How CRM Software Can Ensure High Revenues ?
Over the last twenty years the world of businesses changed significantly. The era of information technology has exploded and the ways in which companies market to get engaged with the customers is totally a different ballgame today. This can be good as well as bad too.
Good :- There are many avenues which will be available to connect with the customers (social media, mobile apps, email and good old fashioned traditional media)
Bad :- It is because yours is not the only business doing it and finding a way to cut through the clutter is a challenge.
And at the end of the day everyone has the same goal for acquiring more customers and for making the sales.
How revenue is increased by the CRM solution ?
Firstly be clear what you want from your CRM implementation. Consider your goals and objectives before implementing a CRM software. What do you want to achieve from your CRM ? Are you seeking more sales, streamlining the overall business process and better customer engagement ?
From more simplistic systems to more robust ones, there is an array of CRM products out there. Shop around by utilizing your time. For your business choosing the right one is the first very important step.
1.) Streamlining the sales process :-
It is a known fact that more sales mean more revenue. One of the main functions of CRM is to better manage the end-to-end sales process. Always keep your processes on track. The sales process is efficiently managed with the help of sales force automation software. The key benefits of sales force automation software are :-
- 360 degree view of the customer
- Account management
- Contact and diary management
- Clear sales pipeline visibility to manage opportunities
- Lead generation
- Fast and efficient quotes and orders
- Improved sales forecasting
2.) Analyze profitable and unprofitable customers :-
The term ‘customer lifetime value’ essentially refer to the overall value the customer brings to your business over a prolonged period.
Highly profitable customers are always there which buy high-margin products from you on a regular basis. There are also unprofitable customers that buy the low-margin products infrequently or consistently. High maintenance customers also come in this category. These customers come back regularly to complain about the services or products and thereby increase the more time spent on this customer along with a higher cost to the company to keep or retain these customers.
CRM differentiate between these two types of customers. Relationships with customers which can offer a higher lifetime value for your business can bring in more profits. Always try to nurture such relationships and try to weed out the unprofitable customers who actually cause you to spend more money to keep them. Other than this CRM software can also make manufacturers customer centric.
3.) Marketing costs versus actual revenue gains :-
Can you able to measure a return on your investment after getting pumped a lot of effort , money and time into the marketing ? Have your marketing campaigns resulted in :
- Encouraging more sales for high-margin products
- Better customer retention
- Attracting more profitable customers
Are you capable to compare the actual costs that went into a marketing campaign? Can you determine whether the campaign was successful or unsuccessful?
CRM facilitates you to be more strategic in your marketing with the help of efficient budget and the expenditure tracking along with mail blaster delivery reports for analyzing successful/ unsuccessful delivery of marketing material.
4.) Customer retention for higher profitability :-
New customer acquisition is generally focused by all businesses but they forget to pay attention to their current customers. Also the cost of acquiring new customers is always higher than the cost of retaining current customers.
If landing to new customers is imperative to the success of a business, then it is also vital to nurture the relationships with the existing customers. This will make the income generation easy. To increase your revenue tap the market and always keep in touch with the current customers. Always give them reminder that you are still out there and always give them a reward for being regular customers.
The following tools of CRM are used to increase customer retention :-
- Building a customer database
- Loyalty programs
- Improved customer service (feedback and complaints/ compliment mechanisms)
- Direct communication (email, social media, text messages)
5.) Product development and innovation :-
Products or services are always at the heart of your business. Track of trends can be very easily kept by the CRM. It can also notify which products are selling well and which don’t. Existing products can be easily improved, dead products and be dropped out and new products can be easily designed that can easily meet the customer’s needs. In this way your business can be organized with CRM and it will generate high revenues.