CRM

by on Wed, Jul 15th Categories: articles (1426 Views)

CRM – How to Use it to Get More Sales

 

 


“How you gather, manage, and use information will determine whether you win or lose.” -Bill Gates.

Customer satisfaction and subsequent retention have always been the prime focus of businesses. Today, however, the data-driven approach has led to data everywhere in some form or another.

This data is just waiting to be processed, to be utilized extensively to provide a personalized experience to customers.

The data-driven approach is ruled by the fact that everyone likes getting what they want without having to ask for the same. To achieve this, we can break down the process into three major steps.

Step 1: Obtain Data

Step 2: Process Data

Step 3: Utilize Data

While companies have been trying (and failing) to maximize the potential of data through these three steps, there is a tool better equipped to handle things – Customer Relationship Management (CRM) Software.

CRM software can be quite useful in generating leads and sales, as well as for customer retention and a lot more, but some businesses undermine the full scope of CRM because their idea of the definition of CRM itself is sometimes flawed. To understand how you can generate sales through CRM, you need to understand the proper definition first.

What is CRM?

Customer Relationship Management software is exactly that – tools that let you effectively manage customer relations. However, this is the limited definition that the world knows. The extended, full version is something like what follows.

A CRM is a tool that significantly reduces human efforts in a business, by providing data-driven solutions that improve how you do business as a company, right from how you interact with customers to how you generate sales through leads from landing pages. It is the software/tool that you use throughout the life cycle of a customer.

It integrates your entire business process including your sales, marketing, and customer support as well as eases the policy structure and processes of the business on a common platform. This streamlined platform acts as an instrumental means to generate more sales.

But how?

Leveraging CRM to Increase Sales and Revenue

1.   Improve Customer Pitches

Analytics forms the backbone of any retention and improvement. Analyze the likes and dislikes of customers through the customer’s behavioral analytics. It can help you observe and understand a lot of things, like:

  1. What kind of audience visits your website – millennials, middle-aged people, or seniors?
  2. What gender is driven to click the most?
  3.  What kind of device are they using?
  4.  What is their browser, does it support your website extensions well?

And many other things about your customers. The better you understand, the better you can personalize. Once you know the devices a majority of your visitors use, you can customize the design of landing pages to make it more attractive and compatible, and you can send product promotions and offers based on their likes and dislikes.

2.   Reward, Encourage, Retain

Five percent customer retention, according to Bain and Co., increases the profitability of a business by 75%. That is right get 5 out of 100 of your customers back, and they will add 75% profit to your business. And as if that wasn’t enough, Gartner predicts that 80% of all your future revenue will come from just 20% of your existing customers.

The best way to ensure customer retention is to set rewards in the form of additional discounts or free offers. You can do this in two ways.

  1. When a new customer buys something from you, at the point of time, you can provide them with a new scheme or discount vouchers that can be redeemed exclusively by them upon their next visit.
  2.  Conversely, you can record the data of these customers and send them emails and messages from time to time thanking them for shopping with you and informing them about additional discounts that only existing customers can avail.

Another great way to reward customers is to have them fill out surveys and feedback forms and reward them for the same.

3.   Lead Prioritization

According to a study by the Annuitas Group, businesses that use CRM to nurture their prospects see a whopping 451% increase in the number of legitimate leads. These nurtured leads subsequently make 47% larger purchases than their non-nurtured counterparts.

So how to nurture these leads? First, you should segment all your leads based on winning chances. The categories could be ‘Active Targets’, ‘Initial Contacts’, ‘Qualified’, ‘Meeting/Call Stage’, and ‘Proposal Drafted and Sent’.

From these categories, consider the money you are spending against the chances of getting a sale from that lead. The chances can be identified based on the lead category. Now, prioritize investing in those leads that look more likely to convert, and pull the plug on finances of leads that look the least likely to convert.

4.   Be Approachable

The basic idea of CRM software goes beyond marketing and lead generation. Having great landing pages or good marketing automation strategies works only so long as you do not leave customers hanging midway through their problems and concerns.

Your website should be linked to the CRM software, so that website analytics are recorded by the software as well as the customers can be replied to. Add a web chat feature with your website to support customers 24/7. CRM can be used not only to listen to customers’ problems but also to assign problems based on their category to various departments of your company.

5.   Check Back on Strategies That Work, cancel out Those That Do not

Are your landing pages not compatible with the browser? Is your design too stuffy for your customers? Are your landing pages too slow to load, or is the call-to-action button not clearly visible? Is your email content not up to the mark due to which your email marketing strategy is not working?

Without a CRM, you will have these questions, and the software is meant to give you numbers and statistics that help you determine what works and what does not.

6.   Target Through Segmentation

You already know you can leverage the analytics power of CRM software to segment customers to send them tailor-made pitches. However, sending pitches is not all. If you have a diverse business or product range, you can segment your customers into categories based on their likes and actions with reference to specific types of products.

Once done, you know which customer is more likely to buy which kind of product, so not only do you save money and resources on impractical leads, you give each segment exactly what they want, so they’re more likely to buy it.

7.   Keep Track of Lost Prospects and Open Avenues for Them

Lost prospects could be due to multiple reasons – slow loading of landing pages, not interested in the product you offer, prices are too high, they have doubts about the quality, etc. CRM lets you find out what stage of buying your prospects were in before they decided to leave, and if you find out a majority of them leave due to a common reason, you can find a solution and approach customers again.

For instance, if you see most customers abandon their shopping cart just before payments, this could be due to a high delivery charge. You can slash these prices or make delivery free and approach these customers again.

8.   Keep Constant, Real-Time Track

Right from responding to emails to the time they enter landing pages, right from the time they browse products to the time they make payments, CRM allows you to keep a real-time watch and generate real-time reports about their behavior. This makes it easier to understand and approach customers with better proposals.

9.   Reduce Data Ambiguity and Duplication

Data duplication is one of the biggest factors affecting productivity and causing wastage of resources in businesses. CRM can act as an integrated interface where your employees can have a common login and store data centrally. This means they all store data to one common database, and this database will not accept duplicate entries.

This also ensures a central storage system that can be easily accessed when needed, so the duplicity due to sending and receiving files within departments is completely avoided.

10. Create Sales Cycles and Automate the Sales Process

Sales cycles start right from email marketing or getting prospects to visit your landing pages. The cycle goes on until the customer makes a sale, and even after that, automation can help with follow-ups, job allotment, reminders, email alerts, etc.

So, create this cycle and integrate it into your CRM, and the software will automate the entire process so as to ensure you do not have to worry about each stage of sales.

 

The Recommended CRM Hubspot – Here are 10 Reasons Why

  1. Offers marketing, sales, and customer services with a free CRM.
  2. Get Contact insights, SEO recommendations for content, especially for landing pages, and website themes.
  3. The paid version can be used as and when you grow, making Hubspot the ideal platform for budding businesses.
  4. Differentiate their services based on three packages – Marketing, Sales, and Service Hub. The individual packages make them more comprehensive and complete.
  5. Best for Marketing Automation, Analytics, and growing overall traffic.
  6. Email tracking and automation for tracking email leads and effective email marketing strategies.
  7. Complete lead analysis for the best lead prioritization.
  8. Conversational and script-free, human interactions that enrich customer experiences.
  9. Great expertise in B2B customer services which can be very tricky and hard to retain.
  10. Their Service Hub users have received over 57,000 completed surveys – getting insightful data is their expertise.

Wrapping Up

Any CRM software integrated with planning can help generate leads and convert sales to leads. However, the steps are time-consuming, and the process is long and tricky. Returns are assured over time, so be patient, integrate these tools, and if you’re doing things the right way, it can lead to three times more sales within a month!

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