There are several key business functions that could benefit from the introduction of powerful CRM software.
For example, when quizzed about why customer relationship management software was adopted, most companies report that the software was brought in to help monitor and manage aspects of the business such as lead management, contact databases, email, marketing, and all reporting and analytics.
With the growing need for digital solutions to issues relating to customer relationship management, you may benefit from understanding which business functions can be supported or enhanced when CRM systems are in place.
Managing the Sales Pipeline
Sales cycles are called sales cycles for a reason. They exist as a repetitive funnel, first grabbing the customer’s attention at the top of the funnel, before proving the product’s relevance at the mid-funnel stage and gaining a conversion at the bottom of the funnel with a strong sales pitch. The aim of any company is to repeat this cycle across as many conversions as possible.
Does your company track leads and conversions? Do you understand where leaks in your funnel could be breaking the sales cycle? Monitoring and tracking your sales with CRM software means you can drill down into your marketing strategies and analyse factors such as lead sources and future sales forecasting based on current models.
Reporting and Analytics
Reporting and analytics can mean different things to different companies. Or rather, CRM software can report on a range of key performance indicators that can help your business to understand your marketing performance.
For example, reporting and analytics could uncover valuable information relating to customer retention, profitability, and the overall effectiveness of a marketing campaign when measured daily, weekly, or monthly.
One of the main reasons companies choose to adopt CRM technologies is the opportunity to leverage the software in automating workflow practices.
If your current sales process relies upon manually updated spreadsheets, hand-typed customer service emails, and a cumbersome flow of related tasks to support your endeavours, you may find that task duplication or incomplete/ineffective tasks limit and hinder your ability to connect with customers.
CRM software can automate your workflow patterns, ensuring that you remain in charge of an exact sales workflow that removes the guesswork for your staff and benefits your customers.
Preparing, launching, and monitoring your marketing campaigns takes time and effort. CRM software can take over the bulk of the associated admin tasks, freeing up your staff to focus on core objectives.
Monitoring and reporting on marketing considerations such as lead generation, social media campaigns, outreach response, and other online interactions can save you time and money.
CRM software allows you to create multiple marketing campaigns and compare your ROI in terms of sales funnel success across your initiatives.
Always enquire with your CRM vendor as to whether the reporting software that is most useful to your business is native to the CRM software (sometimes, the best-fit solution for your company may mean combining the software with outside integrations). You may also wish to ensure that the vendor provides mobile apps – across iOS and Android devices – if this functionality is useful to your company.