New clients are the lifeblood of your business. Having the right customer relationship manager (CRM) can propel your profits into the stratosphere. If you don’t currently have a CRM, or if you are not entirely using your CRM, you are missing out on chances to not only close more deals, but also to fully understand the needs of your clients and your sales process.
Here are five key reasons why and how the right CRM will help your business grow.
1. Quickly Monitor Leads and Clients
A CRM keeps you organized. It allows everyone in the organization to have one place to go to check on the status of leads. The CRM holds their contact information, where they came from, how far they are in the sales funnel, and what efforts have been made to reach out to them.
Sales managers can easily track how well leads are progressing. Customer service can use a CRM to see if there is anything in the client’s history that will help them solve client issues.
2. Spot Bottlenecks in Your Sales Funnel
When you are caught up in the day-to-day of running your business and hustling after clients, it can be tough to see larger trends. If you are using a CRM, you can easily spot any bottlenecks in your sales funnel. If leads are reluctant to commit at one particular phase of the process you know exactly what you need to fix.
Without a CRM you are flying blind, relying on your gut instincts. You will miss subtle trends and will limit your company’s revenue potential.
3. Improves the Efficiency of Your Salespeople
If you don’t measure something, you cannot improve it. A CRM will make your sales force more efficient. First, it will make their job easier because they have one place to find and enter all of the data on their prospects.
But, even more importantly, a CRM collects data that can be used to hold salespeople accountable. If someone isn’t closing at the same rate as the rest of the sales team, the data from the CRM can be used to improve their performance. They will be able to see how exactly where in the process they are weakest.
When your company uses a CRM, your sales force and management always know what the current numbers are.
4. Improve Your Agility
Technology is always changing. It seems like every week there is a new killer app or revolutionary tool that changes everything. You need to have the flexibility to quickly pivot as your target market shifts.
When you have a CRM, you have the ability and the data to quickly shift your focus, change your sales funnel, or deploy a new strategy. You can track the success of your efforts and improve through constant iteration.
5. Encourage Collaboration
Using a CRM allows different parts of the organization to collaborate. Instead of a small cadre of people hoarding all the data, a CRM allows anyone to see data and create easy to understand charts and graphs.
By giving more people access to this information, you open up avenues of collaboration from different parts of the organization. Maybe accounts payable has noticed something that all of the delinquent accounts have in common. Someone in customer service can help sales understand what types of clients are the lowest maintenance, and the most profitable.
Using a CRM allows the entire organization to work together cohesively instead of creating separate silos that rarely communicate.
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Peter Jonathan Wilcheck #CRM