Organizational growth is a matter of deep concern for business owners and CEOs. If the organization is running on sales for revenue, then this growth must be as smooth as possible. Customer service is one of the best ways to ensure positive growth that yields better results. Customer service needs to be managed effectively and as professionally as possible.
Many sales-based organizations operate on a system that runs on data. The best results are earned when the sales team is spending most of their time pitching to potential clients. This content must be easily curated so the sales reps can understand and use it to deliver to the prospects.
Here is how customer relationship management (CRM) technology can help your sales strategy:
1. Find more customers:
Do you know that 79 per cent of marketing leads never convert into sales, just because of the lack of a customer service system? Even if your team has spent the time to look for more leads and gather prospects, what is the next step? Which opportunity is the best for the company?
If you are a small business and want to grow fast, time is the most important resource for your company. Make the most of your leads by investing in a CRM system. Your most important tools like email, social media, and marketing automation will be combined into one platform through CRM technology.
“Some businesses are reporting CRM adoption rates as a high as 90%. On average, the adoption rates are about 47%, with the most important two factors being technical and customer support.” IBM
This enables your sales and marketing team to have a clear view of prospects and current reports that can enable future strategies.
2. Better customer relationships:
70 per cent of the buying process is completed by the time a prospect is going to engage with a sales representative. This stat proves clearly that the role of a marketer is crucial to growing more sales in business. The CRM technology can use not only automation but also document the journey through which a prospect joined the funnel to convert as a customer.
You can develop a better understanding of the customer’s journey and their history with your company. This builds trust between both parties.
A CRM helps you find out customer’s challenges, find out what matters to them the most and target their preferences. Make sure you have a follow-up after every interaction and a game plan to lead them further into the funnel. Record these pointers in your CRM system so that you can refer to these notes for future campaigns.
3. Providing information:
Your sales reps must be able to access data quickly and pass information in a few minutes time to the prospects. Emails are an effective way to communicate with the leads, as well as to bring in more sales. 47 per cent email recipients click on an email based on its subject line, whereas 68 per cent ignore the email based only on the subject line.
After you understand a customer’s challenges, you can use social media, email, and messages to deliver the right solutions to them. They will inform you about their purchases, and you can recommend the best service or product from your list of offerings.
4. Reduce sales costs:
Do you know that the probability of selling to an existing customer is higher than a new customer? Businesses have a 60-70 per cent chance of selling to someone who has already been a customer, compared to a completely new prospect (5 per cent or 20 per cent).
So you should accept that the platform is more open to selling to existing customers through recorded data and retargeting campaigns. The moment you start taking a customer relationship for granted is the moment you start losing your most important clients.
Moreover, new customers are a good prospect, but they are not cheap to come by. You can get more visibility into the existing client base by exploring their unfulfilled needs. A CRM system helps in improving the efficiency of those sales, the effectiveness of those sales, and increasing opportunities to upsell or even cross-sell to the customers. This decreases your sales costs and increases customer relationship strength. Moreover, if you find a suitable CRM, you can boost your chances of success even more.
5. Improving productivity and teamwork:
Leads have to be nurtured to convert into business. Who is going to make it possible that a lead is ready to convert? Your sales team. With the help of a CRM, the sales team can take a backseat for most of the recurring manual work which can be completed by automation.
A CRM can easily seep into all platforms like Business Development, Marketing and Sales to give you the chance to focus on key tasks that boost productivity.
When the set of leads is nurtured, the CRM will prompt you to take a customized plan of action.
You can customize the CRM as per your business needs and field of work. With the CRM, you can sync all the emails, calendars and other key data that keeps the sales team well-informed.
Think of the ease with which you can derive new strategies when repeated tasks are being done with automation and artificial intelligence.
6. Offer better customer service
There are no two ways about the fact that customer service is one of the best ways to retain your customers and garner their loyalty. Unfortunately, if the statistics are anything to go by, not many companies are bothered about leveraging it.
According to the latest research from Accenture, 52% of consumers have switched providers (across all industries) due to poor customer service.
Another shocking stat tells that in the US, the estimated total of lost revenue due to poor customer service is $1.6 trillion.
Yes, a whopping $1.6 trillion.
It is not necessarily a bad thing as you can have an edge over your competitors by offering a dependable customer service.
Now stepping up your customer-service game is actually a very tedious task. You have to keep track of your customers’ activities, complaints, success, failure and so on and so forth.
And this is where CRM softwares come into play. You can integrate your customer data with your chosen CRM software. This way your entire team can have an access to the complete customer history. As a result, each sales professional can provide messages, solutions along with organizing email thread and more.
7. Re-engage your previous customers
Sometimes companies miss out on huge opportunities without even realising it. Now the traditional way is to simply prune out the inactive subscribers without even giving a second thought.
However, this practice is not only antithetical to profit but also hurts you in the long term.
And here’s the reason why:
Recent research by MailChimp has found that inactive subscribers are 26% more likely to make a follow-up purchase than non-subscribers. The same research also says that an inactive subscriber is worth 32% of a subscriber.
Now you know the mistake companies are committing when they decide not to re-engage their previous or inactive subscribers.
Using many CRM software, you can segment and filter out your inactive subscribers (first helping you to realize who your inactive subscribers are). After that, you can use pre-existing templates to send a follow-up email using various CRM softwares.
8. Optimize Team Performance
As important lead generation is, the team that works hours and hours for the purpose is obviously even more important.
And you know what transcends everything? It is the team performance because everything is actually directly proportional.
If the team performance takes an upward swing, everything else is bound to follow. Thus CRM softwares are optimum today when it comes to keeping business leaders and the whole team keep up to date with their performance.
If you look at this case study you will realize that many companies in various industries are leveraging CRM softwares to stay ahead and keep track of their team performance.
Real-time communication and sales and marketing reports can help the top leader to identify efficiencies as well as the inefficiencies in the sales process.
Furthermore, apart from the inside team, it also tells the company executives about the discrepancies in the customer service and support and the reason behind this. As a result, straightening out the disturbing elements causing these problems becomes easy, thus optimizing the team performance.
Following this model, CRM can help your company secure data in a cloud, build records and case studies to boost the sales. The sales reps feel more confident through data which is available on the mobile app, desktop or tablets while they are on the go. Moreover, you don’t have to keep an eye on every step of the lead nurturing process. Just step in when it is time to convert the leads into paying customers.
Build more leads through a good CRM software and weed out those that are not responsive or irrelevant to your business. Which CRM software helped your business grow more leads? Help us update our list by leaving a comment below.