Most customers who have, or are looking to purchase a CRM system are looking to achieve basic results which boil down to two frequently stated objectives: retain current customers and acquire new customers to power growth. Both of these objectives rely on extensive understanding of customer relationships grounded in business data such as account details, sales history, end use information, industry assessment, response to campaigns, etc. If the business does not win through the transformation of time-sensitive management of this data to systems that provide not more data, but useful information and insights, they will lose to competition who are leading in this strategic approach. If your customers are not moving to this new business reality, then they are falling behind.
Marketing Automation software serves a company's marketing department beyond what a CRM system does, and a CRM system serves sales and other departments. When integrated, Marketing Automation and CRM tools enhance each other, resulting in even more and better-qualified leads and, ultimately, more sales and satisfied customers. If you have one of these productivity tools, here are reasons to have both, in a single, centrally located, easy to use, integrated system.
How many opportunities in your world today are decided by a single decision-maker? I suggest that many are not. It also is highly likely that the sales process of your clients is running the same as they work to build a trusting relationship with multiple decision-makers or decision influencers. A recent study found that there are 6.8 people involved in the average B2B buying decision, yet a LinkedIn study reported that 78% of sales professional are connected to either only one person or not connected at all into accounts they’re trying to close. Are account managers communicating with the other 5+ people in the decision-making process? Are they helping all the people involved get the background information they need to help make an informed decision?
Today's CRM (Customer Relationship Management) is better than yesterday's because: (a) CRM systems can now deliver greater productivity returns and (b) vendors' software usability is much improved. These advancements (and others) mean less time and lower costs to implement a CRM system. And the more people in a given company who use a CRM system translates to more benefits and a higher ROI on a CRM investment. Research notes that for every dollar a company invests in a CRM system, it earns $5.60.
But not everyone who has a CRM system is experiencing the expected return and, thus, some are CRM haters. It may depend on how you choose and implement your CRM system. To help you get the most from your CRM, here are some common mistakes and ways to avoid them.
Some B2B companies run their sales and marketing activities with Excel because it is easy to use and well known by employees. However, to more efficiently manage and profitably use data, other B2Bs use a relational-based CRM (Customer Relationship Management). A CRM consists of a database and a user-interface with which you can easily create, update, manage, process, share, and report data across the organization.
While Excel spreadsheets are great calculators, they are not good as a shareable database. That is because, in part, Excel has no relational tables and limited interface capabilities. Excel becomes cumbersome and difficult to manage with thousands of items.