Why a CRM is Critical to Your Business Growth and Success
When it comes to business success and growth there are few, if any, examples that don’t have systems and processes at the core.
When you consider a business, what is it made up of?
The employees? Maybe.
The customers? Possibly.
The office building, brand, or products and services? Well yes.
But if you were to sell it, how would all that fit together?
You could argue that without processes a business is merely a huge jigsaw puzzle without the final picture. How will anyone know how it all fits together? It’s impossible to see it unless you’re in it and running it.
Are you potentially looking to sell your business? If not now, then in five or ten years? Your systems will be paramount to any sale.
You can’t include yourself and your memory in the sale. You’re not part of the deal!
In fact, even if the sale of your company isn’t in your foreground right now, your systems and processes still should be given priority, for your own sanity as well as your business growth and financial aspirations. A great place to start is with your CRM.
A CRM (Customer Relationship Manager) is a piece of software that manages everything from your team to your conversations. In many businesses a CRM is the core piece of software that links it all together.
Here’s why more and more businesses are starting with a CRM when looking to build a successful company.
Keeping in contact with customers
As the principle states, 80% of your profit will come from 20% of your actions and 20% of your customers will be driving 80% of your profits.
It’s an interesting thought.
Keeping in contact with the 100% of your clients and more importantly the 20% driving most of the profit is powerful.
A CRM reminds you what tasks you need to do, and helps you to stay in contact with potential and existing customers by setting reminders, tracking conversations, and giving an overview of their activity with you.
A simple look at their contact card can show you the current situation with them. You’ll see what work has been happening, how much has been invoiced, and you’ll be able to glance at their social media and website news to find a good conversation starter with them.
Keeping in contact means keeping them connected with you. Don’t lose them to your competition because you forgot about them when you got busy – use your CRM!
Following up on future customers
Although it’s important to maintain contact with your current customers, the overall growth of your company means finding more of them. If you’re advertising, marketing, and networking effectively then you’ll have a steady stream of new enquiries coming in.
How will you manage those new enquiries? How will you remember to follow up, quote, call or check in?
You guessed it. Your CRM. When you meet a new lead, a CRM like SalesRadar can set a series of tried and tested touch points to keep in contact and slowly warm up and convert that lead. When you ‘on board’ a client you’ll probably have a series of things you need to do or send them. This can be included too, so nothing gets forgotten.
In SalesRadar we build ‘Audiences’ for this very reason. Create a follow up process that you know works well and assign it to everyone you meet, connect with, or hear from.
Repeating successful processes – audiences
And so, just like above, a CRM helps you to set a series of tasks or processes for your clients that you or a member of your team undertakes each time.
This can be on-boarding a new customer or lead, managing a certain type of service customer who needs certain calls, meetings or emails, or even automating this so that your CRM informs different members of your team to work on or contact or customer when they join you.
If it’s happening to most of your contacts, automate it and let your CRM manage it.
Keep track on interactions with customers and your team
One of the great advantages of a CRM is the transparency of communications between your customers and your team or partners.
Before you call, email or meet a client or customer, a simple check of your CRM can show you the current situation with them and if anything is outstanding or even if there are any outstanding issues that they’ve asked about.
Telephone notes and email conversations from your team to your customer and vice versa are incredibly powerful data to have to hand.
Put your customers’ data right where you need it
When it comes to data, the data of your customers’ interactions and business with you is very important to your business’ success and growth.
Knowing the current situation with a large number of leads or who is about to buy more or be ready for a cross-sell is exciting and extremely information to have in front of you.
A well maintained CRM can give you this data and you’ll soon be able to drive growth from within as well as by gaining new customers from your marketing and networking.
It’s five times more costly to obtain a new customer than it is to gain more business from a current one after all, so why not spend more of your time converting those 20% that drive the 80% profit or work on the 80% who aren’t quite buying as much as you’d like?
It’s way better than a spreadsheet!
Like all techies we do love a spreadsheet, but the functionality is limited and they’re not great for visual overviews or for managing your team in real-time via the cloud like a CRM.
Getting your data, conversations, emails, leads, sales and more into your CRM builds in a very powerful data source and is the heartbeat powering the other systems in your business.
Systems are powerful and essential for success and growth in your company. Isn’t it about time you set aside some time to harness that power?