Too many companies spend too much time planning how to bring in the money and not taking action on follow-up activity which actually brings in the money.
Please take a minute and consider these follow up activity statistics:
- 60% of customers say “No” four times before saying “Yes.” However, 48% of business development and salespeople never even make a single follow-up attempt.
- 80% of new business requires five follow-up calls whereas 44% of business development and salespeople give up after one follow-up call.
- 41% of companies currently struggle with poorly managed leads and tying customer data to business action.
This results in a clear disparity between what the average revenue pipeline shows and what the reality of pipeline revenue can be, don’t you agree?
Not having a CRM in place or indeed not optimising the one you have, means you are leaving money on the table every hour of every day.
This is exactly where the benefits of CRM are clearly demonstrated.
What is CRM?
Customer Relationship Management (CRM) is a business process that proactively manages all client interactions. It helps smart companies to dissect and understand their client base to communicate with them in the best possible way.
Most forward-thinking businesses make use of CRM software which automates these essential systems and allows for seamless collaboration and accurate record keeping.
But is CRM just another buzzword to create hype around costly business systems that you don’t really need?
Let’s find out.
Sales and Marketing Benefits of CRM
Not everyone who responds to your marketing messages will buy from you right away.
We all know this, yet there are still so many businesses that don’t have a plan in place to maintain contact with these potential customers until they are ready to buy. Their sales team end up on the tedious treadmill of cold calling for new customers while warm leads may just need a little nudge at the right time.
Collecting and correctly storing the right data on your potential customers allows your team to:
- Categorise: Splitting your database into segments such as hot leads, prospects, influencers, or partners is simple with the right CRM software. This allows your team to keep updated records, market the right product at the right time, and follow up with leads timeously.
- Track: No matter who the customer speaks with, everyone in the business has access to all communication including emails, calls, and purchases. All follow up activities are done with all the collective knowledge of your dedicated team and offer accurate, relevant information.
- Strategise: When you understand who is buying from you, how often, and what they prefer then you know what your marketing strategy is. Your marketing message is now targeted to cater to their exact needs and speaks to them where they are in their buying journey.
- Keep leads warm: We don’t have to bombard a lead with marketing information to remain front of mind. However, we can automate a simple process that gives them a gentle reminder every so often and a reason to contact you. When they do decide to purchase, it will likely be from you.
Superior Service with CRM
Does it make sense to spend a hefty portion of your budget on acquiring new customers, when you can pay less and gain more from simply looking after the ones that you have?
When you do the research, statistics clearly show that loyal customers don’t just happen; they are nurtured. A happy customer has no reason to look elsewhere and will feel a sense of commitment to you when they feel cared for as a person.
Trying to keep track of the unique needs of an individual used to be almost impossible for most businesses. But that’s no longer the case.
One of the key benefits of CRM is that it gives you the data that allows you to forge and maintain a relationship with the individual personalities that make up your customer base. A happy customer will not only stick with you but is far more likely to refer others to you, safe in the knowledge that they will be well looked after.
Referral business enjoys a low cost per acquisition and comes with the knowledge that your delighted customer is marketing your business on your behalf. For free.
Harnessing the Power of CRM
Without a doubt, CRM is one of the most valuable assets in your business. Even start-ups and microenterprises, in fact, especially, these should start today and get a functional CRM system in place.
If you plan to take your business forward this year, then let’s chat. We understand exactly how to harness the power of relationships and reap the undeniable benefits of CRM for your unique space in the business world.
Book your discovery call now on 0800 689 0837.
