How CRM Software Can Help You Close Deals FasterJanuary 23, 2023 crm deals
Businesses rely on CRM software heavily to facilitate their sales process. No wonder the market for CRM will grow to $106.6 billion by 2028 at a rate of 12.9%.
A CRM can go a long way to boost conversions and sales. Most importantly, it can help you close deals faster.
As per Deloitte, a CRM can speed up decision-making by up to 38%. However, how is that possible? How does a CRM help you finalize deals more quicker?
Let’s find out how.
Identify and Prioritize Leads
A business can have thousands of leads from different channels. However, not all of those leads are worth pursuing.
CRM software allows you to categorize your leads. You can sort your prospects based on several metrics to suit your requirements.
Moreover, you can source second and third-party data to build complete customer profiles. A CRM often provides the missing data your reps could not gather.
Most importantly, you can score your leads using your CRM. It helps you understand which leads are promising enough to follow up.
Therefore, you don’t waste time on unpromising leads. You focus your energy on prospects with a high buying intent for more conversions.
Automate Manual Tasks
Manual tasks take a toll on your productivity. They slow down the sales process by making your reps do repetitive tasks.
The reality is more alarming. Most reps spend 64.8% of their time on non-revenue generating processes.
A CRM can automate repetitive tasks to eliminate manual labor in many ways. For example, you can automate data entry and even capture data from web forms.
Moreover, you can qualify and sort your leads automatically. It is also possible to schedule follow-ups to nurture your prospects.
Less manual work means your reps can work on closing deals more quickly.
Your CRM allows you to understand where your leads are in your sales pipeline. It is possible to create different categories to qualify your leads, such as:
- Marketing qualified lead or MQL
- Sales-qualified lead or SQL
- Sales accepted lead or SAL
The location of each prospect helps you plan and implement the right outreach program. You can adopt different approaches for different barriers to push for your solution.
Most importantly, you can personalize your outreach program based on data supplied by your CRM. You can say the right things and make relevant recommendations to win more deals faster.
A CRM allows your sales and marketing teams to stay on the same page. It improves cooperation between departments to resolve your customer pain points smoothly.
Moreover, your CRM stores all customer interactions from different channels. You don’t forget any promises made to them as they progress your pipeline.
Additionally, a CRM serves as a central repository for your entire business. Even departments like sales, billing, or logistics can access customer information anytime, anywhere, sales quoting CRM software like Concord CRM gives your company the ability to send quotes in minutes.
The process eliminates disruptions and delays to improve collaboration between teams. They work in close cooperation to close deals quickly.
Strong Customer Relationships
CRM refers to customer relationship management. Therefore, the main job of a CRM is to improve your customer relationships.
Businesses have gone digital, losing the personal touch. A CRM can help you understand your prospects better and maintain positive relationships.
Moreover, you can boost customer satisfaction by up to 35%, according to Deloitte.
All of these things work in your favor to build trust. You spend less time convincing your prospects as they already like your brand.
Therefore, leads make faster purchasing decisions and help you finalize deals quicker.
A CRM is more than a mere sales solution. It is a powerful tool for analyzing your sales performance and forming valuable insights. You can take advantage of several reporting features to understand your:
- Profitability and revenue generation capacity
- Financial condition
- Progress to goal performance
These reports go a long way to uncover potential bottlenecks in your sales process. Moreover, you can identify areas of improvement to focus your energy on.
It is possible to work towards improvement for a better sales process. You can convert your leads faster if your process is smooth and free from disruptions.
Cross-Sell and Upsell
A CRM can go a long way to creating loyal customers. They are more likely to come back to you with repeat orders.
Best of all, they are more likely to spend more on your services. As per Deloitte, repeat customers may spend 33% more on your offerings.
Your CRM can help you maintain stellar relationships with your clients. Additionally, it can help you identify opportunities to cross-sell or upsell your offerings.
Needless to say, repeat customers don’t need too much convincing. They already purchased your product and are ready to buy more.
Therefore, you spend less time on them than nurturing new leads. It is also a way to win and close more deals faster.
Improve Rep Performance
A CRM can help you monitor the performance of your reps. You can develop complete visibility into their competencies at different stages of the sales pipeline.
Moreover, you can keep an eye on their tasks and the outcomes.
As a result, you can easily identify reps that are not performing so well. It may be possible to improve their skills by imparting training or upskilling.
In the future, they may become better reps to close deals faster.
A CRM can work in many ways to finalize deals quickly. It provides complete customer information and automates manual tasks. You can prioritize leads and use the right approach to convert them. Moreover, you can identify and resolve bottlenecks to move leads faster through your pipeline.