There is a "Revenue Gap" that exists in most companies today. It is the difference in revenue that could be derived if all of a company’s Customer Facing Departments were working with optimum information and at peak efficiency.
Many companies understand that the greatest competitive advantage they have is what they know about their customers and how they use that data. However, most companies have not established the systems and methods necessary to capture customer centric information and leverage it into higher revenues and profits. Once captured, this information may be used to strengthen customer relationships that will then help to differentiate your offering and decrease the necessity to engage in costly price wars. Your ability to capture and leverage this customer information will become the measuring stick for your company’s future success.
Communication is the foundation of any successful relationship and business relationships are no different. Many companies are transitioning from the traditional one-way mass marketing communication model to a two-way communication model that engages their customers in an
ongoing dialogue, creating a learning relationship. Every contact with the customer, whether it’s e-mail, phone, Web, or face-to-face, is an opportunity to learn more about the customer’s unique preferences, values and expectations. It is also an opportunity for the customer to gain valuable insight into a company’s product or service offering. Enlightened companies are refining their product or service offerings based on what they learn, and they’re using this greater understanding to create deeper, more profitable long-term customer relationships. The more your customers invest in these learning relationships, the greater their stake in making the relationship work, and the harder it becomes for your competitors to place a wedge between you and your customers.
It's All About Perception...
A CRM system serves as the tool for achieving gains, not only in the revenue and cost side of the business dynamic, but in your company’s perception among the buying public.
The system will act as not only the central system for gathering and acting on customer data, but automating the simple, mundane tasks that become efficiency drains on the process and detract from your company’s image. Below is a list of the benefits that many companies realize as a result of implementing a CRM solution. Each benefit may be realized as a cost saving, revenue enhancement or an improvement in customer perception.
- Automate Your Best Sales PracticesStandardizing and automating your best sales practices will have many desired effects on your company. A more consistent message creates a greater perception of competence and reduces the negative effect of employee turn over. Automated sales processes also help the company more accurately measure results against activities. In addition, many companies realize that automating best sales practices reduces inefficient time wasting and focuses sales energy on activities historically proven to provide positive results.
- Better Training Employees
The most important factor in maintaining positive customer relationships are the people you employ. CRM automation reduces the "trial-by-fire" training methods used at many companies, and leverages the accumulated knowledge of the company. A variety of training benefits can be derived from CRM automation. New employees that start with a systemic standardized set of processes, methodologies and routines, generally come up to speed much more quickly. In addition, they are much less likely to make critical errors during their ramp-up phase. In addition, employees with standardized processes and adequate access to information are happier and more satisfied with their jobs. - Increasing Customer SatisfactionCRM systems hold at their heart, the customer. Automating key functions such as quick access to critical information and fast turn-around on requests greatly enhances the customers experience while interfacing with your organization. It also gives them greater accuracy in the result.
- Increasing EfficiencyReducing those administrative time wasters will not only increase employee productivity, but will increase their job satisfaction. In return, they will be able to spend more time doing core activities such as interfacing with your customers.
- Reducing The Sales CycleImproved Communication and rapid delivery of information will reduce the time necessary to close even the largest of deals. Fast delivery of requested information would result in the competitive advantage that may just push those key sales over the top. In addition, the enhanced professionalism and accuracy will enhance your image, shortening the time it takes to earn a prospect’s trust.
- Improving Communication
Since all corporations have perfect communication pipelines any gain here would be nominal. Just seeing if you were paying attention! Communication is the key element in building greater understanding between internal organizations and between you and your prospects and customers. It is also the hardest element to quantify; but the benefits are tremendous, and for the most part fairly obvious. - Improving Decision Making ManagementYou need the latest and most accurate information to make sound management decisions. All of your customer and forecast information is consolidated within the CRM solution, so you can receive up-to-date forecasts and generate reports. Also, through consolidation of this data, management can get a more global view of the factors driving real purchase decisions. This greater knowledge will give your management the ability to make decisions based on real data, rather than guesswork.
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