Thursday, October 16, 2014

Shorten Your Sales Cycle with 6 Easy Steps through CRM

A typical sales cycle in corporate business domain lasts from a minimum of months to a maximum of years. The longer the sales cycles, the higher the overheads and risks, that translates to lesser profit margins. Hence, it is imperative for businesses to shorten their sales cycle as much as possible. Since the advent of Customer Relationship Management (CRM), businesses have found it easier to manage and shorten their sales cycle. A small sales cycle can significantly enhance profitability and can free up resources for other critical tasks.
Shorten Your Sales Cycle with 5 Easy CRM Steps
Six easy steps to shorten your sales cycle through CRM:
1. Measurable cycle time

It is a known fact that matters that cannot be measured cannot be improved. Quantify your sales cycles first to determine areas of improvement, upon which course correction steps can be applied. You will be able to identify and eliminate processes that are unnecessary to business sales process.

2. Right Assignment

You can assign the right leads to the right sales person. The CRM solution can give you a brief overview of the prospect pipeline and the most suitable rep to take it forward. With such targeted assignment, you can take advantage of revenue opportunities as and when they show up. The probality of conversion also rises considerably with such related assignment.

3. Proper co-ordination
Sales cycle reduction needs to have proper coordination between marketing team members. It is often seen that multiple sales personnel contact the same lead for the same purpose. Not only does this lead to resource wastage, it also creates a confusing scenario with the leads; which does not lead to a good image in the minds of prospects. It is very important to keep a consistent message across departments. The marketing team also needs proper assistance from different departments like finance, operations etc and cohesive coordination is the key. This results into cooperation improvement within team members and increase in quality customer face time.

4. Information readiness
You should never let lack of information be a cause for unnecessary delays. Always ensure that your front-line executives have all the information available at their finger tips. A quick reaction to questions fielded will cut out time constraints and will result in faster service. Prospective leads will be amazed at the speed of resolution and this good impression will lead to faster conversions, shorter sales cycle.

5. Automated approvals and escalation matrix

Too many good leads have been lost due to business red tape. Manual approval processes tends to slow down the sales process and builds up low morale among sales team members. This drawback negates itself through crm solutions, that give you the ability to auto approve leads and establish pre-defined escalation matrix. This will also allow you to work on your neglected leads, that can be a huge treasure triove for sales pipelines, which brings us to our next point.

6. Concentrate on neglected customers
The best cloud CRM solution will allow you to concentrate on neglected customer, that when handled right can turn into repeat business. The steps listed above can bring these customers into the limelight and allow you to approach them for their current business needs. You can also reduce duplicated efforts and increase the number of live leads on your CRM software.

The above five CRM steps should assist you in using CRM sales solution to its fullest potential. Follow them and see your sales target achieved in no time!

Related Articles:
1. 5 Proven Tips To Make Your Sales Reps Love And Use Your CRM System 
2. Top 3 Challenges Faced By Sales Reps Today
3. 10 Reasons Why Sales Managers Cannot Afford to Work Without a CRM Solution

Wednesday, October 1, 2014

How to Maximize Wallet Share in Media Companies through CRM?

In this digital world, media houses occupy a prime position, albeit a competitive one. If you are in charge of guiding a media house with consistent growth and increasing accounts volume, you need to be aware of customer relationship management (CRM) to fuel your account management success. A cloud CRM can help you attract new brands and thus increase your wallet share. To ensure this happens, you need to ensure that you follow the best media CRM practises.

How to Maximize Wallet Share in Media Companies through CRM?
Five steps to maximize wallet share in media companies:
1.  Link strategic measures
Media growth strategy works best when they are interlinked. This approach will help you take advantage of overlapping goals and maximize resource utilization. One of your media strategies can include global expansion and targeting brands in the Middle East. Pursuant to that, you can approach the best cloud CRM vendor in UAE and other countries. Keeping track of your strategic vision through CRM can benefit you in the long run. This may even involve day to day decisions.

2. Agency engagement
When a company effectively engages customers, its goodwill and business soars. In the same way, media agencies will get maximum traction by actively engaging third party agencies. With effective engagement, you can go on to build a good rapport with them, which will guarantee you prime slots for your preferred brands.

3. Profitable pricing development
With a stable cloud CRM solution, it is possible to develop a profitable pricing strategy. For this to happen, it is important to have meaningful engagement with agencies. When you have created a rapport with the agencies, they will give you preference over others while allocating time slots. This in turn, translates better brand relations and higher profit margins.  Your wallet share will continue to rise automatically.

4. Workforce training
Investing in media workforce training is actually investing in your company. With proper workforce enhancement, you can increase accountability and develop, deploy best work environment practises. With confident and eager employees, you can envision a much larger market share. Effective training will also enhance inter departmental coordination. A dedicated team is central to any organizations expansion plans.

5. Deadline tracking
Media industry depends on fast and punctual deadline management. With deadline tracking and notifications offered by CRM, employees will be able to enhance client satisfaction and goodwill. This will aid in customer retention and you don’t need to invest a penny extra for marketing. Your credibility as a media organization will skyrocket and more clients will flock to you, thus expanding your wallet share.

With the above five steps, you can be assured of your media company’s success for capturing more wallet share and staying ahead of your competition. 

Related Articles:
1. 5 Ways to Empower Customer Service Teams with a CRM Solution
2. How Making Employees More Sensitive to Customer Needs Improves Customer Retention
3. 3 Worst Social Media Mistakes Made by CRM Systems

Tuesday, September 23, 2014

5 Effective Ways to Boost Cross Sell in Banks Using CRM Solution

As a marketing manager in a major bank, you are going aggressive in selling related banking products to increase margins and assets under management (AUM). However, the cross-selling strategy devised should be careful so as not to seem too pushy. With the right sales strategy you can create an approach that is win-win for both the customers and you. Many banks have taken the advantage of CRM in boosting their revenues and assets. What are their secrets?

5 Effective Ways to Boost Cross Sell in Banks Using CRM Solution

Five effective ways to boost cross selling in banks through CRM:
1. High margin focus
Always try to sell products that have high margins for your bank. Usually, customers prefer banking products that are lighter on their pockets. You will have higher degree of conversion when you pitch such products to them. Some good examples include insurance and guaranties.

2. Focus on customer needs
It is very important to solely focus on customer needs while approaching cross selling strategy. Latest cloud CRM solutions presents latest customer need information through a holistic 360° view. This view gives you real time alerts about the current customer needs and requirements.  The information is captured with a combination of social CRM and customer purchase history.

3. Pitch at the right time
It is not necessary to pitch right at the moment of purchase. You can schedule regular follow-up mails and reminders as well. With the information provided by the 360° customer view, spend some time analyzing and deriving the statistics. Accordingly you can plan cross selling offers. Always remember to follow the age old adage of ‘Strike while the iron is hot’. This means that there should not be too much time lag between a customer’s purchase and your offer pitch.

4. Use correct segmentation
A high risk-averse customer will not be interested in products which promise high returns at a very high premium. Vice-verse, a risk taking investor will scoff at a banking product which offers low returns. A good CRM solution will help you devise the right marketing segmentation strategy. With the right package, you can position yourself in such a way, the customer actually feels honored to purchase the products which you offer.

5. Train front-line
Cross selling has been one of the most talked about points lately, but companies have not been able cash in on the technique. Age old myths and sales apprehensions hold even the best sales people at the brim. The best way to tackle them is train banking sales representatives and front line executives with the right approach to cross-selling. Encourage them and remove any fears they might have about this proven sales technique.

The above five ways along with sales force automation in Banking CRM will help you get the most from cross selling deals.

Related Articles:
1. 3 Ways to Efficiently Cross-sell and Up-sell while Resolving Customer Complaints
2. 10 Tips to Enhance Cross-Selling
3. 7 Key Areas to Drive for Boosting Cross-selling