Let’s start with a few questions to kick off the conversation:
- Have you been wondering lately why some of your customers left without any reason?
- Have you lost valuable customer data because an employee or Sales Manager recently left their job with all the information stored in their memory?
- Are you getting calls from clients who are infuriated with the slow response time taken in solving their issues?
- Are you constantly losing revenue because your competitor is always one step ahead in making upsells, or grabbing the bigger pie in your niche?
If you answered ‘yes’ to most of these questions…
And especially if you’re tracking, storing and managing your interactions/relationships with customers, by passing notes through spreadsheets like Excel or Google Docs, then there's a strong chance your system is broken, and continuing with it will only amplify these issues and cost you your bottom line!
Now in order to avoid these costly mishaps, to stay competitive, to positively enhance your customers’ experience and your sales process, you had best up your game with a CRM System.
CRM, as you rightly guessed, stands for Customer Relationship Management. At its core, a CRM system works to manage every relationship with your customers, occurring at various touch points. It's a comprehensive system, or a piece of software/application that brings every piece of information of the prospects/customers who come in contact with you (brand/products/services) at a central hub to simplify, secure and scale customer engagement.
Besides storing prospects/customers’ information and logging calls and emails, an advanced CRM tool performs a multitude of other functions, including; automates repetitive marketing tasks, targets emailing, monitors social media channels, visualises and tracks marketing campaigns, schedules appointments, manages editorial calendars, and much more.
CRM applications have been estimated to increase revenue by 41% per salesperson; drive lead conversion rates to rise over 300%, and decrease sales and marketing costs by 23%!
Now without further ado, the following are four (4) pertinent reasons why you should invest in a CRM System:
1. Finding the Right Prospects and Loyal Customers
It's no surprise that many visitors are up for grabs and happily convert into ‘leads’ by downloading your free offers like eBooks, trial offers, etc., but how would you separate the right prospects from all of those potential clients? Out of which some could just be stopping by to collect a ‘freebie’, and could actually be very ‘cold’ prospects who hardly convert.
You can pair forms/lead magnets with an ‘intuitive’ CRM system that tracks every historical data in relation to engaged prospects, and these prospects can be sorted out through ‘qualifiers’ to identify the ones that are most likely to buy, or the ones who have travelled deeper into the Sales funnel. Nurturing these already ‘hot’ and ‘qualified’ leads makes conversion easier and faster.
The CRM system gives a detailed account of any prospects journey, right from the first contact, as being a lead to having a long standing relationship, as a loyal customer and an evangelist for your product.
With the CRM system, you can collect and analyse such data from your target customers, which gives a greater understanding of the behaviours and attributes of focused ‘buyer personas', and help you formulate your future strategies, campaigns and decisions based on these recurring traits and consumption patterns.
2. Customer Intimacy – ‘The Personal Touch’
When you can tailor and realign your products/services and customer engagement processes to suit your customers’ interests, business or industry, it gives an extra ‘edge’ to your credibility as a brand and you beat the competition by earning more ‘brownie points’ with regards to being more intuitive and understanding your customers’ ‘pain points’.
CRM tools can capture detailed information about your customers, their interests, consumption behaviours and trends, so you're able to furnish ‘targeted marketing’, product development and other marketing and sales activities, with a ‘personal touch’.
As you must have already figured out, it's not your Bank Manager who remembers your birthday, but the software, or the ‘automation’ of the CRM the bank is using which does the job of creating the ‘illusion’ that ‘they care’.
Especially for SMBs, the CRM system can be a bonus, as it can compete on ‘customer intimacy’ against big brands, as it gets difficult for larger brands to duplicate similar efforts at scale.
3. Automation in Lead Nurturing Campaigns & Work Flow Processes
The CRM tool is actually ‘intelligent’ software, designed to track and analyse user data to make informed decisions to enhance customer experience and boost sales.
Actionable Insights can be drawn from this ‘user data’ to inform content marketing and lead nurturing campaigns for existing customers and future prospects. Let’s say you’d like to create a lead nurturing campaign that can send series of emails (with eBooks, newsletters, trial offers, etc.), to prospects who have shown interest in your product, by downloading an ‘infographic’ through one of your ‘lead magnets'. Now this is something your CRM tool can easily automate in scale with a ‘personal touch’.
These leads can be enticed and educated into the Sales Funnel through targeted and 'pre-crafted' messages based on user data, such as click rate, open rate, lead captures, heat maps, etc.
CRMs can also be used to build templates to guide prospects/clients through complex processes. Workflow automation can be integrated to make sure best practices are followed, while the administrative overhead of managing the CRM is reduced.
4. Managing Risks
A common occurrence in many companies is when a Sales Representative or a Business Director leaves their job and takes all the information of high prospects and loyal customers with them (in their memory).
The result is a disastrous customer ‘dis-engagement’ scenario. Numerous new prospects are not found to be contacted, sales targets are missed, dissatisfied customers happen to land on competitors’ turf, and brand presence and image is wavering at best.
With CRM tools, such ‘loose ends’ are never found in the system. No matter how high the employee or account turnover is experienced, the CRM system doesn’t let the ball drop on the floor. Reassignment of tasks and territory management functions to transfer accounts and opportunities to different sales or support representatives, is a seamless transition which can be furnished within minutes.
To Sum It Up…
Today, it's a given you need CRM tools if you’re to propel your business to be more efficient in achieving, capturing and nurturing customer interests, repeating successful processes, mitigating risks, predicting your revenue streams and staying competitive to achieve higher ROIs!
If you'd like further assistance or would like to discuss anything covered today, we'd love to hear from you.
Call Andy Fox (me) on (03) 5249 5570 or email firstname.lastname@example.org
Our Website is element7digital.com.au