Customer relationship management (CRM) software delivers numerous benefits to businesses of all sizes in a wide range of industries. From helping customer-facing teams deliver superior personalised services to assisting marketers in their lead generation and management efforts, CRM streamlines many operational processes, which is key to boosting efficiency. The role of CRM in sales, however, is one of the software’s foremost benefits because of its direct link to revenue and business growth.
The following article illustrates how businesses are leveraging CRM systems to accelerate sales. But first, here are some interesting findings from different research studies to demonstrate the type of impact a CRM system can have on your sales and business performance as a whole.
CRM Facts & Statistics Illustrating Sales Growth
There’s an extensive collection of CRM facts and statistics out there. We’ve picked out a few to show how CRM can enhance the sales process and customer satisfaction.
- CRM delivers an average ROI of $8.71 for every dollar spent (Nucleus Research)
- CRM can increase revenue by up to 41% per sales rep (Finances Online)
- CRM boosts productivity and shortens the sales cycle (Nucleus Research)
- 79% of sales teams currently use or plan to use sales analytics technology to boost efficiency (Salesforce)
- CRM has the biggest impact on customer retention, customer satisfaction, and sales revenue for businesses
- CRM can boost conversions rates by 300% (Finances Online)
- 73% of people say customer experience is a key factor in their purchasing decisions (PWC)
How CRM Helps Sales Teams
The numbers point the way toward a great deal of potential; however, they don’t explain the many ways your sales team actually benefits from the support of a CRM platform. Read on to discover how your CRM helps sales teams boost their productivity and how sales teams can leverage CRM technology to boost the bottom line.
Centralising Customer Data
The ability to access comprehensive customer data from one centralised dashboard streamlines the sales process. When you have a CRM system, your sales reps don’t have to jump from one system to another to get all the information they need on prospects and customers. Everything, including any previous interactions with your company (whether it was via phone calls, email, live chat, or social media) and full purchase histories, are available at your customer-facing staff’s fingertips.
As a result, they can deliver personalised experiences that make your customers feel valued. This leads to higher customer satisfaction for existing customers and helps your reps move leads further along the sales funnel to boost conversions.
Sales & Marketing Alignment
Sales and marketing alignment is crucial to growing your sales. CRM software helps establish a continuous flow of information between these two functions. Marketers can conduct lead generation seamlessly and pass qualified leads through to sales without any manual process involved, thanks to automation. Sales personnel can then leverage the CRM solution to manage those leads and work on converting them into buying customers.
With a CRM in place, both marketing and sales will have visibility into what the other is doing, meaning it’s easier to identify problem areas and work collaboratively to make improvements. For example, if marketing is passing along leads that aren’t yet qualified, the sales team will waste time contacting people who aren’t ready to talk to them. By collaboratively evaluating all steps prior to the transfer of leads, you can adjust the current qualification process as required to improve results.
Above and beyond alignment with marketing, CRM systems are an effective way for sales reps to manage leads effectively. Modern CRM solutions come complete with a leads module, which streamlines lead management. Using automation, your sales team can capture leads from a range of sources and organise them based on different attributes like buyer personas, demographics and preferences.
An organised sales pipeline helps sales reps work more efficiently towards their sales quotas while giving sales managers better visibility into the funnel, making it much easier to track performance and offer valuable guidance.
As your business grows, it becomes more challenging to track all your leads and where exactly each individual one is located throughout the steps of your sales process toward conversion. It’s important to know this because your communications with leads who are at the top of the funnel will be vastly different to messaging with leads who are at the bottom of the funnel.
Top of the funnel leads are in the discovery or awareness stage. They’re looking to fulfil a need (solved by your product offering), and your job is to help them get the best solution. As a result, you’ll naturally place greater emphasis on educating leads about how to fulfil their needs without promoting your products.
Bottom of the funnel leads are at the conversion stage. By now they understand how to solve their needs including all the benefits of the products, which can help them achieve that. It’s just a case of picking the best vendor to purchase from and you need to convince them why your business is better than the competition.
By effectively segmenting your sales pipeline, you can plan tailored strategies to move your leads through the funnel efficiently. A long sales cycle hinders funnel optimization, but with CRM’s pipeline management functionality, your business can readily speed up and optimise the path to conversion.
Sales forecasting is one of the sometimes forgotten-about benefits of CRM systems, yet it plays a key role in maximising the effectiveness of sales departments. Your CRM solution analyses the sales pipeline and then uses the data to calculate sales opportunities and predict future growth with a high degree of accuracy.
With this type of insight, sales managers can adjust their sales strategies accordingly. Accurate sales reports mean sales reps can see how they’re tracking against set quotas in real-time, meaning they can refocus their efforts as required. At the same time, leadership is in a far better position to make informed decisions regarding the allocation and management of resources to drive the best results.
Activity management gives you the chance to create, update, and track detailed records of the sales team’s activities. This includes everything from calls to emails, meetings, and all other tasks your reps are carrying out. Companies that get the most out of the activity management feature don’t use their CRM as a type of Big Brother tool. Activity management is best served as a platform for supporting sales reps and not a tool for exercising complete control over staff.
By keeping records of all activities, including both completed and scheduled ones, you can easily identify missed opportunities, for example. Your reps can also receive notifications for any upcoming tasks, such as calls or meetings. Using activity management in this way ensures no stone is left unturned and your reps are maximising their opportunities to optimise conversion rates.
Enabling Remote Work Through Mobile CRM
As the global workforce increasingly looks to work remotely, it’s important to provide the tools that allow them to continue doing their jobs. Mobile CRM gives your business and staff that flexibility. Your teams can leverage the cloud to access any information they need, regardless of their location or time of day.
And your staff aren’t limited to using a desktop device either; mobile CRM works flawlessly on smartphones, tablets and other Internet devices.
With real-time access to your centralised dashboard wherever they are, your sales team can continue managing contacts, leads, and opportunities. The ability to do anything they need to do even when they’re on the go helps boost productivity and further increases sales revenue.
Reporting & Analytics
CRM software comes complete with comprehensive reporting and analytics functionality that facilitates strategic decision-making. It allows you to evaluate all touchpoints in your sales cycle, helping you identify what’s working and what’s not. You can share these insights with your sales representatives to help them make the necessary adjustments and convert more potential customers into buyers.
For instance, your CRM can shed light on potential high-value customers based on your historic data, which includes insights like buying behaviour and demographics. You can use this intelligence to assign your most experienced sales reps (or even the individual salesperson who closed similar deals in the past regardless of rank) to these types of leads and increase your chances of winning more profitable sales.
Leverage CRM To Drive Business Growth
Above and beyond the benefits CRM delivers for customer service and marketing teams, it also enhances the performance of sales teams. In fact, an overwhelming majority of sales reps who use CRM for their role say they’d be totally lost without it. This speaks volumes about its effectiveness as a sales tool.
The right CRM solution streamlines operational processes and has a big impact on the output of sales teams. If you’re looking to drive efficient growth, your CRM will be key to achieving your goals. Thanks to centralised customer insights, sales and marketing alignment, effective lead management, strategic pipeline management, accurate sales forecasting, practical activity management, remote work enablement, and detailed reporting and analytics, your business can create, manage, and close more opportunities.
As you can see, quality CRM systems come complete with excellent features that deliver numerous advantages. This ultimately leads to greater efficiency, better customer relationships, and more sales for your business.