A quick review of the state of your business would reveal how far you have come in terms of scale and revenue growth. But only when you measure the quality and quantity of customer relationships, you would understand that they are the key to your business growth and they define your success.
In the current times, with huge technological changes in the business landscape, it makes sense to manage and control the aspects of business that deal with customers on a daily basis. To improve the bottom line, companies have to improve overall business performance, beyond number of leads generated or the promising pipeline.
To do that efficiently and effectively, here are the top 5 ways to improve business performance with a good CRM system:
1. Convert more leads into sales
Suppose, you’ve spent time and marketing resources to attract and generate more leads. Now what? Are those leads getting passed to the sales team on time? Do your sales reps know which opportunities are the hottest and which ones would die after the first contact? Research shows that without a good CRM system, *79% of all marketing leads are never converted to sales.
If you are a small business owner, it is even more critical to own and use a good CRM system to grow fast. A smart company will make the most of all the marketing tools that are available like email, social, marketing automation, etc. by connecting them to a CRM platform. Not only sales and marketing should have a complete view of all the leads and prospects, they should co-create and target engaging communications to turn prospects into customers or reach decision makers faster.
2. Build deeper customer relationships
By developing a deeper understanding of a customer’s business needs, you can build a strong relationship, founded on mutual trust and success. A CRM system can help a business in three ways with regard to relationships such as:
– Explore the customer. Find out what matters to your customer. Know their goals, preferences and challenges. Do you have a follow-up action after the first, second or third meeting? You can record all the information you gather in a CRM system and whenever you are meeting a customer, you can easily pick up the conversation where you left off.
– Engage with relevancy. After you understand a customer’s business challenges and goals, you can recommend products, special promotions or content. Since you have an effective CRM, you’ll also know what they’ve purchased and how they’re using your products or services. All the content and information you provide thereafter, is relevant.
– Scale 1-to-1 relationships. Offering personalized experiences is the key to success for any business and it is important to have a complete view of the customer. As you begin to grow the business, it is more crucial to keep an eye on the ball so that you don’t lose the warmth and closeness you share with the customer. As you scale up, your relationship will also scale up on the back of a fast, easy and reliable CRM system that never lets you forget a task or miss an appointment with the customer.
3. Sell more, faster
New customers are a key ingredient of continued business growth, but they’re not easy to get or find. It makes great business sense to sell to the existing customer base rather than focus on spending large amounts of money trying to acquire new ones. The chances of making a sale is greater to the customers who already know you and have transacted with you before and they also trust you.
A good CRM system can help you reduce the cost of sales by automatically prioritizing leads and opportunities that are highly likely to convert to a sale, based on customer interactions with your company. You can see all of the opportunities already in progress that are a good fit for add-on deals. It can boost team effectiveness further when you all reach out to the customer at the optimal time for purchase.
A 360-degree view of your customer can help you to instantly align your team on the next steps to close a deal. Also, Automation across sales, service and marketing with CRM, will free up your sales reps and employees so they can spend more time talking to prospective customers and strengthening relationships with existing ones, than doing manual paper work.
4. Provide better customer service
The best product in the market is only as good as the experience it provides post sale. While you don’t want to disappear after making the sale, you don’t want to waste time and effort in sending multiple ‘thank you’ notes several times afterward. Spare your prospects from multiple marketing campaigns that will annoy or scare them away. Post sale, with a good CRM system, you would have immediate access to the complete history of the customer, so everyone can pitch in to provide personalized messages and solutions in a periodic manner. This will encourage your customer to take your messages seriously and result in repeat purchases and meaningful interactions.
5. Increase customer retention
It is easy to equip your teams to proactively address accounts that are at-risk and present satisfied customers with new opportunities at the right time. A good CRM system would give you complete visibility across all of your customer relationships. With transparency into customer histories, active campaigns or open cases, you can provide satisfying customer experiences that not only improve customer retention, but end up giving high returns over several years after.
To conclude, in case you are still not convinced with the top 5 ways and you are not sure if want to revamp your old CRM system or get a full-service, user-friendly Platform and eco-system like Salesforce™, which is the world’s #1 CRM Platform, here are some interesting facts and figures:
**Effective CRM applications have a proven track record of increasing:
- Lead volume by up to 27%
- Campaign deployment by up to 28%
- Lead conversion by up to 30%
- Marketing ROI by 25%
**For the company, a CRM results in a:
- 22% decrease in support costs
- 26% increase in customer retention
- 31% faster case resolution
- 35% increase in customer satisfaction
Business performance is not an accidental outcome in the Intelligence age. Technology, which is the backbone of a highly effective CRM system, should be a major consideration when choosing the right one.
*Reference: The Annual State of Marketing Report 2018 by Salesforce™
**Average percentage improvements reported by Salesforce™ customers. Source: Salesforce™ Relationship Survey conducted 2014–2016 among 10,500+ customers randomly selected. Response sizes per question vary.