“The most disruptive thing in the market is not technology, but the customer.”says Tiffani Bova – Vice President & Distinguished Analyst, Gartner.
This quote captures the key challenge organisations face today, dealing with always-on, always informed customers. The tool that can help you cope is CRM, but only if it is constantly refreshed.
Here are five signs that your organisation needs a CRM upgrade:
1. Your customer data is sitting in silos across multiple touch points and departments of your organisation. You lack an integrated view of all your customer interactions across channels. Your systems don’t tell your sales and service reps which customer journeys are really driving the revenue. You’re basically shooting in the dark.
To get an accurate “single view” of all your customers, it is important to connect silos. This, in turn, will help management teams to make informed data-driven choices, identify customer journeys that are valuable and deploy resources to maximise revenue growth and drive customer loyalty.
2. You are unable to increase win rates and productivity. Your sales processes are not defined and clearly mapped to your customer journeys. The goal of sales enablement is simple – help sales reps close more deals on time.
Having an integrated system with a configure, price, and quote (CPQ) option will help your reps focus on high-value customer journeys, improve productivity by reducing sales cycle time, maintain higher margins with built-in approval processes and workflows.
For example, Arihant Adroit InfoSystems gained an integrated view of pipelines across 15 countries, enabling them to improve sales productivity by 40% and increase conversion rate by 25% by using Oracle Sales Cloud
3. Your pipeline lacks quality leads. Your sales and marketing teams lack a collaborative relationship.
Selling to the informed buyer today requires contextual targeting at every stage of the sales cycle which is possible only through collaborative efforts across departments, business processes, and platforms.
According to a 2016 Aberdeen Group research report, companies that use marketing automation were 1.5 times more effective at managing, scoring, and prioritising leads based on behavioural and demographic data.
When used effectively, marketing automation platforms and CRM track the various stages of the leads between sales and marketing departments and help in building a qualified pipeline.
4. Your customers are reaching out to you via social media but you fail to respond appropriately. Mobile and social media have opened up numerous avenues for customers to interact with businesses to seek information, report concerns and feedback. There is a huge amount of data out there which makes accessing and using it to understand consumer behaviour a daunting task.
Integrating social listening to your CRM system to monitor the social environment has become imperative.
5. Your reps rely less on data/insights and more on their instincts to make strategic sales decisions. Guesswork is still going be a major part of sales decision making if your systems don’t provide your reps with analytical insights on customer buying behaviour, competitive information, territory assignments, opportunity management and the incentives tied in.
Addressing these issues by using a CRM system with an analytics feature will take guesswork out of the equation. Predictive analytics capabilities will help your reps to make informed data-driven decisions, predict deal outcomes and build best practices that can coach the team. This will ultimately result in better revenues and healthier margins.
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