CRM | smallbizdream blog

How Technology Is Changing Sales Forever

Technology has shaped the way we do business, especially in the last fifteen years. Over the course of its transformation, the sales and marketing aspect of business has evolved from one mode of customer engagement to the next.

This paradigm shift has had a lot of implications in many of today’s small to medium enterprises. Accessibility to products and services coupled with the growing number of online users also meant that the competition for customer attention will be more relentless than ever.

There are number of ways our recent technology in sales and marketing has affected the business sector. However, our focus will be the most prominent ones and have the greatest impact to customer engagement and sales on a global scale.

Major Shift from Traditional Marketing to Omnichannel Marketing

Before PCs and smart phones were adapted for consumer use, customers had no way of interacting with the businesses since everything was basically a one-way communication between the company and the audience (also known as traditional outbound marketing).

But as more people are starting to gain access to online services, this type of customer engagement had slowly become a thing of the past.

Some companies took their old marketing approach and moved it online (YouTube commercials, online ads, online stores, etc.). However, unlike traditional media, online consumers are able to make their voices heard through the social media, comments section, forums, online reviews, vlogs, and the list goes on.

This sparked a new era of customer engagement and the birth of omnichannel marketing. Businesses are continuously harnessing the potential of social media, blogs and online sites, using the latest CRM technology to manage their contacts and maintain customer relationship.

Bigger Opportunities for Small to Medium Enterprise

Big companies used to occupy a large portion of the market until the Internet reached full status at the turn of the 21^st century. They stayed top-of-mind through promotional ventures and ads, while small businesses struggled to make an impact.

But with the major shift from traditional marketing to online customer engagement, things are about to change. Today, it is not uncommon to find multi-million dollar businesses with a solid online presence coming from the lower echelons of the business sector.

Social media, email marketing, content marketing — to name a few — enable business owners to expand their borders far beyond the reaches of traditional marketing.

However, unlike TV ads and other promotional material, it is by far the most cost-effective method when it comes to promoting brands and maintaining customer loyalty, so much so that even long-established companies followed suit and retrofitted their businesses with online marketing strategies.

More Businesses Competing for Online Space

Competition is the natural outgrowth of this technological innovation in customer engagement.

During its infancy the Internet relied heavily in physical servers to create a virtual space for users worldwide. When cloud computing went full swing, this limitation was done away with.

Consequently, competing businesses have also grown by the millions using the Internet as the battleground for online supremacy.

To see just how much competition we’re dealing with, try searching the word ‘car’ in the Google search bar and you’ll find over 5 billion search results just for the word.

Assuming that you’re doing car sales, this meant that establishing your online presence would be an uphill battle unless you have the technical know-how to outmaneuver and bury your competitors.

Because competition is so fierce, businesses must continue to innovate and find new ways to stay relevant. Content marketing has become a buzzword and now businesses are flooding the market with blog posts, podcasts and videos. But because there is so much content, it is hard to stand out with a simple 500-word post.

Kijiji featured some up-and-coming rap artists in one of its campaigns. A Montreal rapper made a song called “Gotta sell my stuff” which received over 830,000 views on YouTube. This is the type of content marketing that will be successful — fun, entertaining, and inclusive. Content marketing is not about talking to your customers. It’s about including them into the conversation.

Improved Customer Service through CRM

Since the advent of customer relationship management tools, customer service has improved by leaps and bounds. Companies don’t have to pull numbers out of thin air when trying to figure out their customer’s specific ‘pain points,’ creating value for their customers, and improving customer experience.

Mobile CRMs such as Small Business Dream features customer acquisition tools, including sales funnel, card scan function, survey engine, Google Analytics, coupled with an efficient follow-up system to keep track of every customer engagement, upcoming calls, or scheduled appointments.

By emphasizing a customer-driven approach to sales and marketing, businesses are able to keep a steady flow of qualified leads and repeat customers.

Visit our site at www.smallbizdream.com and experience the power CRM technology for your small business.

Stay in the Lead – KNOW Your Customers Better

As a business owner, spending some time to know your customers can make a big difference in reaching out to them and improving your sales. More people — millennials especially — are starting their own businesses, whether it’s home-based or a small brick-and-mortar store.

Starting up a business is never easy, much less running it. But with the right tools and know-hows on how to get the job done, you can accelerate your growth and not be left behind.

One of the most effective ways to achieve phenomenal growth in any kind of business is by taking a customer-centric approach to marketing and by putting the customers first.

What’s at Stake

Companies who fail at communicating with their customers have been known for making the worst marketing flops. They assume customers will like a certain kind of product or service when the fact is, they want something else. The result is often a totally useless product that completely misses the target market.

To make up for this, companies will try every trick in the book just to get people to like it. They would spend millions of dollars on ads and promotional materials to no avail in hopes of recouping their investments.

If all people care about is how they can take advantage of the business opportunity with little or no regard to customer satisfaction, they have to stop and rethink their strategy; otherwise they go out of business.

The key is to know your customers first and foremost, and define your unique value proposition. Spending some time to know your customers and making them your priority will always pay off in the long run.

Why Businesses Fail

The vast majority of businesses that failed are those that are just starting up. Bloomberg reports that for every 10 startups, 8 will crash and burn within the first 18 months.

In a study conducted by Peppers and Rogers Group, 70 percent of the customers leave a company because of poor service and 60 percent fail to convert into customers because they felt customer service is indifferent to their needs.

Some of the reasons why businesses fail include:

Failure to innovate

Customers can grow tired of the same old stuff. If you’re stuck with just one particular product or style, your chances for growth and expansion is very slim. When it comes to your marketing strategy, innovation is also key. If you don’t have a web portal, a landing page, or even just a social media account to your brick-and-mortar business, you’ve already lost a substantial amount of potential customers to your competitors. The time you stop innovating is the time you start losing ground to them.

Failure to differentiate

What is your unique value proposition? Customers tend to remember brands or companies because they are among the few who stand out from the rest. If you’re trying to compete with an already existing market, you’re going to have a tough fight ahead of you. Find your own niche, do something new from time to time, but try not to go overboard. Otherwise, you might actually get the opposite of what you want.

Failure to communicate

This, perhaps, is the most crucial part and where most companies would either float or sink to the bottom. The majority of traditional outbound marketing practices are just one-way communication. They don’t care if you’re listening or not; they’ll just say what they want you to hear. We all know how that turned out in some companies — and it’s never cheap.

Keeping your lines of communication open for your customers enables you to stay ahead of the competition by knowing exactly what they want and by giving them the right products and quality service that they deserve. To be successful, you need to have the right tools to bring your business closer to them and accomplish the task much faster.

Small Business Dream’s Survey Engine is an amazing feature that allows business owners to create their own customized surveys with very little effort. Or, they can interact with their customers via email, social media, or on the phone using its automated and semi-automated features.

Small Business Dream simplifies the work for you by providing a CRM designed specially for small business owners like you. We provide you with a suite of tools to know your customers better and boost your sales in ways you never thought possible.

What Sales Experts Do to Keep Their Sales Pipeline Up and Running

Businesses have been constantly evolving for the last twenty years and are starting to adopt a different approach to lead conversion. Unlike traditional outbound marketing, ‘soft sales approach’ involve several stages in the customer’s journey which lead to a sale or repeat business.

This process can be seen in a company’s sales pipeline. Sales pipeline can be viewed in different ways but the basic idea is the same: “How do I get my leads from point A to point B, and what does it take to get them there?”

Stages in a Sales Pipeline

Companies differ as to the exact number of stages in a sales pipeline. However, most companies will agree that six to seven stages hits the sweet spot. We’ll go through each stage and see how experts lead their prospects from one point to another.

Stage 1 — Generate High Quality Leads

Sales and marketing experts would often use the social media, invite people to a social event, or use an effective content marketing strategy to get as many potential customers as possible. Making the sale at this point is the least of their concerns. It’s more about getting people interested in what they have to offer.

Stage 2 — Educate Leads about the Benefits

What’s in it for them? Leads should be able to see clearly how a company or a specific product can help solve their ‘pain points’ through opt-in subscription to weekly posts or monthly newsletters. Email automation and autoresponders can help accomplish the task via drip emails.

Stage 3 — Get Feedback from Viewers and Subscribers

Being able to collect information from opt-in viewers and subscribers allows businesses to refocus their strategies and be able to address individual needs. Some CRM applications like Small Business Dream enable business owners to collect information from online subscribers and viewers using a survey engine, similar to Google Surveys offered in Google Analytics Solutions.

Stage 4 — Qualify Prospects

This stage will assess the possibility of converting leads to business opportunities, by weighing certain factors such as viewing activity (click and open rate), specific interests, occupation, income, and so on. The result will determine whether they would eventually turn into opportunities or if they needed more time in the previous stages (Stage 2 and 3).

Stage 5 — Assign Lead Scores

Each qualified prospect receives a lead score which indicates his level of interest. Investing more time and money on a qualified lead is considered profitable since the likelihood of conversion is very high. Those who received higher scores are given more priority while those at the lower end can be cycled back to Stage 2 or 3.

Stage 6 — Close the Deal

This stage provides the end-result of all the marketing efforts to win a potential customer. Some of the best-known practices at this stage include upselling and cross-selling. Others will include a ‘post-sale’ where customers are encouraged to patronize their product through follow-ups and having them sign up for loyalty or point cards.

Maintaining a Healthy Sales Pipeline

Maintaining a steady flow of leads, opportunities, and sales is critical in any business. If at any stage the sales pipeline gets bogged down and fail to meet their goals, the company could take a hit and seriously affect their bottom line. Some ways to keep the sales pipeline up and running include:

Checking the conversion rates by stage
Making constant improvements on every stage
Closely monitoring the sales cycle
Holding regular sales pipeline meetings

Running a business shouldn’t be too overwhelming with today’s modern CRM that can store, analyze, and keep businesses attuned to the customers’ needs.

At Small Business Dream, we give you the most up-to-date CRM software to keep track of your customers and provide you with the right information to stay in business.

Even the Government Uses CRM – Here’s Why

When we think of Customer Relationship Management, we normally associate the phrase with big corporations and business institutions.

For quite some time, CRM has been used successfully to attract and maintain good relationships with customers by improving customer service and maintaining constant interaction with them.

It is also a cost-effective way of increasing revenue through targeted leads and emphasizing customer loyalty as opposed to traditional marketing strategies that use expensive ads and gimmicks to get customer attention.

One of the hallmarks of CRM is its ability to respond immediately to customer’s needs and requests — something which most government agencies are incapable of.

Even today, the majority of the public sector still relies on antiquated methods of data storage and data analysis to do their job. Compare this to businesses in the private sector that employ CRM and you will notice just how fast they are able to respond and adapt to their customer’s needs.

Public Service and Customer Service – the BIG Difference

When you go to a hair salon or restaurant with good customer service, their employees make it a point to treat you like their boss and make you feel important, respected, and cared for.

When doing business with a publicly owned institution, you might be able to see the difference because in most cases you are treated way better in commercial establishments than those in the public sector.

The difference between the public and private sector is the way they treat their clients. Most public institutions look at their people as subjects who don’t have much of a choice other than to make use of what is made available for them, and to “pay taxes to whom taxes are due.”

Businesses, on the other hand, stand to lose money. If they don’t have enough customers to keep the ball rolling, they are at risk of losing their business. For the government, it’s probably more than just losing money; they stand to lose the very people who makes them.

How CRM Will Benefit the Government

In this day and age, we don’t need clunky machines and outdated systems to handle large amount of data. We don’t have to settle for painfully slow and overly bureaucratic way of planning, decision-making, and implementation.

Here’s how CRM will allow the public sector to function in the most efficient way possible:

Greatly enhance e-Government implementation — People who have been working in the government knew just how important it is to organize and systematize their tasks to meet their deadlines and avoid getting swamped with pending jobs and unfinished paper work; hence the adoption of the so-called e-Government. This modern approach to governance helps eliminate time-consuming tasks, thereby increasing efficiency and cutting down on operational costs.
Collaborate with other agencies more efficiently — Most government agencies struggle to make their jobs faster because of the very nature of how the system works which involves collaborative planning, decision-making, and execution. Functions within the departments, bureaus, and agencies are also interdependent on each other. CRM can be used as a tool to coordinate these tasks and provide a seamless experience to their constituents.
Be more responsive to people’s needs — Some countries are looking into the possibility of incorporating CRM when responding to inquiries and complaints. Others have already been working with software companies to provide them with CRM applications suitable for public use. Before, they used to have suggestion boxes in conspicuous places. Software companies offer a better solution by providing a CRM app that links every citizen to the public sector and respond to their needs the same way a privately-owned business enterprise handles every customer.
Pro-active approach to problem solving — Most of the time, the public sector could only respond to current situations but not so much in preventing them from happening in the future by taking a proactive approach. With CRM, governments can accurately measure how well or how bad their strategy was so they can plan out well and be able to anticipate any problem that may arise.

To learn more on how you can apply CRM to your small business or any business endeavor, feel free to visit Small Business Dream and we’ll help you out and work things to better improve your customer service and increase your sales.

Know What Your Customer Wants and When They Want It

When a customer comes in to buy certain goods or use a particular service, smart companies keep track of the customer’s buying habits to guide them with decision-making and predicting customer orders and purchases.

From the standpoint of a buying customer, he may notice something different from time to time, like why a certain brand is strangely low in numbers and why other brands are taking up the space that was left out.

A lot of businesses use predictive analysis to know what customers would likely buy in the future based on the current trends, i.e. what most customers are actually buying and how frequent.

However, it’s not as simple as overstocking your shelves with merchandise just because they are frequently sold. It requires careful analysis and taking every possibility into consideration.

The Role of Customer Relationship Management in Business

Customer Relationship Management tools (CRM) came in response to the rapidly-growing business industries. Back then, we only had spreadsheets and repositories to store and analyze data.

Nowadays, we have integrated, collaborative software tailored specifically for businesses. These applications are capable of handling incredible amounts of data and performing complex calculations to provide business owners with real-time analysis of their sales and marketing strategy.

Companies like KFC and McDonalds have been employing CRM tools for quite some time . Even the government uses CRM in some ways because it provides a more realistic and practical way to address the needs of its citizens.

Using CRM to Predict the Future

Making predictions is not as simple as it sounds. We need to factor in specific details like who usually bought them, specific time of the year, how much, how often, and the list goes on.

So how do smart companies make their projections based on customer data?

Analyzing customer data

Each time a customer checks out with his loyalty card, customer data goes right into the data centers or servers for processing. Without the proper tools to analyze and interpret these data, they’re nothing more than just a useless pile of customer information. CRM transforms these data into a usable format business owners could easily understand.

Loyalty and point cards are so popular with businesses nowadays. Your wallet is probably stuffed with them. If you have a loyalty card for your grocery store then the chain store is tracking every purchase you make and putting it into their CRM.

Narrowing down potential customers and repeat customers

Some of your prospects can become your regular buyers and loyal customers over time. Such information about your customer can serve as your basis when making your projections about sales.

If a brand of soap gets sold more frequently to a certain group of customers, your CRM can provide some answers and help you understand why this trend will continue on or if it’s just a short-term success.

Maintaining contact with the customers

CRM keeps track of your customers’ buying habits, interests, preferences, lifestyle, and other relevant information about them. Some even have features that remind users to follow-up with customers in a timely manner such as Small Business Dream’s Action List.

One of the best ways to maintain good relationship with your customers is to show how much you value them . Thanking them through Facebook, Twitter, email or SMS for making your company a part of their experience can go a long way.

Understanding past and current trends

Hindsight is said to have a 20/20 vision. CRM goes further by allowing you to ‘see’ the future. Telecom industries provide a classic example of how changing trends can make or break a company.

During the heyday of telecom companies like Nokia, mobile phones are regarded mainly as communication devices. Nokia had too much focus on their product line, all the while ignoring the competition and what the customers want for their mobile phones at that time.

By the time they realized it, they were on the verge of losing the market. They were too late. The once mighty telecom giant crumbled under its own weight and disappeared from the scene. The moral of the story? Don’t ignore the trends. Keep your eyes open and find out what is it that you’re missing out on.

Customer relationship management allows businesses to cut through the noise and “see the forest for the trees.” Learn how CRM applications like Small Business Dream can make a difference for your small business.

To find out more about Small Business Dream visit our website at www.smallbizdream.com