80% Of Revenue Comes From Existing Clients, Do You Know Them? (A CRM Explanation)
As your business grows, manually keeping track of your prospects and customers with spreadsheets and random notes in different places becomes, well, if not impossible … Extremely difficult.and and energy consuming. Moreover, things start slipping through the cracks at an alarming rate as well.
Enter: The World of CRM.
What is a CRM?
CRM stands for “Customer Relationship Management.” A company’s CRM stores all of its interactions with potential and existing customers. That means everything from someone’s first met or first visit to your website (and what they did while they were there) to the exact time they opened your sales proposal and how long they looked at it.
There are key benefits of using a CRM
The benefits of using a CRM.
1. Better customer experience
It’s much easier to provide a positive buying experience when you know a lot about your prospect. Seeing at a single glance every blog post, email, and ebook they’ve opened and/or read, as well as key details like their company’s size, location, and vertical, gives you a major leg up. You can personalize your messaging and provide more value from the start.
2. Higher productivity
With a CRM, you can automate tasks like call and activity logging, reporting, deal creation, and more. The less time sales reps. are spending on administrative work, the greater number of hours they have to get in front of prospects; leading to your revenue increasing proportionally.
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3. Increased collaboration
A sales manager can instantly see how and when her salespeople are reaching out to and following up with buyers. An account executive (AE) can quickly fill himself in on an opportunity his sales development rep (SDR) has prospected and qualified for him. Salespeople on the same team can learn more about each other’s best practices and pinch-hit for each other whenever someone goes on vacation or gets sick. Essentially, a CRM boosts rep collaboration and efficiency.
4. Greater insights
Stop wondering how your salespeople are doing. A CRM will give you both a high-level and on-the-ground picture of rep performance, including team-wide and individual conversion rates by deal stage, average deal size, deal velocity -- and that’s just scratching the surface. Imagine what you could do with this data-backed understanding of what’s working and what could be improved.
You can learn more about CRM in our free ebook: The Beginner's Guide to CRM 2018