In business today, data is the modern currency. By using data businesses are able to make shrewd decisions and innovations within their daily operations, allowing them to streamline the functionality of their company, improve customer service, and ultimately bolster sales. With a CRM system in place, you can collect a vast amount of useful data, so you just as well put it to good use! Here’s how.
Understanding data-driven decision making
Data-driven decision making is all about keeping up with what is current and adapting, as opposed to repeating your previous methods based on older tactics. If you want to keep up you need to understand that the market is forever evolving, thus business owners who wish to succeed must be willing to pivot accordingly if they’re to remain on target.
It’s all about making decisions using solid data and intelligence, based on information collected. When you conduct market research and fuse it together with your automated data collection software, you will be able to make well-informed decisions that can ultimately bolster the health of your business, acting as key performance indicators.
Those who are willing and able to adapt their methods by incorporating data-driven actions are able to see at least an 8-10% increase in profits, whilst reducing their overall running costs by 10%. Of course, these are generalisations based on data collected from a range of industries, so the results will largely depend on your specific business model. However, it is clear that by adopting a CRM system to collect and utilise valuable customer-centric data, you will be able to invariably increase your pipeline sales and deliver a higher standard of customer service.
How data-driven decision making can increase customer satisfaction & sales
By raising the bar and innovating as often as you can, you can not only exceed your customer’s expectations, but also improve your overall retention rates. 60% of leading companies in their industry, use data and intelligence when they make decisions which directly impact their growth and the diversification of their business. The very fact that they are the leaders in their industries shows that there is great value in analysing data and implementing data-driven decisions. Simply put: Data is king!
Of course, it’s difficult to strip your way of doing business down to its core and changing your mindset when you’ve been set in your ways for so long. However, if you open yourself up to change, then letting go of the old will be much easier.
Data doesn’t lie, that’s important to remember. In business, it’s all about numbers. So, if you already have an amazing product and exceptional copy writing to back it up, then implementing data into your new business model can only allow you to thrive.
Here are some ways in which you can adopt a data-driven approach:
Investing in sales force automation tools
Tracking sales and activities manually is not only incredibly time consuming, but exhausting. Time is a precious commodity in sales (and life in general), so you shouldn’t be wasting it on something which can now be handled instantly with the correct software.
Using an advanced sales force automation tool, you can delegate the time-consuming tasks such as deal-tracking, customer follow-ups, and lead generation, to the experts (which is in this case, the software).
Using SFA you can explore new or existing CRM software in order to derive vita and game-changing metrics. Data such as sales calls, closed deals, and other outcomes can allow the business manager’s in your employ to monitor business situations more effectively, and thus make smarter decisions in real-time.
Get to know your customers
You can never have too much information on your customer. Your sales reps must be able to understand the ins and outs of your ideal customers. This could be what their objections may be, their biggest concerns, and what they desire most. By understanding the customer on a deeper level, your sales representatives will be much more effective at closing deals and will also be delivering a higher standard of customer care whilst they are at it. We humans simply want to be understood!
With an advanced CRM system in place, customer detail tracking capabilities such as past purchases, support issues, and their demographic data, can be used to resolve interactions faster and ultimately enable your reps to be proactive in their customer-focused approach.
Artificial intelligence is the future of customer service which is why machine learning is so vital when it comes to understanding the customer. AI can analyse past customer records and interactions allowing them to calculate which approach will be the most likely to lead to a positive outcome. By using tools like this, you will be able to bolster your client/agent relationships by having vital customer-centric information on screen at all times throughout their engagements.
Using an advanced tool that can present collected data efficiently
If you want to make fast data-driven decisions, then you’ll need to gather & store vital information using effective software that your sales and marketing teams can use to analyse and implement in real-time. In addition to that, collecting data from reliable sources is paramount. You must also use a tool which has advanced reporting capabilities so that you will be able to present the collected data in a digestible and simply visual manner.
Accept that data is the future of doing business
If you want to keep up and remain relevant then you must be receptive of the fact that data is the future of doing business—good business, that is. Thus, you should be prepared to fuse it with your company culture and bring your employees up to speed with the new changes that you will be implementing from the ground up.
This means training your employees so that they will be able to make smart decisions on the spot using the data collected. Work together with your staff to create data-driven strategies using factual figures and adjust your copywriting to ensure that your brand voice is in sync with your new strategies. Once you’re in a position to make customer-centric and data driven decisions, you will notice a rapid and positive change in your business, allowing you to not only survive, but thrive in the future.
We understand that changing the way that you do business is scary, especially if you’ve been comfortable coasting along as you are for a while. “If it isn’t broke, don’t fix it”, might feel like the right approach, but in business, it absolutely is not. Instead should be forever focused on ways that you can improve and innovate the way that you work, in keeping with the current climate. Right now, data is the hot-topic and as such, you should be looking at ways to harness it for the benefit of your business.
A CRM System is a customer relationship management software that is used to track and monitor all of your company’s interactions and relationships with customers, and prospective clients. It’s a simple goal: improve your relationships and ultimately bolster sales.
A decent CRM system enables businesses to remain connected with their clients, to streamline their processes and ultimately boost profitability. By implementing CRM solutions into your business, you can focus on individual customers & service users, whilst collecting data for the broader customer base as well.
Who uses and can benefit from a CRM?
A CRM system is for everyone in your business, from the customer service department, your sales team, the business development and recruitment agents, marketing, and of course, you. It gives you all a better way to manage your interactions, driving your overall success as a business.
Using a CRM tool can enable you to store customer and prospective client contact information, whilst identifying possible sales opportunities, record service issues & complaints, manage your marketing, and doing so in one central system—allowing anyone in your business who might need to draw from it to do so in real-time.
Having such invaluable data so readily accessible makes life easier for your employees, boosting productivity and allowing collaboration between departments to work smoothly and more efficiently.
Why is a CRM so important to your business?
When it comes to enterprise software, the CRM system is the single largest area of revenue spending and procurement. In order to thrive in the future, you will need a strategy that is going to allow such growth and longevity.
Your CRM can help you track sales targets, business objectives, and to gauge how profitable your business is. But it’s also about accessing up-to-date, relevant, and highly accurate information.
If you wish to understand your customers, their wants and needs better, then a CRM system can allow that. With a simple dashboard that can easily be customised to fit your company culture, you can track absolutely everything in a simple-to-use software that everyone can navigate freely.
A CRM can also be used to track public social media activity, which will allow you to see what your customers have to say about you. What are their likes and dislikes? Which products or services are getting the best responses? Which areas do you need to work on?
Your marketing team can also use the CRM solution for understanding the sales pipeline better. Where are your prospects coming from? What can be done to increase the chances of them converting into business? All of that and more can be gained with a quality CRM system.
Whilst CRM software has been traditionally used for sales and marketing, customer service departments are now greatly benefiting from them. You are able to track customer interactions across multiple channels without losing sight of the issue.
A business without a CRM is an expensive one to run
Many people think that a CRM system is too expensive to implement and thus try to avoid using one at all costs—not knowing that in doing so, they are costing their business more money in the long-run. CRM’s can be used to streamline administration tasks and ultimately create more free time for your employees to focus on more important “revenue generating” areas. Don’t let valuable information go to waste on hand-written notes when instead absolutely every interaction can be stored in one central location.
Without a CRM it’s not uncommon for valuable details to get lost or meetings to not be followed up on. If you wish to prioritise customers and their needs, then you must be able to easily track them.
By recording every interaction with your customer, you’ll end up with an awful lot of valuable data which can be used to bolster the client/customer relationship. It’s also invaluable for enabling managers to track their employee’s work to ensure that everyone is performing to the best of their abilities.
What does a CRM system do?
In a nutshell, a CRM system allows a business to find new customers, keep them satisfied, build stronger relationships, and grow your business.
CRM systems enable you to understand a customer better over time by collecting as much data and information as you can on them. This can in turn be used to increase the customer’s profitability to your business, but also their satisfaction. It’s not just about getting another sale on the board but selling the right product or service to those who need it & can benefit from the most.
CRM software can also connect and integrate with other handy business tools and applications such as billing & accounting software—ultimately giving you a 360-degree view of your customers.
You can also automate the time-consuming administrative tasks such as data entry and lead or service case routing. These automated insights help you better understand the customer, whilst even predicting how they will react to an interaction so that your agents can adjust their approach accordingly.
Not to be confused with customer-manipulation, a CRM system is designed to enable your business to better serve the customer.
1 – Make improvements to the bottom line of your business
These are the genuine results that you can experience by implementing a quality CRM system into your business today:
- Increase lead conversion by 30%
- Improve customer satisfaction by 35%
- Encourage faster decision making by 38%
- Bolster sales productivity by 35%
- Increase overall sales by 30%
- Experience a revenue growth in excess of 25%
2 – Identify and categories your leads
Adding and identifying new leads to your CRM system is a great benefit. This will allow your sales reps to focus on the right leads and prioritise interactions that will be most likely to close. Additionally, marketing can identify the leads that will require more TLC, priming them into becoming quality leads with higher conversions. Simply put, you’ll no longer need to waste your time on cold leads!
3 – Satisfied clients lead to more customer referrals
With a CRM system you can better understand—and thus offer greater care for—your customers. This creates more cross & upselling opportunities. Happier customers are much more likely to not only become repeat customers, but they’re also more likely to recommend your business to others.
4 – Better support across the board
Customer satisfaction should always be at the forefront of your priorities and by using a CRM system, you’ll be able to provide the highest standard of care across the board, at all times.
5 – Make your products & services better
Of course, in order to maintain your customer satisfaction, it is also important to improve your products and services as often and as effectively as possible. A CRM system will give you key insight into where your products & services are going right, and where they are going wrong. Spot problems in real-time and react according to the data for the best results.
Cloud-based CRM for the win
Another thing that tends to put business owners off the prospect of having a CRM system implemented into their business is the installation itself. Especially if you have a relatively large business, installing a CRM software across hundreds—maybe thousands—of computers is a daunting tasks. Instead, take to the clouds and embrace the technological revolution that has changed everything. Take your business to the next level in a central, secure, and easily accessible location.
This advancement will also enable your sales teams to access every customer on the road. You can update the CRM instantly after a meeting and literally work from anywhere. This freedom of information can truly enhance the way that your business operates.
And of course, using cloud-based CRM solutions means that you can cut back on the overall costs of implementation. No hardware needed, no version control or update scheduling; it will simply be priced based on the number of users who access the system and the types of features that you will require. That, and this flexibility means that you can scale up and add additional features as your business grows and your needs change. Simple!
If you would like the following benefits…
- Faster deployment
- Cost-effective scalability
- The freedom to work from any device, anywhere in the world
- Automatic software updates absent the stress of scheduling
- Increased collaboration
- Higher sales & conversions
- Increased customer satisfaction & retention
- And so much more!
…then you need to get your hands on a CRM system for your business today!