10 Best Practices to Grow Your Business With CRM System
Here are the 10 best practices to grow your business by implementing a robust CRM system.
To grow your business in today's competitive economy requires that you be more aggressive in turning leads into paying customers. This is where a CRM system comes in. This technology provides a better way to manage your relationship with potential and existing customers. By more fully exploiting opportunities and gaining valuable insights from data. Let's delve a little deeper into what makes an investment in these systems valuable.
What is a CRM System?
CRM stands for customer relationship management. As said, it is a system businesses use to manage their interactions with prospective and existing customers.
They enable businesses to store all data related to these customers on a single platform. This makes it easier for any employee, in any department, to access valuable up-to-date data that will inform their decisions. This then leads to better communication, negotiation, and drives sales. The more satisfied your customers are, the more likely they are to turn into repeat patrons. By using CRM systems to carefully manage these relationships, you better maximize the potential for more sales.
Let's look at some of the specific benefits businesses can enjoy by choosing to invest in a crm system.
Benefits of Adopting CRM
Turn more leads into sales – By analyzing data on existing customers, businesses can better identify sales leads and how to convert them. It also encourages better liaison between departments as marketing teams can hand off leads to sales teams for this conversion. Better profiling of customers and what they want can also inform future product development.
Forge more loyal relationships with clients – When you deliver quality service to clients, they become more loyal. A CRM helps to provide employees across the organization with valuable intel on customers so they know how to delight them. Giving customers the impression that they are valued, no matter who they interact with is the kind of impression that makes them happy to do business with you.
Promote cheaper repeat sales over costlier sales to new clients – There is a lot less marketing effort and setting up of supply channels involved in dealing with repeat clients over new ones. And if the existing clients are happy with your service and products, they are more likely to come back. This makes managing of existing client relationships so important. They are the more profitable clients for any business.
Encourage better staff productivity – Employees are often frustrated when they are set targets but have access to poor intel. A CRM system empowers more employees as it provides the information they need to better handle clients.
Enhance customer service and engagement – Customer service departments are often left out of the loop when it comes to what is happening in other departments like marketing and sales. They bear the brunt of customer dissatisfaction without really knowing what the problem is. A good CRM helps fill in the knowledge gap and enables them to provide more reliable feedback to clients on resolving their issues.
Improved data management – when employees become committed to the use of a CRM system, it helps ensure proper data management. Keeping data updated is also made easier on a digital platform. No more huge piles of paperwork to prepare and file. Customer data can be better organized and accessible in digital format.
Speedier decision making – With all customer data kept in a centralized location, employees can easily access it when making decisions. When the sales team is trying to negotiate a new rate with a client, having easy access to how the products were marketed to them and if there have been any customer service issues can make them better placed to secure a deal.
Better work efficiency – From monitoring the progress of projects to noting important reminders, using a crm makes work run more smoothly. All data is properly organized and streamlined so nothing falls by the wayside. With a user-friendly interface, employees can easily navigate the system to get to whatever information they need, when they need it.
Prioritization of key client accounts – Sales analytic features like those on CRM.io enables users to easily determine who the key clients with the strongest impact on the business lie. Carefully managing key accounts is often vital to the survival of a business. By tracking these metrics, you can monitor sales performance and not any emerging problems early.
Streamlined sales process – Leads are often lost when marketing teams do their part but there is no follow up down the line. A good CRM system allows for better coordination between teams. Sales teams can quickly pick up where marketing left off and seal the deal. Customer service can also quickly step in and aid in managing any issues that later arise.
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How to Grow Your Business with CRM System
1. Track Customer Behavior
A CRM helps to store a record of all interactions with an existing or potential customer. Having access to this data helps to understand customers better by reviewing their history with the business, across various channels. This can better inform further offers you make to help turn them into repeat or paying customers.
For instance, knowing how often a potential customer visits your site to check on a particular product, and any social media or email communication can allow the business to make a discounted offer on the same product to hook the client.
When you can create content that fits the unique needs of your target audience, they can develop trust and familiarity with your brand. This can make them more loyal to your company and products. Having loyal customers who make repeat purchases can be a major benefit to your bottom line. -Neil Patel
2. Use Value-Adding Content to Convert Leads
A CRM system can help sales teams to quickly identify the strongest leads from marketing efforts and start opening lines of communication. It can also aid in developing value-adding content for your website, email, and social media marketing.
When you know what platforms your best leads are coming from, you can better tailor your content for that particular channel. Putting up promotions here is likely to boost sales as it is the most fertile ground for customers that fit your buying demographics.
Understanding your target market will also enable you to better develop content they will appreciate. This is particularly helpful with inbound traffic to your website. You need to make it so when potential leads reach your website they find content that engages their interest and will encourage them to want to interact more.
3. Reinforce Customer Loyalty
With a sound CRM, businesses can ensure every sale and other interaction with clients is conducted and completed to their satisfaction. When customer engagement falls off it can lead to annoyance and the customer moving on to another business to meet their needs. It is important to ensure that any time you are dealing with a customer they are delivered full service.
Even as products and services are delivered to their satisfaction, you will still need to keep up some interaction to keep reminding them of your presence. Businesses can use approaches like customer loyalty programs to reward and encourage more sales from the same clients. You can add an air of exclusivity by varying the rewards according to the level of customers and encourage their interaction and participation in promotions.
4. Empower Your Sales Team
Sales teams often find themselves scrambling when trying to engage marketing leads. Since the marketing team has moved on to other prospects, they are not as easily available for consultations. Sales teams become more empowered when they have better access to information regarding how the client was approached and what was promised.
With better accessible data on clients, your sales teams can better interact with leads, negotiate deals, and boost sales. This is why data management on CRM is so vital. Keeping it updated with all actions related to the target client makes the next person in line to interact with them better able to deliver a satisfying experience.
5. Minimize Costs
Marketing efforts tend to consume a sizable portion of company expenditure budgets. No one begrudges this department those resources as it is what generates leads and boosts revenue and sales. However, it is best when the return on this investment is high. This is best accomplished where more sales are generated from existing rather than new customers.
You can offset the cost of marketing to new customers by better engaging existing ones. Use your CRM system to better identify opportunities to push for repeat sales from existing customers that you are more familiar with. You can use such information as to when they are likely to exhaust supplies to offer discounts on bulk orders. Use customer loyalty programs to better engage them and make them feel valued.
6. Customize Your Marketing Approach
From addressing key decision-makers by name when email marketing, to offering discounts on products they have previously bought, there are many ways you can make tailored targeted marketing offers that will drive sales.
All this is based on data that you collect through a CRM system. By analyzing this data and segmenting your customers, you can ensure that the right type of promotion is hitting the inbox of the right type of client. This is important as customers are not all the same so you need to customize offers to ensure maximum impact. Use your CRM analytics to segment your client listing and develop a more personalized and direct marketing approach.
#EmailMarketing Tip: With a #CRM that uses #AI to deliver predictive analytics, you can learn what offers your customers are the most likely to respond to, creating highly targeted offers so relevant that your recipients come to anticipate them. pic.twitter.com/5ApJ2Ve9HV— Michael Brenner (@BrennerMichael) April 8, 2019
7. Data Cleanup
By bringing all your client data under one system you are better able to spot issues that may affect your business reputation. It is not uncommon for one department to have information on a client that others do not.
For instance, if a B2B client has gone bankrupt and shut down. Customer care may have been notified. However, the marketing team that is out of the loop may still be pestering senior management members that were identified as key decision-makers in the organization. This can make a bad impression that could have been avoided if everyone was working off the same CRM system.
Businesses need to make it a priority to regularly perform an audit of data and cleanup client records to avoid such mishaps.
8. Marketing, Sales, And Customer Service Collaboration
When problems arise with clients, customer service is better able to respond by having access to the CRM system that details client history with the business from the start. When they have to delay these responses because they need to consult other teams, they can leave a bad impression on clients.
For instance, when calls come in about a delay in delivery. It is better when they can instantly access the CRM to learn the reason and immediately inform the client during the same call. This timely response often helps to soothe ruffled feathers. Having a system that gives a comprehensive overview of all activity and interaction with the customer makes all the affected departments better able to handle any situation that arises.
9. Better Reporting
One of the biggest benefits of digital data is the way it can be manipulated to create various types of reports. From bar graphs to pie charts, data can be analyzed and presented in simple formats that make the relaying of information to different interested parties easier.
You can make use of sales analytics features on CRM systems like CRM.io to assemble intelligent sales reports for shareholders and internal meetings. These reports can also be useful in tracking business performance and trends.
10. Take Inspiration from Outside CRM Successes
Keeping an interest in crm news can give you an inside track on trending features, technologies, and strategies that have helped other businesses to also grow. While being innovative has its merits, most businesses succeed because they take inspiration from industry leaders.
From case studies to opinion pieces by influencers, it helps to keep current on what is going on with CRM and other marketing and management news. You can discover new features on the CRM you have that you have never used, or can seek an upgrade for the same. Discover what new technologies your target market has taken an interest in and integrate them with your existing systems to avoid falling behind.
Chances are other businesses are offering the same products or services that you do. It pays to be quick about reaching out to potential leads and creating a sales experience that will turn them into loyal customers. With the right CRM system, you can accomplish this more efficiently and effectively, helping to boost your sales and company success to new levels.