One of the most critical goals for any business is to gain more and more new customers followed by repeat business from them. However, in this race, business owners often fail to understand that simply increasing the number of customers in your database won’t help stay ahead of the edge. In the world of sales and salespeople, ‘Empty Prospects’ is the term used when the volume of Prospects data is more than the Closure rates in your CRM software tool.
So how do you deal with it and close more sales, and much faster? Here are four ways a smart CRM software can help you achieve that:
- Where do your leads come from?
Understanding and identifying the right leads for your company is a basic yet important stage. Marketing campaigns must be monitored at early stage itself to understand whether you are reaching the right audience set or not. How the leads came to know about your business? How the leads first contacted you? Are the leads which relevant? Often, the leads that approach you through your company’s website are most likely to get closed, since they already expressed interest in your products than the ones you contact directly. A good CRM solution can help you track such leads.
- Engage your leads
CRM software is the best to use when it comes to engaging with your leads than using spreadsheets. Executing and monitoring marketing campaigns through CRM will help to identify and manage leads that actually show interest in your company’s products/services. CRM system helps to recognize the good and bad leads in your database. Pitching your campaigns or introducing new products to the leads, who have showed continued interest in your products and services is likely to improve the sales closure rates than your new leads.
- Average turnover time
With the help of a CRM software, one can calculate the amount of time it takes for the leads/prospects to turn into actual customers/buyers. This ratio will help understand and manage your email and other marketing campaigns accordingly. Once an email campaign is executed successfully, marketing team also needs to follow up by sending reminder e-mails to all the prospects for the same. By knowing the average turnover time, your sales team will get an idea about when a lead usually gets ready to be converted into a sale i.e. after a day, a week etc. accordingly your team will know when to schedule a sales call for them.
- Conversion rates
CRM solution can help you identify the actual number of leads that turned into actual paying customers. Generating sales reports from CRM will help you compare conversion rates. These reports will help provide you with the actual number of leads that turned into Closed Sales successfully versus the ones that still lie under opportunity. Analysis of such reports will help you identify underlying problems or weakness in a team or department. In short, a good CRM software provides you with a clear view of your sales pipeline thus, helping you plan your next sales and marketing move.