As a business owner or a top executive, you face so many business related roadblocks daily, don’t you? Many a times, these hurdles are descend from slow growth in sales, high customer attrition rate and unmeasured customer satisfaction. Just like you, others have faced these problems too! Many companies around the world were able to generate additional revenues as well as streamline their sales and after sales processes by using a CRM application. In this article we would look how the solution helps solve the top 3 practical business problems and thus help business like yours.
3 practical ways | CRM can crush your business roadblocks
#1. Stagnated Sales due to Low Customer Acquisition Rates
So you have been growing, but recently you find that your growth has slowed down? Further analysis reveals that you are not able to acquire enough customers though you spend enough money on advertising online, newspaper and television. Though you get few new customers, you tend to lose roughly about the same numbers thus leading to zero net addition. If you are facing this situation, a customer relationship solution can help you in the following ways
i. Multi- Channel Lead Capture
You will be able to capture all your leads and customers into a singe application. Inquiries coming via web, billboards, trade shows, exhibitions, field sales will be channelized into a single database so that you can form the base for future analysis.
ii. Campaign Analysis
The application will help you analyze how many leads are you generating from various channels, so that you can rationalize the cost of acquisition. So if PPC is yielding you 50 leads a month ad $ 1,000 a month versus newspaper ad which generates 300 prospects at $ 2,500, its a no brainer that you should make your newspaper add more frequent.
iii. Managing Territories and Sales Team Distribution
You can manage your territories and sales team according to geographical distribution. This would help you in analyzing the lead generation rates across. Who knows you may be understaffed in one location with idle sales team in another.
iv. Targeted Campaigns
With time, as you record your transactions in CRM, you can send targeted campaigns to your customers so that they can get relevant promotions and news feed from you. This helps drive customers retention and also pave the way towards your company’s overall growth.
#2. Low Cross-Sell / Repeat Sell
You have worked hard to get a customer and you find that after a single purchase, you never heard back from him. A CRM application can help you in identifying your customer and presenting a persona and ensure that you reach in touch with him over a substantial period of time.
i. Social Media Integration
CRM application can help you in connecting with your customers over popular social media. Thus any news updates from you reaches out to them as well. Thus, you always have the brand recall and you would hear back from them often, leading to substantial increase in sales.
We talked about this already. The solution can help you in identifying buying pattern of the customer and can bring insights and send automated campaigns in form of SMS / Emails which make strong appeal to your audience.
#3. Low Customer Satisfaction
Many customers have raised issues with your products / services and your support team isn’t able to resolve the problem in a timely manner. This causes attrition and hence immense business loss to you. A CRM solution can help record all the customer issues and enable your support team to quickly close them before its too late.
i. MultiChannel Issue Capture
Your customers may raise complaint from web, by calling the call center or via social media. Your customer support team gets a prompt notification and option to get back to the customer in a neat manner within the CRM application, thus establishing communication in a timely manner.
ii. Escalation Matrix
You can build escalation matrix to ensure that any of the customer issue which requires attention of higher management is escalated and proper action is taken towards resolving the same.
Having a Long Term CRM plan
We encourage you to make a long term customer relationship management plan where you can measure your KPIs and view how the application has helped you in achieving the same. Though having short term and medium term goals is equally important, you must understand that CRM can only help when you have data in it for a considerable period.
Don’t have a CRM for your company as yet?
Every 9 / 10 companies doesn’t have a CRM application and keep losing out to competition. We can help you get started with a basic, inexpensive CRM application customized to suit your business needs. Fill the Quick Contact form on the right and we shall be in touch ASAP.
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