CRM or Customer Relationship Management is a business process by which companies manage their relationships and contacts. Although the term CRM has customers in it, CRM does not limit itself to just customers. In fact, CRM aims to manage whenever an individual is in contact with the company. To explain, Individuals may be one of the following:
– Mail Subscribers
– Sales Leads
– Sales Opportunities
As a field, CRM defines the guidelines for interaction between companies and customers. Also, it provides the necessary organization and tracking tools required. These tools help a company to: – Procure leads
– Cultivate leads
– Develop new relations
– Improve/Refine existing relations
– Retain customers for longer periods
– Expand sales
– Make customers feel valued
– Provide satisfactory customer service
– Structure company processes efficiently
Essentially, with a CRM, it becomes impossible to ignore a customer. CRM allows you to deal with leads in a systematic way. This minimizes neglect of any particular lead. CRM tells you when to contact your leads, what you should say, and how to say it.
Additionally, CRM also had internal benefits. With a CRM, sales teams can track their activities, goals, and targets. Managers can monitor various sales teams performance at a glance.
CorporateStack understands that buying a CRM software can be difficult to do. In this post, we try to explain what could be the best option for your company. However, you may still have additional questions. We encourage our customers to contact us with any questions. Email us at email@example.com
Benefits of CRM
Before we discuss the benefits of a CRM, we need to differentiate between CRM Tools, and CRM Strategy.
CRM Strategy: Processes that the company uses in order to structure and standardize the way CRM technology is used.
CRM Tools: Software where CRM related information is primarily stored. Depending on the software, various features may be available for companies to use.
To utilize CRM in the best way, you need to choose a software that encourages a strategy through the use of its tools. Furthermore, most CRMs are built with a customer driven strategy in mind. CRM shouldn’t be viewed as something additional that needs to be done. Rather, CRM is a tool that helps to break the barriers between the different teams in your company.
Establishing a CRM Strategy
We provide a simple four step process for any company to use when defining their CRM strategy. Before the process can be applied, it is recommended to take a broad look at the various departments within the company.
It is also recommended to evaluate the different technologies used. After the preliminary evaluation, the process can be applied. This simple process will help you understand CRM better. Also, it will help you lay a foundation for the CRM Strategy to be applied.
Step 1: Identify your Company Internal Challenges
Here, an internal look must be taken at the company. You must identify the process(es) of how a customer is able to purchase a product from your company.For example, what are the steps they must go through to buy a product? Is it just a simple one click order from your website? Or do they have to coordinate with multiple people? These are the questions that should be asked during this step.
Similarly, you also need to identify the problem your employees have. Employees may wish to contact customers, but they may not have the appropriate information. Also, employees may not have the correct tools or access to contact customers. These challenges need to be identified and listed.
Step 2: Map the Customer Journey
Here, a detailed process of how the customer interacts with your company must be documented. Begin with how a prospect finds the company. This may be through the web, mailing lists, adverts, etc.
Next, you need to find out how the customer interacts with your company. For example, do they first visit your website? Next, how do they consume or buy your content? Essentially, in this step, you need to map your sales process.
It is essential that your sales process and customer journey work together. This will accomplish two things; firstly, to make the sale process simple. Secondly, easily guide your customer where they need to go.
Step 3: Define your metrics
Identify and define a list of benchmarks that you want to achieve. These targets should be based on current sales targets. Then identify the sales activities that will improve these benchmarks. KPIs can also be taken into consideration here.
Step 4: Business Milestones
Make sure to mark any important business milestones that may be taking place in the next year. Also take notes on things that may result in technical problems so that can be avoided.
What are the factors to consider when creating a CRM strategy?
Several factors need to be taken into account when developing your CRM strategy. These are listed below:
– Vision: Plan the process of how CRM integration would work with different sections of the company – Culture: Ensure that the organization has the methods needed to use a sales process that is customer driven.
– Journey: The steps the customer takes when they want to purchase your products. Create a clear and well-documented version of this journey by mapping it.
– Education: Create documentation and training videos for all teams interacting with the products – Communication: Plan the way the documentation and videos can be shared
– Leadership: Define the various roles in the transition. Clearly define the leadership, and the responsibilities of each team member.
– Value: Devise a plan for creating awareness within the company for the CRM. – Technology: The benefits and technology of the CRM need to be explained.
– Implementation: Document a structured plan of the new organizational processes and their implementation.
– Success: Create measurement standards by which the strategy will be assessed. Assign KPIs.
CRM is all about data and communication. If these elements are correctly implemented in your plan, CRM will be an effective tool for your company.
CRM aims to enhance the customer journey, while empowering the various teams in your organization. Focusing the CRM strategy for your customers increases sales, and allows sales teams to be better.
Enhancing sales through CRM Tech
One of the most important goals of any CRM technology is to enhance sales processes. CRM technology can do this by automating several processes. Rather than redoing menial tasks such as outreach, follow-up and qualification, CRM can automate them. CRM can provide notifications for various alerts, based on the users preferences. This ensures that a customer is never ignored.
Additionally, CRM can automatically monitor and keep tabs on your sales funnel. The biggest part of the sales funnel can be known in a glance. CRM allows you to contact customers and receive feedback on your communications with them. You can also easily integrate customer interviews and surveys within the system. This can help improve customer satisfaction by identifying gaps in your support communication.
Connecting CRM Tech & Business
An in-depth look at the CRM technologies and features you should be investing in. How do the features affect your business and what features are suitable for your business? There are several reasons why businesses should be investing in CRM technology. These reasons are how CRM directly affect the sales process and are explained below:
As an organization, even if you hire the best people in the world, they are still humans. Humans are prone to error, and they make mistakes. They can forget key appointments, or maybe get the time wrong. Even if written notes are kept, they aren’t reliable. They may be misplaced.
CRM does not forget. It does not make mistakes. It is not prone to errors. Instead of relying on memory, rely on the CRM system to help you remember. Everything from appointments to personal likes about a customer can be stored in a CRM system. As a result, sales processes become efficient and targets can be met easily. Not to mention the fact that you end up collecting various data about your customers that will be kept for future use.
Monitor crucial details
There are two scenarios possible if you do not currently have a CRM system in place. Either you are not monitoring sales metrics at all. Or you are monitoring sales metrics in an ineffective way, such as Excel sheets.
CRM can automatically monitor all aspects of your sales in an effective, organized way. Depending on the package purchased, it may even graphically visualize various metrics. Additionally, since all the data is in a single centralized location, it becomes easy to view how different elements interact with each other.
Securing and Storing Data
CRM platforms generally make it much easier to store data. Data stored in an Excel sheet is prone to become corrupted or lost. These data can even be stolen easily. In this case, a CRM platform would be much better.
CRM platforms are generally very secure. Many CRM vendors, including CorporateStack, are GDFR compliant. Essentially, this means that you don’t need to worry about your data at all. Everything is much more secure than if you were storing it on your personal computer. Normally, two storage solutions are offered by some CRM providers. In-House Storage, and Cloud Storage. Both have their own benefits and drawbacks. Generally, CorporateStack recommends choosing Cloud Storage for small businesses. In House storage is more suited for larger businesses with sensitive data.
CRM systems also generally provide a way for employees to work with each other. Since the customer data is all in one place, it becomes easier to collaborate and share data with colleagues. If a CRM system doesn’t exist, it becomes disorganized. Each employee can do things their own way, which leads to many duplicate files and chaos.
Standardizing processes and data can bring efficiency to the organization. Different departments can easily collaborate with each other. Marketing teams can see what method is bringing in the most leads. Sales teams can take these leads to energize their sales processes.
Enhanced Customer Service
Since CRM systems monitor everything, interaction between customers are recorded for future reference. This allows team leaders to monitor how sales people are interacting with customers. This can be useful in two ways. Firstly, it can be used to check if the sales people are making any mistakes. It can be used to monitor and correct any errors. Secondly, it can be beneficial to use for training future employees as well. Employees can be given real interactions with a customer and asked how they would react.
Some CRM systems, including CorporateStack, provide insights to various customers as well. For example, if an employee has recorded previously that this customer prefers emails rather than talking, then the system will recommend sending an email instead.
Other CRM Benefits
These are not the only ways in which CRM can benefit your company. Rather, CRM has far reaching benefits that are advantageous for the entire organization. This is largely due to the fact that CRM isn’t just a tool for improving or measuring sales performance. It actually enhances the customer experience.
Today, customers expect much more from businesses than in the past. Customers expect you to know them. They expect businesses to tailor every email. Sometimes, they even expect you to know what they need without them knowing it! Meeting these demands can be difficult for a business. With CRM, it becomes that much easier.
Below, we explain a few of the ways CRM helps your entire organization, not just the sales process:
Obtain & Retain the Best Customers
As you start marketing your products, you will capture leads more effectively. However, it is essential that these leads be tracked and dealt with appropriately. Otherwise, they just become missed opportunities. CRM software can help you manage and track all your leads. You can keep a history of each lead, and the amount of engagement the lead has been through.
Additionally, if your leads do become customers, you can utilize the sales data. This data can be used to track your largest customers. Once this subset of customers is known, you can assign a focused team of sales people to deal with them, giving them the very best customer service possible. This ensures they always stay happy, and keep giving you business.
Capture strong relationships
Sometimes, it helps to think of each customer as an individual. These customers are the people that will buy your product. They have their own feelings, thoughts, ambitions, and challenges. Using CRM software, it can be possible to deeper understand these customers.
Firstly, it is possible to go through past conversations with customers and identify messages that they connected with. Secondl, you can understand their ambitions and challenges. Thirdly, it becomes possible to create personalized messaging that allows them to feel valued. Next, you can study what products the customer is invested in. This will allow you to know how to create personalized messaging. It also helps in R&D. This helps the company in creating new products. Lastly, you can set reminders so that you can communicate with them at crucial moments.
Better ROI for Sales
Customer Retention is the most important aspect for sales. Acquiring new customers is much easier than retaining customers. Selling new products to existing customers, and convincing them to upgrade can be much harder. CRM can help you effectively target the customers that may be more prone to upgrade.
Since CRM can automate a large number of tasks, this takes the pressure off of employees. Employees become empowered and are free to do tasks that can bring greater benefits to the organization.
CRM streamlines the customer journey. It allows employees to have the entire customer journey to be present in front of them while dealing with a customer. This makes sure the customer gets a fast and effective solution to whatever query or problem they may have. Essentially, this leads to happy, satisfied customers that will always keep buying from you.
Searching For Important CRM Features
In today’s world, it’s really true that you get what you pay for. There are several “lite” CRM tools out there. However, these tools do not do the job well. Additionally, you never even know if they might be stealing your data! It is important to choose a company that you trust. It can be difficult to choose the right software which has the right features. This section will explain how to evaluate CRM software. Essentially, it will help you choose a CRM software that you need.
A Sales Pipeline is a graphical representation of where each prospect is in the sales cycle. It breaks down the different customers/prospects you have into different stages. This can show you exactly where the bottlenecks in the pipeline are. In turn, this could help you target these bottlenecks and fix them effectively.
A sales pipeline can show you how many deals are currently ongoing with customers. They may close in a week or a month. It can also show you what employees are close to their targets.
Since the sales pipeline breaks down each sale (or prospective sale) by stage, it becomes easy to analyze. You can study and optimize the different parts of the sales process to make sure the sales are carried out quickly and efficiently.
For example, a sales team may be unable to get closures on their prospects. Here, you could easily judge this by a glance. Then, you can provide guidance or change strategy about how the team approaches their clients.
Managing Sales Pipeline
CorporateStack allows you to customize and manage your pipeline exactly how you prefer. It has a clean, simplistic user interface that empowers sales reps and team leaders to exceed their targets. These are some of the features that you should look for in a pipeline management module:
– Clarity: Each stage should be clearly defined and labelled. It should be easy to see where each sale falls into the pipeline. This helps sales reps easily prioritize their work.
– Statistics: Clear, concise and valuable statistics should be produced from the data. It should tell you what stage needs improvement.
– Customizability: Each corporation has different needs. To ensure that your corporation has all its needs met, make sure the pipeline is customizable for any future changes.
– Intuitive: Sales reps will only use the software if it is easy and intuitive to use. The software should make it easy to add new contacts, new messages, creates sales information, etc.
Tracking and keeping emails can be difficult for a lot of companies. However, with CRM, it becomes that much easier to track any emails.
Typically, capable CRM systems contain an email integration module. This module lets users connect the CRM platform with their email account. This support is usually standard across Gmail, Outlook or other SMTP clients. Because of this integration, it becomes easier to send emails directly from the CRM system. You can follow up on a specific lead or schedule meetings from directly within the system. Additionally, you can even set up automatic emails to be sent according to various criteria.
CorporateStack allows you to integrate any email client you prefer into the system. Any email that uses SMTP settings is easily set-up.
These are some of the features that you should look for in an email integration module:
– Email inbox: Convenient management tools that handle your inbox. It syncs automatically. Includes email tracking and email templates that can be used on the fly.
– Customizable templates: Easily create outreach and follow-up templates that can be inserted and
customized straight from your CRM.
– Schedule activities: Schedule activities without leaving your inbox. Move the sales pipeline along directly.
– Advanced tracking: Track lead activities such as clicking on email links and use those to target leads more effectively.
Sales activities are the actions that make or break a deal. Actions are things that need to be completed by your employees. For example, when they talk to a lead, or email them. Sales activities are things you can control. The more effort you put in, the better the outcome. It is a linear scale.
These are some of the features that you should look out for in an activity management module:
– Activity scheduling: Relate activities to a contact/company and schedule them to happen on a specific day – Assign activities: Assign activities to different employees based on your requirements. Track the different activities completed by different sales teams.
– Customize activity types: Have the ability to customize the different activities based on the organizational requirements. Provide distinct recommended activity stages in the prebuilt version.
– Reminders: Provide clear views of activities due in the next week/month. Should send reminders and alerts based on missed activities. Should be able to assign priorities to different activities.
Contacts are a crucial part of any company. CRM systems should allow appropriate management of contacts. You should be able to save various details about any customers. Details such as the company, department, title, contact information are essential. Additionally, it should allow you to save directly email a contact if required.
Advanced CRM systems may also have the feature to directly create contacts from various sources. Leads can directly be converted into contacts. It should also allow you to import contacts from Excel sheets. Contacts may also be directly sourced from LinkedIn profiles. Moreover, you should be able to schedule sales activities, assign contacts to reps and send emails directly from the contact screen. Make sure you choose a CRM that provides you with as much contact insight as possible.
Sales Reporting is one of the most crucial features of any CRM software. Tracking the different aspects of a sales journey leads to several benefits. You can critically analyze the different areas from which the company is getting the biggest benefit. You can answer questions such as why are certain sales teams outperforming other teams. Or, whether you will achieve the sales target set in the beginning of the year.
Typically, a live sales dashboard should be implemented in the CRM system. This system should update automatically based on the sales inputted into the system. Especially, quotations and deals that are won should reflect on this dashboard.
These are the key features to look for in any sales reporting module:
– Visual Sales Representation: Sales should be represented as part of a dashboard. Should be able to filter the sales by specific teams. Should be able to compare actual sales versus targets easily.
– Customizable Reports: You should be able to generate specific reports based on your requirements. This means that you should be able to filter various deals out or compare different sales teams.
– Categorize Reports: Ability to categorize sales into different products should be available. This will help you analyze the products that are popular and in-demand.
Evaluating CRM Systems for your Business
Investing in a CRM system can be a huge decision for any company. This is why CorporateStack recommends doing your research before investing in any system. Here, we offer a simple process by which you can pre evaluate the different aspects of a CRM system. However, these should be evaluated based on your needs. For example, if you feel that an activity management module isn’t important for you, then you should choose appropriately.
Once the various CRM platforms have been pre-evaluated, it is better to delve deep into each CRM system and understand it completely. Additionally, you also need to map the various requirements your company has to the CRM capabilities. This is done to search for the best possible fit.
8 CRM aspects that you should consider:
– Business Function: Several CRM systems are designed to support specific industries, such as construction. Also, evaluate the different CRMs based on your company size, structure and principles. For example, do you value agile and cloud-based CRM systems or is it less of a priority?
– Costs: Investing in the CRM can be relatively costly for some companies. Understand the different pricing tiers of various CRM platforms that you are interested in. Certain CRM platforms offer a single price for the entire system, while others charge per user.
– Data Quality: How is the customer data handled by the CRM? Does the CRM help with opportunity prioritization? Does the CRM use advanced techniques to enrich and analyze the data directly?
– Brand: How popular is the CRM system? Do they have a good reputation with their existing clients? Do they have a large client-base? Are online reviews of the CRM system favorable?
– Customization: Do you require flexibility in your CRM? This depends on the various organizational processes.
– Migration: How difficult is it to migrate from the existing platform (or no platform at all), to the new system? Does the CRM system provide various export tools to make migration easier?
– Scale: Does the CRM system provide scalability as your company grows? Is it able to handle a large number of users with big amounts of data?
– Integration: For most companies, the CRM system isn’t the only system used. It needs to be able to integrate with, and communicate with the other systems in the company. This may be of importance in the future as well when buying new systems.
The following steps will allow you to choose a CRM perfectly:
Step 1: Create a requirements document
Before deciding on a CRM platform, it is always a good idea to look within the company first. You need to reverse engineer the system, and find out what the various requirements are for your company. Again, you need to first decide the goals you wish to achieve, and how the CRM system will empower your teams. Then, you can work the other way to choose a CRM system to fit those goals.
We recommend starting the documentation process that summarizes the goals you set. This should capture the essence of the entire requirement selection document.
Once this is completed, create a detailed listing, with various bullets explaining the different requirements and features desired. In the previous section, we mentioned various important features that should be present in each CRM System. Using that list as a starting point, you can create a detailed requirement document.
According to our recommendation, these are the features you should be considering:
– Email integration
– Reporting and customizable dashboards
– Email templates and personalization
– Pipeline management
– Ease of data migration from existing sources (another CRM or Excel Sheet)
– Integrates with marketing automation platform
– Syncs with customer success platform
– Integrates with existing systems within the company
Step 2: Cloud vs. on-Site
CRM systems can be deployed in two different ways. Either on-premise or on the cloud. CorporateStack recommends using the Cloud Storage option for most companies. We believe that the cloud is the future. Both of these options have their own merits and demerits, which are explained below.
– Cloud CRM:
– Less need for IT initiatives and infrastructure
– Fewer server or hardware costs
– Cost is scalable depending on the size of your sales organization
– Updates are taken care of by your provider
– Setup can take a matter of hours, not weeks
– GDPR compliant out of the box
– On-Premise CRM:
– Manage in-house
– Control over your data
– Higher price-point means dedicated IT support
– Control over customization
– Not dependent on external servers
Please keep in mind that the option that you choose should be something that is required. Do not choose a deployment directly. Find out what your organization needs, and choose based on that.
Step 3: Define Your CRM budget
Budgeting a CRM system can be a difficult aspect for many companies, especially smaller ones. Choosing a CRM solution that provides value is essential. Once your requirements have been mapped, the next step is to contact various providers and find out the costs associated with the system. Investing in a CRM is definitely a good choice as its benefits are numerous.
Rather than simply looking at the cost of the system, also consider the savings that the system allows you to do. You can calculate an estimated ROI of having a CRM solution for your company. This can be done by following the simple steps below:
– Calculate the total number of hours spent by each sales team on various activities
– Trace and map out the current sales pipeline in your company
– Track all various associated activities with sales.
– Use these parameters to track the increased productivity.
– Take into account any hidden costs, such as migration and user training.
– Leverage the total cost of the CRM system against the ROI
For example, you might only be sending 20 outreach emails a day. What would be the impact of increasing that amount fivefold through certain CRM features?
As an example, the current sales teams may only be sending out 15 emails per day contacting various customers. You need to assess the impact of the CRM system when it allows sales teams to send out fivefold more emails than before. Does it affect your sales? Are you enabling better customer acquisition, retention?
Step 4: Create a vendor selection process
Once your needs and budget are both mapped out, you will start to get an idea of the kind of service you require for your company. Depending on your requirements, you will either need a:
– Self serviced SaaS Platform
– Enterprise Solution
SMEs usually choose the former option which is in line with what we recommend. There are several vendors out there with affordable solutions. Often, these solutions are good, implementation is easy and there is usually a high degree of customizability. On the other hand, enterprise solutions are typically a good fit for bigger companies. These solutions are extremely expensive and do not typically offer customizability.
Negotiating with a CRM solution provider can be a value exchange driven conversation. This is why we recommend that before selecting a vendor, go through the following steps to create a process that allows appropriate selection:
– Business Goals: Clearly define the goals and revenues you wish to achieve.
– Timelines: Choose and define clear milestones for each stage of the process. Included deadlines for various stages such as choosing a vendor, migration and training, and integration.
– Request for References: Enquire about speaking to existing customers. This will allow you to know the problems faced, or satisfaction levels for the system.
– Competitive Insights: Find out who your competitors are using, and how they use them
Step 5: Evaluating vendors: demos, trials and RFPs
By now, you should be aware of the CRM landscape. The different vendors available, and the various features they offer. However, we also recommend reading articles about various CRM software. This can be done by googling search terms such as “Best CRM software”. Alternatively, you could find an expert in CRM software that will guide you through the evaluation process as well. This will provide you with a good amount of insight that cannot be obtained from articles.
Depending on your requirements and the type of platform you are interested in, the selection process may differ.
For a SaaS platform:
– Request a demo: Demo the CRM system by contacting the company. A sales rep will demonstrate the various features to you. Relate these features to your requirements.
– Digest sales material: Go through all of the material provided to you such as documentation, specifications, price sheets and case studies.
– Trial period: Many SaaS platforms allow a trial version, so take advantage of this to see how the system will work.
– Negotiation: Discuss timelines, any final questions and negotiate pricing
For an Enterprise platform:
– Create a Request for Proposal (RFP): Here, you need to communicate the scale of your requirements to potential vendors. This allows them to pitch their platforms to you. The various parts of the RFP are: – Objectives: Define your goals. How will your choice of CRM feed into these?
– Requirements: What features are absolutely essential? Which ones are desirable but not essential? – Resource allocation: Create a list of the elements that you require help with, and the ones that can be done in-house.
– Training: Detail the size of the teams that need training, and the number of hours they should be trained for.
Step 6: Making a decision
Following the process detailed above allows you to make an informed decision based on the important information that you need. Choose a system that you feel comfortable with. Additionally, make sure the company that you are buying from works well with you. Customer support can be an important factor as well. Take input from various employees that the system will affect.
In any case, having this data will let you make an informed decision. Comparing various vendors with each other, the features and support they offer will help you make an excellent decision. However, if you are still unsure, CorporateStack will help you find the right solution for all of your CRM needs.
Automating Sales Processes using CRM
Most people are afraid of change. If it isn’t clearly explained to them, sales teams may not utilize the CRM properly, or to its full potential. You need to train and explain sales reps on how to use the CRM efficiently. This can be done by communicating the various benefits to them such as:
– Increased productivity: Sales reps can target and complete activities faster with a CRM
– More organized: Data and contacts in a single location allows for more organized structure and collaboration.
– Time Management: Allows reps to focus on activities that make an impact, spend less time doing mundane tasks.
Below a few steps are outlined that will target specific activities that can be automated. This will help you better utilize the CRM system that you purchase:
Step1: General Sales Administration
One of the least looked-forward to aspects of a salesperson’s job is General administration. Thankfully, CRM technologies can streamline and even automate much of it.
Many salespeople do not like general administration. For many of them, this is the most boring part of their day. However, it is essential. Having a CRM can streamline and automate many of these processes. Typically, the tasks involved in general administration are:
– Reminders: Scheduling and creating reminders for various tasks that need to be completed throughout the day. This can be done automatically by a CRM software based on when an activity is finished.
– Appointments: Creating appointments for contacting customers. CRM can automatically schedule appointments with customers based on previous contact with them.
– Data entry: Since the CRM stores all the data, prospects, contacts and sales in one place, this provides a major relief to sales teams.
Step 2: Email and communication
Many of the day-to-day tasks of any employee revolves around emails. In fact, automating emails begins with identifying the everyday emails that need to be. These may include marketing emails or even follow-up emails. In any case, spend a bit of time studying the kind of emails taken and how long it takes to write these emails. The most common emails salespeople send on a daily basis include:
– Reminders: Emailing prospects about upcoming meetings and appointments
– Welcome: Encouraging new leads to take the next steps and set appointments
– Follow-up: Reach out to leads when a response has not been generated
– Onboarding: Getting new customers up to speed and thanking them for their business
– Marketing: Sending out mass emails to prospects informing them of new products or price reductions.
A large amount of time spent on emails is due to personalization. This can be due to how difficult it is for the sales rep to specifically target a customer. Although you cannot automate this completely, team leaders can create well written templates that can be followed by sales teams when emailing customers. Thus, this ensures that customers receive warm, friendly emails that are helpful.
Step 3: Lead Prioritization
Although you may have hundreds of leads to go through, many of these may not prove to be good prospects. This may be due to several reasons, ranging from budget issues to investigative customers. The question then is, how can you correctly identify leads that are actually worth your time? This is where CRM comes in.
CRM systems keep historical data of customers. It provides this data in a way which is easy and friendly to analyze. Sales reps can look at this data and ask themselves a few questions such as “Which of these leads have closed the fastest before” or “What do the leads have in common”. This allows them to effectively target a selling point of the product.
Certain CRM systems can even provide recommendations of leads to prioritize. Moreover, these recommendations are usually based on job titles, company sizes and behavior on the product site. This can help you easily capture customers without having to deal with several people.
Optimizing Sales Processes, Reporting and Analytics
Any CRM system can benefit your organization, even if you don’t utilize it to its maximum capability. It is just a given with CRM. This is due to the data it collects. The right data is everything. Firstly, it allows you to focus on the activities that make the biggest impact. Secondly, it allows you to tailor the way your sales reps are interacting with your customers. Lastly, it optimizes the entire sales journey for both you and your customers.
Identifying appropriate data
As mentioned above, just by using a CRM you will collect tons of data. However, it can be a challenge to extract meaningful data from here. This is why it is important for companies to decide on the factors they wish to consider right at the beginning. You need to define and stick to various KPIs.Most companies usually already have defined KPIs which makes this easier. However, as time passes, these KPIs may change. CorporateStack recommends a regular analysis of your KPIs.
Collecting the right data with CRM becomes that much easier due to automated data collection and reduction of manual entries. Just this fact cleans up your data significantly. Additionally, CorporateStack recommends analyzing and cleaning your data on a regular basis.
It is essential that companies identify the most important KPI they wish to target. For example, ask yourself the question “Which is the single KPI that leads to the most effective result?” Ideally, this metric should contribute to the success of the business.
Depending on your organizational requirements, this KPI could be something simple such as total revenue. On the other hand, it could even be as complex as average deal values.Once you have decided on the KPIs required, build your activities and analytical dashboards around it. This allows sales teams to focus on this metric.
Evaluating Sales Teams
The reporting provided by your CRM doesn’t just show you the overall health of your sales pipeline. You’ll also generate insights on how your entire sales team is performing.
Several CRM systems do not just provide data on the sales pipeline. Rather, they can generate analytics based on how well each team is performing, splitting the pipeline between various teams. Additionally, this data allows you to segment different teams. Finally, this allows you to learn from teams that are performing better and instructing teams that are performing poorly.
It also allows you to identify the most (and least) valuable activities. For example, if certain sales teams are performing better, this may be due to a certain activity they are performing more often. This can be anything ranging from capturing more leads to sending more follow up emails.
This post provides the entire CRM journey any company goes through. Hopefully, by reading this post, you have a clear idea of the steps you need to take to implement a CRM system at your organization. However, we at CorporateStack understand that this is a complex and difficult topic for many to understand.
CorporateStack provides CRM solution in UAE, Dubai & Middle East and always listens and learns from their customers, providing them with the best functionality at all times. In any case, if you are unclear about any part of this post or need help in CRM selection for your company, please contact us at firstname.lastname@example.org. We’d love to help you out.