Results

Tough economic times have left many businesses looking for new ways to close deals and streamline the sales process. One often-overlooked tool that can help with these goals is a company’s Client Relationship Management solution. Often called by the acronym CRM, these tools have robust and strategic capabilities that are seldom fully tapped by users. Now is the time to take a fresh look at your CRM system to uncover new ways to combat the slow economy. Here are seven ways to get started.

Build Strategic CRM Usage. The first step to putting you CRM system in high gear is prepping your staff. Refresh and refine their CRM skills by choosing a sales team member who uses your solution effectively, and tasking him or her with analyzing and enhancing other staff members’ CRM habits. The goal is to get your team working smarter, not just harder. Choose someone from the frontlines, rather than an IT person, so he or she can provide real world examples and recommendations that will be adopted quickly because of their effectiveness.

Look for the Easiest Items to Sell. Now is the time to identify which of your products and services are the most recession-proof. There are a number of insights you can seek from your CRM system to get at this – which items require the fewest sales hours to produce a sale, and which within this group deliver the greatest profitability? Begin to build sales strategies and special offers around these products and services.

Anticipate Clients’ Priorities. During tight times, there’s a good chance your clients are reviewing their business and/or personal finances just like you are. In many cases their priorities are shifting. Your CRM system can give you insights into how. Review past and current sales for signs of products and services they rely on heavily. What is going to help them increase productivity, build sales or reduce costs during this period? What might they decide they can do without? Once you have this information, design promotions directed to their anticipated needs and pain points.

Identify and Reward Your Best Clients. A sales slump is the best time to make sure loyal clients are happy. You probably have a little extra time to go the extra mile, so look for ways to reinforce your relationships. Send a handwritten card thanking clients for their business. Offer a discount to frequent clients that spells out your interest in supporting them during tight times. Review CRM data to confirm that all promises made to clients have been fulfilled and deadlines met. If you see holes or errors, now is the time to address them.

Analyze Leads. An economic downturn doesn’t mean you should stop trying to attract new clients, but it is a good time to use CRM to do it more efficiently. What characteristics do your existing clients share that influenced your ability to turn them from prospects into clients? What did they purchase initially? Which prospects in your database match these criteria? It’s also a good idea to review neglected opportunities. CRM products like Microsoft Dynamics make it easy to weed neglected leads from the database and pinpoint those poised for immediate sales.

Consider Community. CRM’s ability to link to web technologies that your clients use can be a valuable and cutting-edge way to build loyalty and brand awareness. Interaction that starts online can flow into your CRM system, which will give you new insights into marketplace behaviors and needs. You can also facilitate online conversations through blogs and forums on topics like best practices or new product ideas.

Assign Every Team Member to Database Cleaning. Defective data can cause significant problems for a business, including missed sales opportunities, billing errors and delays in accounts receivable. Join your team in a four-step approach to cleansing and improving your database. Step 1) Remove duplicate records; Step 2) Update old information; Step 3) Synchronize updated data; Step ) Fill in the blanks. Needless to say, this is not as simple as it sounds, but the effort you put into it now will pay off in the form of more effective sales, marketing and back-office operations. If this is the first time you’ve taken on this project, assign a leader to coordinate assignments for each team member, and document the process so you can make it an annual activity. This will ensure you always have a powerful, current CRM system at your fingertips.