depends upon multiple activities across various channels through which leads are generated. New leads could be acquired with the use of Social CRM to identify new market opportunities in the digital space. While there are the number of challenges that a business has to face today, among them, one is the choice of CRM software.
There are a number of reasons like software cost, potential risks, negative past experiences etc. which stand an obstacle in embracing the new technology. However, these reasons should not forestall a company from selecting a CRM solution as they offer several benefits that cannot be neglected. A company should keep 5 factors in mind while choosing a CRM software.