Many companies don’t appreciate the value of a CRM system until they understand its pivotal role in closing more sales. CRM’s virtues are not always apparent unless one is intimate with the ins and outs of how business gets done in the organization.
The most fundamental requirement for growing a business is having sound sales processes that can be tracked, measured, and audited. Such processes must be written down and followed closely, not shared through word-of-mouth like an urban legend. Having formal processes further supports growth when you use Microsoft Dynamics 365/CRM.
Documented sales processes allow you to create a repeatable blueprint for success. To begin, we recommend taking note of what your most successful reps do to close more sales with the right kinds of customers. By designing and implementing policies that institutionalize their processes, you create sales best practices that raise the bar on individual and organizational performance.
Check out our recent blog post to better understand the different types of sales processes and how CRM supports growth with more accurate and predictable sales forecasting.
Ask These Questions. Act on the Answers.
An excellent way to determine your need for a CRM system is to assess how well you’re handling the essential business functions listed below. We suggest collaborating with your executive, sales, and marketing leaders to evaluate which of these concepts are part of your day-to-day processes. Some may be automatic and well integrated into your activities. Others may be sporadic or not practiced at all.
All these issues and data points are managed and analyzed within CRM. Your assessment will clearly determine the extent to which a CRM system can help you achieve greater efficiency and sales success. Although this list is broken down by line of business, leadership and functional areas must embrace these concepts to ensure sustainable growth.
CRM as a Path to GrowthIf your organization is well positioned for growth, you and your leadership team responded quickly and unanimously on the majority of issues. How many business functions were not being addressed, in whole or in part? Which functional areas need more attention? Is there agreement on how to improve specific areas?
CRM systems are designed to pull data and processes together and provide with a single view of every customer relationship. From detailed sales tracking to marketing, sales, and customer satisfaction analyses, a well-deployed Microsoft Dynamics system can bring rigor and accountability that helps your business grow.
InfoGrow specializes in helping companies find and keep their best customers using Microsoft Dynamics 365/CRM. If your CRM is not living up to your expectations, then seek us out. Our No Results Missed pledge ensures your satisfaction with our carefully chosen processes that will improve sales and organizational growth. Call me at 330-929-1353, extension 224, or email me at email@example.com to talk further.
Accurate sales forecasting is essential to growing revenue and managing your business effectively. When you know the timing and amount of incoming revenue, you can plan and focus on the right business initiatives; budget and allocate resources appropriately; set organizational goals; and provide teams with priorities and guidelines for how they spend their time.
Forecasting sales is both an art and a science. Although the human aspect can add an element of unpredictability, this can be offset by well-defined sales processes and straightforward tools for tracking progress throughout the sales cycle. Put away your crystal ball and take these steps to establish forecasting best practices that provide a foundation for growth.
1) Strengthen Your Sales Processes
Every organization is best served by sales processes that align with its business and industry. In creating such processes, you bring discipline to the sales team and provide everyone with a common language for discussing the sales pipeline.
Sales processes are commonly defined as informal (defined but not monitored or measured), formal (strictly defined, enforced, and measured), and dynamic (continuously monitored and modified to adapt to market changes). Processes can also be classified as simple and complex and can vary by industry or type of customer. However you define your sales processes, they should be applied consistently to deliver needed insights into your pipeline. In Dynamics terms, this means measurement points at each milestone, and knowing how long an opportunity is stuck in a process stage.
Because each person’s interpretation of the sales cycle may be different, it is necessary to establish milestones throughout the sales cycle, from the point of first contact to a signed contract and everything in between. Sales managers can reduce misunderstandings and stimulate realistic thinking by defining the criteria in each stage of the sales cycle.
Knowing where each opportunity resides in the sales process allows sales reps and sales support personnel to apply proven strategies for moving the opportunity to the next stage. All milestones are significant and purposeful so if any are skipped, the sales opportunity is often lost somewhere down the line.
Once you have established the right processes for your business, you have a foundation for forecasting sales with ease and precision. Knowing each opportunity’s stage and length of time in the sales process makes forecasting more accurate and realistic, providing leadership with projections they can trust.
2) Track Sales in CRM
Microsoft Dynamics 365 has a wealth of features that can deliver deep insights into your sales pipeline. Most significant is the Opportunity entity that can be associated with any Account or Contact.
Here is where you define the unique milestones of your sales process to supplement standard details such as the expected value of the opportunity, anticipated close date, and probability of closing. It’s also where you track all related sales activities including phone calls, emails, tasks, and appointments.
To effectively track sales, reps must update these fields regularly with realistic information. In fact, this behavior must become part of the sales process. Once updated, everyone has visibility into what has been completed and what is needed to move the opportunity forward. The beauty of Dynamics is that a concise checklist can be associated with each stage making it easier to reinforce the habits of your best account managers. Unless items on the checklist have been completed, the opportunity doesn’t move to the next stage and its probability of closing remains unchanged.
The body of knowledge created by this discipline will help establish an expected time-cycle for each selling stage, and reveal how individuals and teams can support each other to close a sale.
3) Analyze Results to Improve Results
The primary purpose of sales tracking and forecasting is to guide strategic and budget decisions. However, your analysis can provide other insights that can improve your sales processes and strategies.
Contact us and let’s discuss how InfoGrow can improve your sales forecasting and tracking capabilities with Microsoft Dynamics 365. We offer a No Results Missed pledge that guarantees your satisfaction and ensures your CRM success. Call me at 330-929-1353, extension 224, or email me at firstname.lastname@example.org.