Time is the most valued asset for business people across the world. Many of them are willing to pay money to buy an extra hour per day. A good CRM implementation helps you to buy that extra hour for the day. Inefficient time management can cause lots of problems, especially if business revenue is at stake. A good CRM helps you to organize your marketing efforts and sales processes. The organized efforts can help sales teams to be more effective. The information about products and services, related sales pitch and prospective leads can help the sales team close deals faster. It also facilitates required information for prospects on the go. This makes the processes fast and results in better business opportunities.
According to survey of top businesses, here are the top challenges that sales team encounter:
- Inability to delegate leads to the assigned sales representative.
- The lack of information and data about potential clients
- Lack of knowledge about the prospect prior to calling
- Poor picture visibility about the future obstacles on their leads
Factors that can limit selling time for sales representatives are as follows:
- Too many leads without proper qualification of data. Most of the sales representatives are spending their time in tracking down all the prospects to generate sales.
- No access to tools for accessing information for products/services on mobile devices. A lot of time of sales persons is spent waiting for prospects in their offices.
- Unnecessary movements that are inefficient and don’t produce effective outcomes. A lot of movement doesn’t always bring the desired results.
CRM can help sales representative solve common multiple problems like:
- Sophisticated client history
- Current preferences of the client
- Clients preference on social media
- Former client interactions
- Clients details about their infrastructural design
- Former interactions of the clients
CRM benefits to businesses:
- CRM systems use cloud based and collaborative features, giving sales representatives more time to sell their products.
- Simplifies selling processes of sales representatives.
- Product brochures, quotations and all information integrated at one place. Access to sales information on the mobile devices.
- CRM can forecast sales accurately, lead conversion and bring in more productivity.
- CRM helps increase business profit for up to 27% with optimized sales cycles.
A look at key result areas obtained from a case study of clients who have implemented CRM system in their organisations.
|Key Result Areas||Challenges||Benefits||Average Improvement|
|Tracking contacts, leads and key opportunities for business||Redundancy of data, difficult to track contacts, & filtering valuable prospects. Managing communication with contacts.||Automatic removal of duplicate data, import contacts from excel sheets, advanced filter options for leads that convert faster. Better communication with contacts and integrated communication platform.||47% Improvement in Sales productivity.|
|Sales pipeline||Identification of right prospects for your products/services based on location, budget, need and time.||Intelligent filter and lead management system helps identifying the right prospects. Improved communication, automated action plans and triggers||38% increase in Sales pipeline|
|Sales projections and forecasts||Sales projections are highly inaccurate, no measure of realtime sales figures for proactive actions.||Improved predictions and projections with business intelligence automation. Qualified prospects and probabilistic mathematical tools used for more accurate sales projections.||49% increase in Sales projection accuracy.|
|Sales Conversions||Tracking leads, prioritization of opportunities, handling communication with prospects, key events for demos, meetings, quotes, negotiations etc.||Step by step actions plan for tracking conversions. Hot leads are handled on high priority. Integrated platform for collaboration, information sharing and all customer communication. Lead owner receive key alert messages for key events.||34% increase in sales conversions|
|Customer Escalations||Tracking customer escalations for products and services. Assignment of cases to respective owners, customer communication, resolution and closing of cases.||With help desk support tools, customer can report escalations with an intuitive interface. The cases are automatically assigned to owners and tracked on priority basis. Faster resolution with realtime help desk status updates.||36% decrease in time for resolution|
|Marketing Cost||Channelizing marketing efforts with good ROI, evaluate cost effective methods to acquire customers & managing campaigns.||With campaign tools, the channels for marketing can be effectively analysed in terms of their ROI, costs incurred and business value generated for companies. Reduce costs that don’t produce results.||19% decrease in marketing cost|
|Customer Acquisition Cost||Difficult to track costs for acquiring customers, the effective cost incurred with employees time, travel, meetings and all other expenses for acquiring customers.||Track costs for customer interactions on all touch points. Analyse the costs incurred for a customer acquisition through different channels. Figure out the best and most efficient ways to acquire customers for your business.||18% decrease in customer acquisition cost|
|Customer Service||Tracking customer projects better, managing tasks and key milestones for customers. Communication and feedback from customers.||Improved customer service and retention. Increased efficiency to track customer tasks and key milestones for projects. Deliver better solutions, communicate better and develop opportunities for cross selling.||35% Increase in customer satisfaction|
|Average time for converting deals||Difficult to track the average time to convert a deal when realtime data is not available. The aggregation of information is inaccurate, not real time and difficult to measure.||With CRM tools, the conversion status and progress is measured realtime. Targeted follow-ups, qualified prospecting, improved campaigns, action events reminders, integrated information flow, and best practices for Sales conversions.||29%
decrease in average time for converting deals
|Revenue||Maintaining productivity of sales teams, collaboration, identification of profitable opportunities, locations, products and services for an organisation||Alignment of people, processes and technology to enable results. Improved project management, sales automation, predictable revenue opportunities and profitable ways to acquire customers are key to improving revenue||27% increase in revenue|
*Case study of 90degree Team Task Clients.
Implementation of CRM system can help an organisation to improve its sales, profitability and revenue. The sales data analysis by regions, by products, services and other methods gives a perspective of the performance of the systems. The CRM system will help you to power your sales operations, utilise the team efficiently and take proactive measures to reach your targets. CRM system helps companies to optimize their sales, predict revenue opportunities, improve sales performance, reduce their time for conversions and maintain profitability.
Kreyon Systems is a software company for CRM development. If you need a CRM solution with industry specific customizations, please get in touch.