CRM is critical business tool that enables data-driven intelligence. It helps eliminate non-revenue generating activities. and optimises resource productivity.
Covid19 has decimated sales in the second quarter of 2020 for lots of businesses. Focus now turns to Q3 and Q4 of 2020 in an attempt to recover lost ground. The normal economy is not returning anytime soon. Businesses need to prepare for the new normal. Businesses need to protect their market position, enable growth, and operate more efficiently. New customers need to be onboarded, margins protected, and revenues increased. This is critical for the business recovery as well as ensuring that the top team can fund and deliver their strategic company objectives.
Non-revenue generating activities
A 2018 Forbes study showed that, on average, 65% of sales reps’ time is spent on non-revenue generating activities. Combined with longer sales cycles and the need for due diligence to ensure the validity of a prospective client, it is easy to see why non-revenue generating activities have increased substantially.
Thinking smarter rather than working harder
The use of technology within the sales function has rocketed over the past twenty years. What is surprising is that only 0.4% of time is being spent using technology that gathers and provides valuable sales intelligence. This is despite 62% of sales reps spending most of their time using technology, the vast majority of this in spent on emails.
There is very little logic to those numbers. They send a strong directive to sales managers: start working from data-driven intelligence now. In order to work smarter, and save time, use technology that provides key insights. Insights into which prospective clients warrant the time and monetary investment. Those who fail to transition to a smarter way of selling will see the effects on their declining bottom line.
A critical business tool that enables data-driven intelligence is CRM. It also helps to eliminate non-revenue generating activities. It optimises time and resource productivity. It can help an organisation react to changing market conditions and new consumer habits.
Benefits to CRM
Investment in a CRM solution may initially be deemed an added expense. There may be a perception that it could tie up already busy key resources. So why green light a CRM implementation? There are however strong benefits.
1. Stronger Customer Relationships
The first and easiest benefit to measure is the tighter relationship your organisation will have with your customer. This will lead to:
- increased sales through anticipating your client needs before they ask by looking at historical data.
- cross-selling of other products by referencing similar client purchasing histories.
- identifying and reporting on which of your clients are profitable.
- Elevating the customer experience.
2. Better marketing intelligence
This can lead to better marketing of your products or services:
- aiming specific marketing messages at a client need.
- use of a personal touch when communicating with your clients.
3. Better profitability!
Ultimately this could lead to:
- enhanced customer satisfaction and retention. Happy customers stay longer and spend more.
- increased revenue, margin, and profit from existing customers.
- reduced costs due to a stable customer base that is well supported and serviced.
- increased overall efficiency and reduced total cost of sales.
- improved profitability by focusing on the most profitable customers and dealing with the unprofitable in more cost-effective ways.
Once your business starts to look after its existing customers effectively, efforts can be concentrated on finding new customers and expanding markets. The more you know about your customers, the easier it is to identify new prospects and increase your customer base.
ProAptivity focus on the implementation, training, and support of highly customised CRM software solutions. Our CRM software provides the data-driven intelligence needed for management and control of businesses in the new normal.
Contact us today on 028 9099 6388 or via firstname.lastname@example.org for a free review for your data management.