When leading firms justify or promote their investment in CRM, they often cite how their CRM software platform and firmwide client-focus strategic initiative help them achieve significant gains in revenue, efficiency, and client satisfaction. These naturally are incredible benefits and they definitely result in a dramatic competitive advantage compared to rival peers who are lagging and not adopting and leveraging CRM. In particular, revenue-related metrics such as average deal size, sales per customer, products per customer, and sales per rep or territory are usually mentioned. An understated benefit of CRM, though, is how the system can actually reduce a firm’s costs related to the sales engagement process. So today, I wanted to explore how Microsoft Dynamics CRM, a leading-edge CRM solution with high-powered marketing, sales, and service functionality, can help reduce client acquisition costs and cost of sales.
CRM provides employees with more background and actionable data intelligence on their customers and prospects in a centralized location that is accessible anytime and anywhere. For instance, sales and marketing personnel have at their disposal real-time information on products and services owned across the enterprise, purchasing history, buying preferences, last offer dates, prior and upcoming interactions and meetings, potential product gaps in the overall relationship, and recommended solutions. Since all of this information on the client profile is relevant, segmented, structured, and easy to find, marketing campaigns can be more targeted, timely, and generate more buzz, interest, and responses. Additionally, sales executives and account managers are more prepared, find it easier to be proactive and plan sales calls, and adhere to a more uniform, consistent sales process. They become more effective at establishing common interests and connections with new prospects, and they are empowered to have more intelligent, consultative discussions with their current book of business. Administrative hassles, duplicated efforts, wasted time, and unreliable, free-form, non-integrated data are no longer a worry. The wealth of rich, useful information in the 360-degree view of customers, prospects, and referral sources in one’s territory and the streamlined quote-generation and order input capabilities of Microsoft Dynamics CRM enables the producer to be more productive and close deals faster. Overall, lead conversion ratios increase and more cross-sell and up-sell opportunities are uncovered and won. With a shortened and simpler sales cycle with both current and new customers, client acquisition costs and cost of sales decline and the more popular and highly coveted revenue and profitability metrics begin to skyrocket.
As the three-time defending
Post by: Kevin Wessels, Customer Effective