A sales team is responsible for identifying prospective customers and securing a relationship with them. With that in mind, and when applied in the modern context of extreme competitive conditions, this usually means that they need to obtain a full view of the customer – right from who they are, what their surroundings comprise, and how they interact with it.
The reason for this radical shift from the more traditional methods of sales is due to the advent of a customer’s market, where businesses are rushing to steal customers away from their competitors by building the right business image and working hard to retain them.
To achieve this goal, a business has to first recognize the individuals or organizations that might be interested in the company’s product or service offerings. These are the leads that the sales team attempts to follow up with and upgrade to a prospective customer, and proactively provide trust and transparency to convert them into a loyal customer.
Without preparation, a sales team is essentially going into the process blind and cannot effectively bring in business from any interested buyers. This is where a CRM analytics and reporting software service comes into the picture – it provides the team with tools that will help them understand their market, plan ahead and maximize their conversion rate, execute the plan without any glitches, and finally support the customers post-sales for any grievances.
How a CRM analytics tool does this is by collecting all the information about the sales process and collating it into a database so that all the relevant data is available and easily accessible.
1. Accelerate the sales funnel
A sales funnel is the graphical representation of the journey that a lead follows to become a customer in the sales process. The transitions between the customer stages are depicted on the funnel – contact to lead, lead to prospect, and finally prospect to customer – and every stage contains a certain number of individuals or organizations in it.
By using a CRM software service, a sales team can recognize which transition is occurring in the most amount of time, or which one has the least amount of efficiency, by simply generating and studying the sales funnel charts and graphs.
2. Improve individual and team performance
By using CRM analytics and reporting software, a company can collect employee data and generate detailed reports displaying each of their performances. This lets the sales manager recognize the team’s best and weakest performers, and allows them to effectively manage the employees and improve the overall sales efficiency.
Apart from individual growth, CRM reports can also boost collaboration amongst team members. Swift exchange of charts and reports between employees allows the team to easily access the necessary information and secure more deals more efficiently.
3. Streamline the sales process
A CRM is not only valuable for gaining insight into the sales process, but also equips the company with the tools to effectively work on it. This quick analysis and implementation provides flexibility to the sales team and enables them to tackle all issues with prompt and appropriate responses.
Legacy management techniques could not determine where sales representatives should focus their efforts on, which led to over-extending on cold leads, and insufficient exposure on hot leads. With CRM, a sales team can optimally allocate the necessary resources so that more deals can be closed and the generated revenue can be maximized.
4. Proactively optimize the offerings
Sales reports generated using business analytics CRM software can also provide a company with enough market intelligence to predict emerging and future trends. This data-driven optimization is sourced from the interactions that occur between a sales representatives and a customer, and it allows the company to target the market effectively and stay ahead of their competitors.