by Apoorv Bhatnagar of Freshworks.com
The majority of sales departments and teams have the same goal of achieving the shortest sales cycle possible without fracturing customer rapport. A shorter cycle means more time to generate business from new prospects. Under the right conditions, this helps produce more sales in a shorter period of time.
It is important to shorten your sales cycle at the right point in a right way. Otherwise, you can actually sabotage your sales and make your results suffer. Prospective sales might fall off the cycle and disappear, or customers might feel pushed into something they are not ready for. Overselling may be disastrous, and lead to a negative reputation resulting in loss of sales along the way. In order to achieve balance, many businesses have sought the help of Customer Relationship Management (CRM) software.
Sales CRM minimizes the sales cycle by addressing the biggest bottlenecks in the average sales pipeline directly. This includes tracking, contact issues, data visualization, pipeline management, and even avoiding missed opportunities. It is highly efficient.
1. Lead tracking
This is one of the most important aspects of the sales pipeline. Unfortunately, it is also one of the most time-consuming aspects without a good CRM. Lead tracking oversees most of all your sales pipeline and sales process. Without knowing exactly where the customers are in the sales funnel, you can’t take action.
This pipeline can be broken down into six steps:
? Lead generation
? Lead nurturing
? Marketing qualified lead
? Sales accepted lead
? Sales qualified lead
? Closed deal
Ideally, you should identify where exactly the customer is in that process, and what you should do to make them move further. This is always not possible if you use manual methods like spreadsheets or badly designed software.
CRM allows you to click a few buttons to automate this process. It also streamlines the pipeline completing what could otherwise take hours if done manually in just a few seconds. The tasks includes identifying opportunities for lead generation, qualifying leads, determining the right time to market to a qualified lead, understanding when to
follow-up, and the right time to reach out with re-marketing attempts.
2. Improve Customer data filter and views
One of the biggest benefits of using CRM software is an improvement in filtering customer data and views. A powerful CRM interface allows you to see the whole customer information at once- including accounting information, events, customer behaviour analysis, past interactions, support requests and more.
Advanced CRMs may also provide access to social media interactions on a single panel. Keyword filtering allows you to sort and organize leads based on everything from past behaviour to the likelihood of sales pipeline advancement.
Better organization, filtering, and views allow you to do more with your data. It makes it easier to schedule customer contacts or engage in the right pipeline advancement measures at the right time. Use your data to predict how, when, and why the customer will close the deal. Further, implement procedures to make it happen. Schedule future
sales campaigns around this data and use your CRM to continuously tweak the campaign for better results and efficiency.
3. Automation of administrative tasks
CRM can free up a significant amount of time by automating most of the administrative tasks, shortening the sales cycle. Reducing administrative load can cut down the time spent on it by sales reps, giving them more time to
focus on revenue generating tasks like generating or converting leads. This improves efficiency, as well as increase revenue.
Administration includes filing paperwork, handling email or telephone requests, managing account information, filing information, responding to information requests, writing reports and updating information. CRM fills out most forms and documents electronically, stores and sends them out from right within the system, instead of printing
them all day.
Using CRM, sales leaders can assign and juggle tasks as per the requirement for the most efficiency possible. Most CRMs even have in-built team communication options in theplatform allowing reps and leaders to communicate effortlessly.
4. Efficient customer management
Effective sales pipeline management is the analysis of how and when to market to the customer. The rest of the sales process comes down to communication and support to make the customer feel attended to at every step. This is
the core of customer relationship management.
CRM helps you to alleviate customer management and analysis of pain points by allowing you to automate most of the tasks necessary to achieve these goals. This includes getting notified about when an action is needed rather than constantly checking emails and platforms for updates. Your CRM can notify you when someone:
? requests for information
? needs clarification/help
? wants to buy immediately
? needs a follow-up email or call
? fails to follow through with a sale
? shows signs of pipeline advancement
? approaches a loss cycle event
Sales reps can scale their response to a notification, prioritizing requests for effective conversions. Use the knowledge base to predict future behaviours and structure targeted marketing campaigns suitable for your
Further, you can automate responses for most basic needs. Your CRM will automatically match and send out any available data whenever someone requests information. It can automatically convert emails to tickets and assign it to a rep to ensure a quick response. An integrated CRM with chatbot technology on social media can send a personalized
response and information on how to achieve their goals. A CRM software can do a lot more with automation to minimize your sales cycle and make it more efficient.