How does a CRM Boost your Business and Power Up your Company’s Performance
You may ask how does a CRM Boost your Business performance? Customer relationships are key to a company’s development, so you need to manage them as efficiently and effectively as possible. Here’s how relationship management technology can help you be more attached to customers, increase business performance, and grows your company bigger and faster than ever:
How does a CRM Boost Your Business Performance?
1. Find the right clients.
“Without a CRM system, 79% of all marketing leads are never converted to sales.” – A recent report from MarketingSherpa
You’ve spent time and resources attracting and generating new leads, but now what? Are they getting passed on to your sales team, and if so, do your reps know which opportunities are the hottest? Time is of the essence when you’re small and growing fast. Make the most of your marketing tools — email, social, marketing automation — by connecting them to a customer relationship management platform. Both sales and marketing will have a complete view of leads and prospects so they can create and target engaging communications to turn prospects into customers and reach key decision-makers faster.
2. Build more sustainable relationships.
“According to Salesforce – 46% of sales leaders say deeper customer relationships are a key objective for nourishing success.”
Develop a deep understanding of a customer’s business — start with a complete view of their history with your company — and you’ll build a strong relationship founded on trust and mutual success. A CRM system can help an organization:
Explore their challenges: CRM improves business by finding out what matters to your customers — their goals, challenges, and preferences — at the end of every exchange and make sure you have a follow-up action. Record these notes in your CRM system so next time you can pick up exactly where you left off with a quick review.
Engage with relevancy: After you understand a customer’s business challenges and goals you can recommend appropriate products or special promotions, or other content that’s relevant to their business interests, at the right time. With customer relationship management, you’ll also know what they’ve purchased and how they’re using your products or services, so you can provide the most relevant content and information.
A customer relationship management platform can host email templates, set up task reminders, and enable phone calls to help you connect with customers faster and easier.
3. Reduce the cost of sales.
“The probability of selling to a new prospect is 5% – 20%. The probability of selling to an existing customer is 60%–70%.” – Marketing Metrics-Forbes.
New customers are a key element of continued growth, but they’re not easy — or cheap — to come by. The good news is you can balance new customer acquisition costs through sales to your existing customer base. Gain greater visibility into the upsell, cross-sell, and renewal opportunities in your customer portfolio and you’ll see an increase in repeatable sales thanks to the trust you’ve already earned. A CRM system can help you improve business performance by:
Improving sales efficiency: Prioritise leads and opportunities that are highly likely to convert and close based on customer interactions with your company.
Boosting sales effectiveness: CRM boost your business by knowing which customers are engaged and the right time to reach out for an optimal response.
Increasing upsell and cross-sell opportunities: See all the opportunities that are a good fit for add-on deals already in progress.
Uncovering referral business: CRM boost your business in finding untapped opportunities in existing relationships instead of paying for dead-end leads or wasting time cold calling.
Reducing time to close: Instantly align your team on the next steps to close a deal when you have a 360-degree view of your customer.
4. Increase staff productivity.
“52% of high-performing salespeople identified themselves as power users who take full advantage of their companies’ customer relationship management technology.” – Harvard Business Review study
Adopting the right technology frees up your teams from process-heavy tasks and gives them more time to connect with customers. Manual operations like hunting for contact information or entering data can be automated or eliminated from customer-related processes. Automation across sales, service, and marketing will free your employees so they can spend more time talking to prospective customers and strengthening relationships with existing ones, moving the needle for your company.
5. Offer great customer service.
“Fifty-five percent of consumers would pay more for a better customer experience.” – Defaqto Research
Even the best product is only as good as the service that comes with it — both before and after the sale. Don’t hit up your prospects with multiple marketing promotions that will annoy or scare them away. Drop the ball after a sale and you’ve wasted the time and effort that went into winning a valuable customer. When your entire team has immediate access to a customer’s complete history, everyone can quickly provide personalized messages and solutions, with the right resources. Smoother interactions build trust and encourage repeat business.
6. Improve customer retention.
“A 5% decrease in your customer defection rate can increase profits 25%–85%.” – B2b International Visibility across all your relationships can help your teams proactively address at-risk accounts and present satisfied customers with new opportunities at just the right moment. With transparency into customer histories, active campaigns, or open cases, you can provide more satisfying purchases and service experiences that keep them coming back for more. Invest your time wisely now, and strong customer relationships will pay dividends for years to come.