Many companies are looking for new ways to ensure their survival during the recession and prepare for prosperity in recovery
CEO and Founder of BuddyCRM, Phil Mayling, was recently interviewed on the role of CRM in the business recovery. We’ve taken some key highlights of the discussion and shared them…
For business leaders concerned about what the next 6, 12 or even 18 months will bring, driving a steady and consistent stream of sales will be key to survival, but without effective, efficient and streamlined processes in place, this will prove somewhat challenging.
Any time, any place input
This is where a Customer Relationship Management or CRM solution can help. Now used by 91% of businesses with over 10 employees, CRMs provide a centralised, cloud-based system that enables team members to access or input new customer data any time, any place.
A good CRM, however, is far more than a digital storage solution. It is one that drives growth, supports sales and saves costs in customer engagement and service delivery.
That said, what are the key ‘outcomes’ business leaders can expect from investing in a CRM and why will an effective CRM solution prove valuable for business recovery post COVID-19?
Key Outcomes from investing in CRM
A good CRM solution will not only save time, cost and resource by improving alignment between relevant team members, but will also enable automation of fundamental processes like the preparation of quotes and proposals. Often, speed is of the essence during the initial sales process, so automating initial contact will enable the business to reach and engage with an unlimited number of potential clients, which will be key for survival and growth post COVID-19.
Aside from providing the opportunity to implement effective sales processes, CRM solutions can dramatically increase conversion rates by automating the ‘admin’ tasks to allow sales reps to focus on closing deals and building new, long-term working relationships.
With increased pressure on the economy, businesses cannot afford to lose customers to their closest competitors. As a result, the businesses that maintain and develop their customer base will be those who will survive and succeed long-term.
All too often, customers are cast aside and not delivered the same level of service when they transition from ‘new’ to ‘existing’. An effective CRM solution helps business owners overcome this challenge by documenting all correspondence with existing customers, therefore showcasing those regularly interacted with vs those ‘forgotten’.
As we face challenging times, business leaders need to work on striking this balance between engaging with and converting new customers, whilst retaining them for as long as possible. It certainly doesn’t sound like rocket science, but without the right CRM solution, it will be much harder to implement, sustain and get right for the long-term.