Businesses live and die by their sales, and making those sells has become more complicated than ever. Selling to Boomers is different than selling to Gen-Xers who are different from Millennials.
They all have wants and priorities that aren’t like other demographics when it comes to making a purchase.
Add to this how technology has changed the playing field by giving customers more option than ever on where they can buy, and the job of the sales force has gotten much more complicated.
There are several reasons why CRM software is so essential in modern business and will be for the foreseeable future.
More Sales. More Efficient. More Profits
The ROI of CRM Software is 245 Percent, which makes a company’s investment into this technology more than worth it. CRM platforms provide a central information hub on customers that every sales team member can use to boost sales and productivity. The use of CRM Software creates a better customer experience by streamlining the sales cycle from beginning to end. More orders are filled, filled correctly, and are shipped on time.
It also allows customers a more natural way to make orders, including more payment options. Over 90% of sales firms in North America with 10 or more people use CRM software, and the market potential for CRM centered sales is expected to reach $82 billion per year, by 2025.
One significant way CRM systems are being utilized is in the cloud, with 87% of CRM systems being done in the cloud. This allows for b2b lead generation companies to access critical data anywhere, anytime, and without the company having to shell out a mountain of cash to get and maintain servers. A sales force’s ability to remotely access the data from CRM software will, on average, improve their productivity by 14.6%.
Prospecting Future Sales and Clients
There is a well-known statistic that states getting a new customer costs 5 to 25 times more than keeping an existing one. A business will always need new customers, and getting them takes a significant amount of work. 40% of salespeople say that landing a new client is the hardest part of their job. Landing that client comes down to one major factor. Persistence.
44% of sales reps give up on a lead after getting one “No.” This isn’t a winning strategy. Your average salesperson makes 33 calls per day, with it taking 18 calls to connect with a buyer finally, and the salesperson will leave around 25 hours of voice mails per month.
Stretched over time, an average of one meeting is scheduled per 330 calls. That is a lot of time spent on the phone. Combined with cold sales emails and that’s a lot of contacts.
A CRM system isn’t going to make the need for all this hard work disappear magically, but it will make things more convenient and more effective. A profile can be built upon a potential customer so that when a sales rep finally gets in touch with them, the chances of successfully landing them as a customer will be higher.
The sales team will know what the client needs and have insight on what to ask them. Research has shown that asking leads a dozen or so relevant questions increases the chance of them becoming a buyer by 74%.
The big news about social media these days has been about politics, but that is in actuality a small percentage. Social media is part of our lives now, and it has wedged itself into every aspect of it – family, entertainment, work – literally everything. This also includes business and sales. 57% of sellers say their ROI is higher from using social media than with traditional ways of making sales.
Big social media platforms like Facebook and LinkedIn are used by 70% of sales reps. Some industries have seen exceptional results using social media, having had a revenue increase of 50%.
One thing that social media does is put the company and customer on roughly equal footing. A big company will still have their marketing and sales department. But, all that power and information can be used to connect and communicate with customers, virtually one on one.
With 84% of people saying that social media plays a highly influential role in their decision to buy a product, it isn’t something that can be ignored.
Social media is also a potential goldmine when it comes to powering a CRM platform. Almost all these companies make their money selling user data. People put their entire lives on social media for the world to see. Beyond the available data for sale, a sales rep can look up someone on Facebook or Instagram, and potentially gain insight that will help them close the deal.
Closing the Sale
It doesn’t matter how hard a sales team has worked if they don’t close the sale. That’s a lot of hours spent for nothing, which is why 70% of companies put a priority on closing the deal. CRM software is useful here because it can help keep a sales team focused on all clients, including the ones about to commit to buying.
Customers don’t like to be forgotten. 65% percent of customers are lost because of the perceived indifference from a company. CRM platforms do more than focus on a sales team; it can focus on the whole company. 91% of top-performing sales companies collaborate across all departments to close big sales. A CRM platform is a hub that makes that more accessible than ever.
The Everchanging Sales Journey
Technology is growing and changing faster than ever before, which means the way people buy and sell goods will also change. Things like drone delivery and 3D printing are likely to change the face of commerce the same way the internet did back in the early 2000s. No matter what happens, there will still be customers that need to be made happy.
And, a Customer Relations Management system will make that task much more manageable.
The goal of any sales team or salesperson is to get new customers and retain existing ones. Often, this can feel like trying to juggle every ball in a Chuck-E-Cheese ball pit. One effective solution many have turned to is CRM software. CRM software is more than a glorified contact list.
A good CRM software will analyze customer data and create predictive models about future behavior in addition to tracking recurring sales opportunities.