As a B2B business director, you have to invest a lot in your efforts to continually improve your company’s sales turnover. A key part of achieving this is by satisfying your customers.
Satisfied customers trust companies to provide them with products and services that will help them run and excel at their businesses. In today’s fiercely competitive B2B environment, it’s essential that you pitch well and correctly price the solutions you are offering.
You need to have a detailed knowledge of your company, products, the marketplace and your competitors. It’s even more important that you have detailed information on your customers. This is no small feat.
Fortunately, with a customer relationship management (CRM) system at hand, this task becomes significantly easier.
The Key Role of CRM Systems
You’re unlikely to find a successful business without a CRM system of some sort. Historically, a ‘CRM’ system was merely made up of a card file or simple database. Today’s CRM systems go far beyond that. Using sophisticated software to collect, store and analyse key information, these systems keep vital information on your customers and market secure. They enable you to create measurable sales and marketing strategies.
Here are six powerful ways CRM will help improve your sales turnover
Generate New Leads
B2B businesses need a constant supply of new leads to be successful. A CRM system can help you get a better understanding of potential customers as you find them. It will give you better direction in how to target and service them.
A CRM system can attract leads through social media analysis on platforms such as LinkedIn and Twitter. Interactions on these sites can give your company insight into potential opportunities.
Cherry Pick Your Best Prospects
CRM systems can help you identify prospective customers who are likely to be most profitable in the long run. By focusing your marketing efforts on these contacts, your ROI will begin to increase.
Segment Your Market
Today’s markets are more fragmented than ever. A ‘one size fits all’ approach no longer works. A CRM system will provide you with detailed information that will help you to identify specific segments within a larger market.
Increase the Value of Orders through Upsells
Through analysis of your customers’ preferences and buying habits, you can identify complementary products to upsell. It’s very similar to the McDonald’s classic ‘Do you want fries with that?’ but taken to a more sophisticated, complex level.
Automation for Efficiency
Many of us don’t have the time to do everything manually anymore. A CRM system will track and automate your sales processes. Everything is done on time and everyone receives the information they need. This results in increased efficiency and better allocation of sales resources.
Enhance Inbound Marketing
Your CRM system will generate detailed information on your leads and their behaviours. You can use this to create regular communications (such as emails and newsletters) to send to your contacts, drawing them in without the extensive legwork on your part.
These six things barely scratch the surface of what a CRM system could do for your business. You can only expect to nurture leads and create enduring relationships when you have access to timely, accurate information about your prospects. With a CRM system in hand, you can do all this whilst enhancing your sales revenue in the process.