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10 Direct Ways Customer Relations Management Will Grow Your Company's Sales Part 2

6. Build a database against you competitors and share across your organization!

Every salesperson accumulates important competitive information on just about every sales opportunity. Most of the time, this information could be of value to other sales and marketing representatives in the organization also if it was shared. Typically however, this competitive insight is not shared except perhaps within the team and even then in a poorly organized manner. CRM can provide the ability to capture this competitive insight and make it generally available to all business development members. Information such as competitive strategies, SWOT analysis, win/loss history, pricing, and product information can help give your company the competitive edge.

7. Identify product sales and competitive trends

CRM can make it easy to compare historical sales results with current results and empower business managers with the information needed to make changes based on marketplace trends and the competitive environment. Declining win/loss ratios for a specific product line, for example, may suggest new entrants to the marketplace, lower pricing, or poor quality. The ability to capture why a sales opportunity was won or lost can provide key insight into company strengths and weaknesses.

8. Effectively nurture prospective and existing customers!

Without CRM, nurturing prospective customers is typically quite difficult because it requires the management and analysis of a wealth of information such as product line interests, purchase history, business/decision roll, etc. CRM can allow salespeople to easily capture this information and execute automated campaigns that keep you in front of a prospect so that when they are ready to buy they think of you first.

9. Analyze marketing and lead generation results!

Marketing dollars are limited and we want to spend them effectively so that we can create the most value for our company. CRM makes it easy to associate sales leads with the marketing activities that generated them making it easy to identify what marketing activities are most effective in helping your business grow.

10. Share account and opportunity information throughout your sales organization.

Dispersed multi-region sales teams often work (or would like to work) on the same customer account but perhaps for a different division or section of that account. The ability to easily share historical sales and activity history with other sales account representatives can give your business the ability leverage these relationships to open new doors and create new sales opportunities.

Consider the value!

Consider the value of acquiring just a few of these capabilities within your organization. Would these capabilities increase your sales and marketing success by 10%, 20%, or even more? For most businesses, even a modest 5% increase in revenue generation will return the investment in a well planned CRM solution in 3 to 4 months. A 10% increase typically results in a payback period of around 2 months. The point is, the value in CRM is there. However, it is worth investing the resources to roll out a CRM initiative strategically so this value can be realized. This means planning and training. If rolled out correctly, a good CRM system can help your business achieve new levels of revenue growth.

William Moseley

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Consulting Sales Institute of America
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