There are many tools that small businesses can use to increase their revenues, as well as to streamline their workflow.
So, you have your business up and running, and you’ve made it through the first turbulent few months and are on your way to celebrating the first anniversary of your business opening. Congratulations! That is something to celebrate. This is not the time to get too cocky, though. The Small Business Administration estimates that 25% of new business fail in the first year, 50% will fail during the first five years, and only 33% of new businesses make it to their 10-year anniversary.
How do you beat the odds? You start by using available tools to increase your revenue. Small businesses that continue to increase their revenues have a better chance at success than those whose revenues are flat. Here are some helpful tips to increase your revenue through the use of a Customer Relationship Management (CRM) System.
Improved Decision Making
In the past, business owners trusted their gut feelings and past experiences to help guide their business, but the use of CRM tools means that you don’t have to rely on either to keep your business going. Because the software allows customer data to be centralized, you will be able to look for insights into your business through the data generated by the software.
CRM software has the ability to show you your data from many different perspectives, rather than just a sales angle, for example. Rather than operating your business solely based on your gut feelings and your business experiences, CRM software leads to better decision making, which may mean that you find different opportunities for your business and your business goals that you originally thought were possible.
Cross-Selling and Up-Selling Rate
A customer relationship management system can manage all aspects of your business, from a customer service viewpoint. One way the CRM system can help you is that it allows your sales representatives to sell products or services, in addition to what the customer wants to buy. Your salespeople, because of the software, can offer customers different types of exclusive or premium products or service packages that could work in conjunction with a product or service they already have.
Your customers will appreciate being treated like someone special because let’s face it, they are the reason your business lives or dies. Sales representatives can also use CRM software to discuss with clients other possibilities for products or services they might be interested, which is called cross-selling. Because the CRM software can help you keep track of customer purchases your representatives will have the ability to talk to them about other sales, which can only help your bottom line.
Sustained Communications and Integrated Customer Communication Systems
CRM software allows a business to achieve complete integrated communications between the business and the client, which means that the company can offer better customer service, from the time the customer first begins to do research on the product until the sales representative closes the sale. The paradox with customer service is that while customers want their product or service as quickly as possible, they also want to feel special and important to a company, especially when they could just as easily have gone somewhere else. CRM tools, such as the G Suite CRM like Copper, allows businesses to form relationships with customers from the very beginning of a business relationship.
With CRM software, all customer communications are streamlined. Customer information, including contact information, past customer purchases, selling information, notes on past customer interactions, all of these are handled within the software, which means they are at the fingertips of all of your employees. Because customer communication is integrated, your employees are also able to stay in communication not only with your customers but with each other. That way, if Florence goes on vacation or takes a sick day, and one of her customers calls in about a problem, you can handle it with ease because all of her information and past communications are easily accessible, whether you are at home or in the office.
Enhance Productivity and Keep Your Team on the Same Page
Because your business has been operational for a few months, you may have had the opportunity to hire some employees, which is great news. However, new employees come to the need for those employees to communicate, which some employees do better than others. Employees need to be able to communicate quickly and effectively for your business to grow. If your employees are facing a mountain of inbox emails and misplaced calls, it is more difficult for them to keep up to date with their sales. CRM software helps employees manage to communicate with each other more effectively and keep up to date with customer wants and needs because everything is in one place.
Perhaps most importantly, CRM software keeps track of customer leads so that employees are able to reach out and make contact while knowing which leads have already been contacted through the CRM tool. The tool acts as a platform from which all customer interactions can be seen, as well as communication between employees. No more searching through endless emails and spreadsheets that have been entered manually. A small business that uses a CRM tool that thrives on collaboration is a successful business and which also helps make employees more productive at the workplace.
Accurate Sales Forecasting
While CRM tools are used for customer interaction and improved workflow among employees, they can also be used to help project future sales with more accurate sales forecasting. The tool can generate sales forecast reports based on existing sales data, team sales and individual sales, and a view on completed and nearly-completed sales. Quotas for individuals and teams are constantly updated. In addition, sales forecasts can point to products or services in your business that are selling well, as well as products or services that aren’t selling, so you can make decisions about how to market those differently or change your sales pitch. Sales can be measured from month to month, or year to year. You can also look at the reasons why sales pitches didn’t work, and then work to strengthen your sales side.
Through the use of CRM software, your business will have all the information it needs to become more profitable, gain customers and additional employees, and live to see the 10-year anniversary.