How to Track Competitors through Cloud CRM Software and Increase Revenue?

In order to stay ahead of competitors and be business leaders in the long run, it is important to monitor competitors, their strategy, etc. CRM softwares are explicitly designed to simplify and easily handle every aspect of competition management. The advanced technology and innovation that goes behind making such softwares gives us the guarantee that employees will spend less time on tiresome administration and more time optimizing resources and revenue.


How to Track Competitors through Cloud CRM Softwares and Increase Revenue?

How can a cloud CRM software help in competition management?

      1. With the help of a such solutions, large and medium sized companies will be able to accurately track competition and create winning strategies.

      2. They will enable customer facing teams to become more productive by easily capturing and tracking all important details pertaining to competitors through a single interface.

      3.  By analyzing competitors’ strategies, sales representatives will be able to make better offers, pitch for a potential cross-sell or up-sell to existing customers, thereby increasing brand loyalty and maximizing revenues.

      4. Also, by recording the strengths and weaknesses of competitors, team members will be able to create better marketing and customer strategies.

      5.  Moreover, team members will be able to create smarter customer engagement services by preparing ad- hoc reports and dynamic dashboards that reflect the competitor’s networking presence.

      6. Team members can easily use social CRM tools to capture tweets that mention competitor or their products, thereby facilitating a real-time evaluation of how to gain a better competitive advantage.

Let us assume a scenario, wherein two rival companies, A and B both manufacturing toothpastes are pitching to the same target audience. Out of the two, company A is making enough profit but company B, though the quality of the product does not differ makes no profit at all. Now, the company B decides to invest in a power cloud-based CRM software to boost sales and earn increased revenue. Now, with the help of this latest competition management functionality, company B can keep a close track on competitors, use their strategy, understand their pitch, etc. to plan better and sell more.

Thus, company B will be able to closely monitor the strengths and weaknesses of company A. Taking their weakness into consideration, company B can improvise on its products. For example, if company A’s toothpaste is only known for teeth whitening, company B can add another advantage to its product along with teeth whitening. Let’ s say after a detailed understanding of the competitors product, their specialty, etc. company B decides to focus on two aspects, i.e. teeth whitening and cavity protection.

Customers who are intelligent enough and value their money will shift their attention on a company that provides them with more benefits. In this case, as company B offers more advantage than company A, the target audience will naturally switch to company B.

This is a simple example of how cloud CRM will enable companies to keep track of numerous rival companies that pitch for the same sales opportunities, to help them maintain an advantage and lead in market share.

How to Improve Customer Satisfaction through CRM Software?

Brand loyalty is a result of providing exceptional customer experience. When customers are happy with the products or services an organization offers, they keep choosing the same brand time and again. CRM softwares and the advent of multiple social media platforms have completely changed the way businesses function. Organizations today can keep a closer track on customers via social media channels and maintain a personal relationship with them both online and offline.

How to Improve Customer Satisfaction through CRM Software?

Five simple ways through which CRM software can help improve customer experience:
1) Customer 360 degree view
Since representatives have a complete 360 degree view of customers across all touch-points, they can easily pitch for a potential sale, or resolve queries and complaints at a faster rate. If a customer calls with a complaint, a service agent can immediately resolve the case and pitch for a cross sell offer, since all the information about that customer is available.

2) Stay engaged
Through social media posts, agents can stay in constant touch with their customers. Regular feedback can be collected in order to further improvise the product or service. The constant engagement creates a good platform for brand recall. Top banks make effective use of CRM in banking sector to stay ahead of competition.
 
3) Customer self-service portal
Now, each time a customer feels like raising a query or seeing offers, latest announcements etc.. he need not go through the painful process of calling up an agent, waiting, facing difficulty in understanding, etc. All he has to do is, log on to the customer self-service portal and work things out as per his convenience. With the help of the customer self-service portal customers can access various training documents, videos, additional information, etc. Agents can also post latest offers, make announcements, which the customer will then pick and choose as per his requirement.
 
4) Sales force automation
The sales force automation functionality of CRM helps in fast tracking sales processes. As soon as a customer shows interest in a particular product or service, a lead is created which is automatically transferred to a sales representative with the required skill set. He then follows up with the customer, collects the right documents, verifies it and delivers the product or service. The best part is everything happens fast, right from lead creation to sales closure, that at the end of it, the customer is nothing else but satisfied.
 
5) Increased collaboration
Cloud CRM software also ensure increased collaboration between different team members across the organization. Information pertaining to status of lead closure, cases resolved etc.. can be easily shared. This enables team members to stay up-to-date and in sync with organizational activities. Members work as one unified organization towards meeting customer goals and increasing goodwill.
 
CRM Software works in tandem with multiple functionality to bring best services to customers and businesses globally. With the right amount of research and due diligence, you can bring myriad benefits to your customers through CRM.

 




5 Ways To Unleash The Power Of CRM For Boosting Sales

It is universally true that a sales representative is the ultimate fuel to organizational growth and success! He/she has the unique ability to generate and qualify leads independently.

Even if a full-fledged organization has 100+ knowledgeable employees from different fields, it wouldn’t be able to survive in the market for long without a team  of qualified, trained and hardworking sales representatives.

                           5 Ways To Unleash The Power Of CRM For Boosting Sales

The sales  performance will only get better with a high-impact cloud CRM software. In today’s competitive market environment, it is an inevitable business essential.

Five amazing ways a CRM solution can help boost sales:
1) Comprehensive 360 degree view of customers
A sales rep has to deal with several potential leads and customers everyday. For this, it is important for him to have all the information pertaining to the customer at his fingertips. A CRM system provides a comprehensive 360 degree view of all the customers on a real time basis. All the required information relating to the customers’ credit holding, past purchase history, contact details, etc. is readily available on the fly. With the help of this information sales reps’ can pitch for a potential cross sell and upsell. It will also allow reps to easily transform potential leads to customers. Instead of having mountains of customer information, reps will have a complete picture, thereby helping them create stronger relationships with customers.

2) Real-time pipeline visibility
With real-time pipeline visibility, sales reps will be able to easily view the opportunities available in the market. It will also help them to accurately predict the required leads that are needed to meet the annual target. It also empowers the sales rep with clear knowledge about the sales productivity and also helps them to identify, focus on different products, solutions, geographies and business units, which will provide maximum output.

3) Guided selling
Guided selling will provide front-end sales teams with access to step-by-step information on product sales based on the customer queries and profile. Reps will be able to make informed decisions and optimize rapport building with customers, while at the same time execute a sales call script. Through guided selling functionality, sales representatives will be able to offer the best products to customers, reduce cycle time, increases close rates and profits through effective cross sell and upsell.

4) Increased collaboration within teams
Through a CRM software, sales reps’ can share documents and valuable insights with other team members in real-time. With the collaboration tool, sales reps’ can easily track and share hot opportunities, history of recent activities and other information needed to engage with customers. This is the best way to make use of CRM to boost sales.

5) Improved forecast accuracy
Reps can get accurate forecasts based on current pipeline and performance history. With the help of forecasts, they will get a firm idea of what to expect in the coming months. Based on that idea, they will be able to plan, strategize and execute the best sales pitch. In this manner, they will utilize CRM to increase sales.

From a simple perspective, a CRM implementation gives wings to a sales rep to perform exponentially. By adopting the right methodology and strategy to boost sales, organizations can handle complicated business processes and tasks with ease.