3 CRM Data Plights and How You Can Solve Them
Sales and marketing professionals can easily divide the industry into two distinct chapters: Before CRM technology and after.
Now, although easy to use CRM systems became a widespread mainstay when businesses across the globe realized that smart analytics and data could do together, nevertheless even as of date, this most popular business growth technology and tool have not reached its full potential.
In fact, according to a study done by Accenture, it has been found that a little more than 33 percent of customers who abandoned using their CRM last year did so because their CRM solutions lacked personalization.
Hence what are they missing, and how does it affect businesses?
The primary issue as an answer to this question is that the majority of easy to use CRM platforms are mere databases built mostly for sales managers and not for the members of their sales teams.
More importantly, these CRM databases even exclude field sales.
Now, this is important because a major shift is happening.
This is because, as we are continuing to automate every aspect of the relationships with our customers, the industry is gradually seeing ROI from face-time investments. Nevertheless, sales managers are still facing rough sledding answering more significant questions about sales happening in the marketplace and perceive where leads are geographically located, due to the following three most critical data issues:
Data Issue #1
The sources of data are more limited than they appear
The famous author Dale Carnegie (who has been improving individual and business performance around the world) once said that the one advantage some can provide themselves in business is to be with the right customer and precisely at the right time.
Nevertheless, in real-life scenarios, most sales managers have a very vague idea what their sale reps are doing to win and close fresh deals or nurture the existing ones, and so most marketing and sales managers admit that a fair portion of their easy to use CRM software solution’s data is stale.
Now, to solve this easy to use CRM platform must “layer” actionable data that works for every member in their sales team.
This means, collecting data from unique and agile data sources for providing a more comprehensive picture to the sales reps in the teams.
For example, Google’s ‘geospatial’ data is capable of generating data visualization and heat maps in real-time- to boost the likelihood that one’s time will convert into revenue.
Therefore, incorporating these different layers has advantages for managers too, since team leads can review such data points like the average duration of visits, the number of customers visited in a day, the number of miles traveled by sales reps, and so on.
It is true that we cannot fully optimize our information in the CRM database if we are missing important feeds.
For example, the capability of viewing the ‘micro-notes’ that most of your sales reps input after each interaction with prospects and customers can provide more worth than just seeing inane budgetary figures of their sales.
Additionally, Google can also map the quickest route and offer “guesstimates” as to when your customers and prospects might remain too busy to chat.
Therefore, incorporating and collecting unique layers of data like these in your CRM database not only helps in seeing more customers but also increases the chances of closing your sales.
Data Issue #2
Analytics look in the wrong direction
When as one of the award-winning vendors of small business CRM software we talk to different organizations about how they utilize their CRM data and so found that the majority of businesses prioritize KPIs that tend to Revenue, MTD, YTD, Closing Rate, and so on.
However, a business can have all the data in the world but it will have no value unless the information is utilized strategically.
Nevertheless, for most users of easy to use CRM it has been observed that companies focus on the past rather than future-facing reporting, which are generated by predictive analysis functionalities in the CRM software.
Now, while learning from what that happened in the past is necessary, nevertheless using CRM data to plan the future of any company for business growth is what makes the difference in a businesses’ bottom-line.
Therefore, in the very near times to come, we shall see lead generation on-demand, informed by current data on diverse accounts, in a seamless manner.
Hence, while the world of business and commerce is becoming increasingly fast-paced, the ability to generate leads with a click of a button (or compare them with existing accounts in the CRM database) will be transformative, which is not yet available from big players in the CRM space like Salesforce or even any other Salesforce Alternative CRM vendors in the marketplace.
In a gist, easy to use CRM software solutions need to be more prescriptive so that it can provide marketing and sales teams a workflow tool that can help them to close more deals or find where is that 10% of your customer base that is capable of generating 90% of your projected revenue.
Since only when easy to use CRM data can answer this, businesses will be able to have a true prospecting pipeline that predicts rapid business growth.
Data Issue #3
The nuanced gap between reporting and closing
The CRM space is highly competitive, and so most CRM solutions will not integrate with anyone they see as a competitor in the marketplace, which creates a weak-link as to how your data can work together to customize action plans for your customers and thereby pushes the onus on the CRM users to intuitively know what they should do next.
Now, information stored in the CRM database cannot just be ‘reporting data’, rather it has to be ‘actionable data’ for marketing, sales and support reps (whereby the use of ‘micro-notes’ which we mentioned earlier can be of great use).
This is because, with this ability managers can find a better look into what their sales reps are doing and utilize that to tweak their plans for the next quarter, and similarly executive leaders in the organization can also look at sales pipeline management, when they want to improve the performance of their brands and so want to know the deals that are likely to close and the ones that will not.
Therefore although for the past fifteen years business growth technology and tools like CRM and others have dominated the marketplace, but somehow they have ignored chances to incorporate useful information from personal interactions, which are the gold nuggets that make the ultimate difference between lost and won deals, and so in the present times although we need to find unique ways to automate relationships, however we must not do so without looking into the human-to-human element in marketing, sales and support that is most needed as of date for rapid business growth.
These days personalization is a critical tool to boost customer loyalty and also improve the overall customer experience (CX) with your brand.
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