This is a guest post on the Smart Blog for Small Business.
Embarking on a business means taking chances and willing to make sacrifices, but many entrepreneurs are still willing to take the plunge, maybe the appeal lies is becoming your own boss or building something for your family. Unfortunately, what you’re most likely to find is reduced income, more work hours and addtional stress. This is the main reason for you to employ systems such as an online CRM software – to improve efficiency, reduce costs and earn higher profits. And if you’re already in business, the great news is that you still have the opportunity to get your data organised with an online CRM.
If you wish to address the needs of an increasingly service-conscious consumers, you need powerful tools that bring together all your sales and marketing data. Systems that can make a huge difference in the way you run your business. Tools that will aid your business become a fulfilling venture you enjoy, rather than a burden to regret. This system should include the tools to track marketing performance, customer satisfaction and most importantly, to monitor sales and productivity.
With an online CRM software, monitoring the status of every sale and opportunity is simple. As a sales tracking tool, it gives you an up-to-date and accurate recording of client info and transaction log. It also enables to identify service challenges and gauge your successes in terms of converting opportunities to sales.
Most of the companies that are just starting out have no hint where their business stands or whether they’re even making money. It doesn’t mean your company is doing good just because you’re gaining money. A lot of companies do not realise that they are spending more money than their actual profits because they are still making regular sales.
A useful tool such as an online CRM will not only help you in tracking your sales and costs but also solves sales-tracking problems with the use of an online communication system that covers customer relations, sales opportunities, and sales and marketing. With this nifty tool, you can quickly determine unprofitable products and services so that you can take measures like decreasing its cost or cancel that product from your list. You can also identify which deals earn you the most money so you can change your marketing focus to those high earners.
And there is much more to love about online CRM! Another great feature of an online CRM is that it is also excellent for opportunity tracking other than helping you in monitoring sales. It can show you possible cross-selling and up-selling opportunities. An online CRM tool is capable of categorising multiple contacts that falls under one organisation, store different addresses of branch office locations all in one organisation, and monitor relationships between parent and subsidiary companies; providing you an improved angle how your business network has evolved and ways for expanding it.
When you have the following details ready, your online CRM software will be your best tool in sales tracking.
This refers to customer name, age, address, gender and race. Demographic details captures and stores different client types and their different purchasing patterns, enabling you to identify which customer types have larger sales margins. This will help you better profile ideal clients, enabling you to target your marketing to the most viable group of potential customers.
Using geographical data for marketing campaigns helps you target your marketing into the best performing areas and assists you in customizing your product range to suit a specific area.
Strongest purchasing periods
Your online CRM software will help you pinpoint customer buying preferences in a particular time.
Responses to surveys
Surveys from clients and prospective clients can give you valuable insight that can help identify your product’s strengths and weaknesses.
MYOB, Quickbooks and traditional spreadsheets are a thing of the past, are inefficient and cumbersome. A lot of money, time and effort will no doubt be wasted simply because you’re using two different tools. You also end up shelling out more money to pay someone to sort through all these data and your marketing campaigns haven’t even started yet.
You will be able to see just where your customers stand at a specific point of the sales process because your online CRM software has the capability to intertwine it with an accounting software, making your sales tracking easier. Ultimately, your company becomes more systematic and profitable than ever.