It has been observed that about 21% of organizations do not survive their first year. Among some reasons for failure, around 13% of SMBs fail when they ignore or cannot meet their clients’ requirements. Hence, when initially starting a business, understanding what your product/service isn’t enough. You must also know to whom you are selling. Getting acquainted with clients, catering to their specific requirements, and developing a robust relationship with them is critical for continued success.
It’s where a cloud-based customer relationship management solution comes in. Surprisingly, over 45% of businesses still haven’t implemented a CRM software solution. If your organization has yet to embrace a CRM technology, then it is the right time to do so. To make that decision, here we present the key advantages of the solution you must look at for accelerating business development.
1. CRM Makes Employee Transition Seamless
Without automated CRM software, your sales representatives’ accounts and interactions may remain scattered across Excel sheets, sticky notes, and emails, thus making it difficult to get an entire view of the accounts and progress with a certain customer.
Whereas, with a CRM in place, it is simple to conduct a pipeline audit. This enables you to gain a granular insight into the accounts and understand the deal stages, as well as their progress. Hence, it can also allow your sales team to engage in contextual conversations.
- Go through your salespersons’ accounts and understand the number of deals they have in their pipeline and which stage they’re all in.
- Strategize your next course of action. When you revise such attributes, you can recognize ways to move your deal forward and how a new representative you recruit can take over.
2. Boosts Collaboration
An online CRM system enables your sales representatives to collaborate with each other and with various teams across the entire company. The solution enables salespeople to share and access critical documents within the system. Some of the best CRM solutions come with in-built communication tools which enables your sales team to interact with each other without leaving the CRM system.
The marketing and sales departments can share information quickly with each other allowing them to review details they gather from various interactions with the clients. When the prospects get passed on from the sales development representative to an account executive to take over, they will require context in order to effectively engage with the leads/opportunities. Through the robust CRM software, the account executives receive access to past interactions, chat notes, emails, and so much more.
3. Automation Help Increase Productivity for Salespeople
Activities, such as adding and updating contact details, sending emails to multiple recipients, and more, can all be automated and free up your sales representatives’ time to perform more value-added tasks like engaging with leads and moving them through the sales pipeline quicker.
- Auto-assign leads
Contacting prospects within five minutes of them signing up enhances the likelihood of them answering calls or responding to emails. The best CRM software solutions allow your team to do this by automatically assigning leads to the right sales representatives.
- Automatically create reminders and appointments
Prioritizing your leads and engaging with the right ones can be daunting without a standardized solution in place. With the CRM system, you can generate appointments and constant reminders automatically to help the team remain on track.
- Data entry
One of the primary issues that organizations face is manual data entry. CRMs help to capture leads and client data automatically.
Modern CRM systems come with lead enrichment that populates a prospect with useful details like industry, company, and job title. The solution can automatically log calls, thus saving the time taken to log each call to the respective prospect.
4. Accurate sales forecasting
Leveraging a CRM software can offer you a fully accurate sales forecast. It can also aid you in preventing significant errors when it comes to planning marketing campaigns, collecting leads, and in the overall sales method, and provides you with the ability to fix off-course sales directions.
- Pipeline forecasting
Once a deal is initiated, it goes through various other stages within the sales pipeline. Yet you cannot be sure it will move to become a closer simply because it is in the pipeline. A CRM platform enables you to set a custom percentage for every stage to show and calculate how likely it is for this particular deal to convert into a sale. Every step signifies the deal is more likely to close.
- Based on objectives
Based on the revenue and the number of deals you must close, you can forecast your planned sales. Revenue objectives provide inputs to the exact sales numbers and how likely the teammates are to acquiring them. On the other hand, won deals provide you with complete visibility of the number of deals closed by a team during a particular time. It will also offer you an idea of the number of deals won and closed, plus the status of the average deal wins rate.
All such advantages of a CRM will aid your sales representatives to developing a strong long-lasting relationship with clients, resulting in fewer prospects slipping through the cracks and will aid them in enhancing client retention rates.
The key to providing your consumers with what they need depends on how well you understand their needs. A CRM solution does that effortlessly. If you are unaware, learn more about a free CRM solution and experience its advantages. Customers are a critical part of your business and keeping them satisfied and content must be your top priority. A CRM solution benefits your sales departments and the entire business by facilitating ease of collaboration, data protection, client satisfaction, and higher productivity.