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Increase Productivity with These 2 Important Principles

Increasing sales is the number one priority in nearly all kinds of businesses. However, in order to increase productivity, they also tend to put a lot of stress to their workforce, especially when they require everyone in the team firing on all cylinders 8 hours a day, 40 hours a week.

People on top – the management – are often caught in a dilemma between increasing the company’s productivity and preventing a high attrition rate caused by too much wear and tear to their workforce or being forced to take desperate measures to accomplish their goal.

Is it really possible for companies to increase revenue without increasing the amount of work? Is there a better solution to hiring more people working for less pay, or laying off half of the employees and let the other half do twice the amount of work?

Principles to Live By

Economists and business experts have looked into this and found out a recognizable pattern that holds true in almost every aspect of life. Two of the most important principles that apply to productivity in work, business, and management are known as the 80/20 Rule and the Parkinson’s Law. These two will serve as the overarching principle throughout the discussion in increasing productivity in sales.

Principle #1
PRIORITIZE
The 80/20 rule

Management consultant, Joseph M. Juran believes that quality work deserves more attention than menial tasks because they have the greatest impact in the overall output. He borrowed this idea from Italian economist, Vilfredo Pareto who noticed that only 20% of the population makes 80% of the money.

Using the same principle at work, this means that out of all the work we do, only 20%of it produces most of the results we see. Hence, you will need 80% of your effort in 20% of all your tasks that deliver most of the results in order to achieve maximum efficiency.

To put things in perspective, imagine that you have two lumberjacks and both of them need to fell ten trees for that day. One of them came right at it and started chipping off small bits for hours with a dull axe head while the other one sat down and spent an hour sharpening his.

In terms of multiple tasks per day, this means that if you have ten tasks, you need to find the first two that have the greatest impact to your productivity and concentrate on them first. This applies not only in sales, but in almost any kind of work.

Principle #2
SIMPLIFY
The Parkinson’s Law

Another principle that was found to have a great impact to productivity came from a British author and historian, C. Northcote Parkinson – known for his adage, “work expands so as to fill the time available for its completion.”

Essentially, what he meant is that in most cases people are just using up their time doing things that could have otherwise been accomplished in a short period of time if they have simplified the task.

He also believes that, “expansion means complexity; and complexity decays.” People can do a lot of things at a given time but achieve so little because most of it is just ‘fake work’, or things that don’t necessarily contribute to productivity and are only meant to fill the time.

Unlike the first principle, this is actually something you want to break away from. But knowing, as they say, is half the battle. You need to discern what is ‘real work’ – which is the first step to being more productive – and what are those that are just ‘time-wasters.’

Its Implication to Sales Productivity

These principles can be applied in sales for increased productivity. But first, here are some common ‘time-wasters’ companies and sales reps need to be aware of.

Whenever possible refrain from these activities:

taking calls or responding to emails in the middle of a highly cognitive task (tasks that require focus and concentration)
chatting with co-workers while doing work at the same time
spending too much time on low-quality leads
doing tasks manually and repetitively
starting from scratch every single time
going back and forth from one task to another (task-switching)
frequent meetings and seminars
‘majoring on minors’

Most of the things mentioned above can be done more efficiently if we block our time and focus only on the task at hand. Studies have shown that task-switching (others call it multi-tasking which is more appropriately said about CPUs than the human brain) is actually counterproductive to work and can have financial and psychological consequences.

Most of the tasks in the office can now be accomplished much faster and with less effort using technology. Millennials, generally speaking, have no problem adapting to modern technology since they live and breathe technology by the time they were born. And this is why they are the most sought after employees in today’s highly competitive atmosphere.

Best Practices to Increase Productivity in Sales

Now that we have a clear understanding about the underlying principles that govern productivity, let’s look at how we can apply it to sales. Here are some of the best practices employed by sales team to boost productivity and the company’s revenue.

Plan and prioritize. This may sound simple until you realize you can’t prioritize everything. You need to take a step back and reflect which part of your job needed more time and concentration and which ones can be done on autopilot.

List down all your tasks and rate them according to importance, urgency, and repercussions if not met within that day. In this example, we have arranged the task from A to E; A being the greatest and E being the least.

Example:

A. Following up on prospects and customers

B. Sorting out and evaluating leads

C. Identifying problems and customer needs

D. Creating possible solutions

E. Clerical work

You may also need to trim down your list or delegate tasks, especially the ones which are not directly related to your line of work or expertise. If your focus is lead conversion and you have a marketing department which specializes in qualifying leads for sales, let them do the job for you.

Read: Time Management Skills for Increased Productivity

Set your goal high. Remember Parkinson’s Law about work? If you plan on using 40 hours to accomplish a certain amount of tasks, you are bound to think that you have plenty of time to spare so you end up using most of it on trivial matters.

But if you set the bar higher for yourself, and restrict yourself by finishing the task earlier than expected instead, you’ll realize you can actually do more, and, in the context of sales productivity, convert more leads than what the company sets for you at a certain period of time.

By having a self-imposed deadline, you are challenging yourself to be more efficient and clear your list of useless, unproductive tasks that gets in your way.

Utilize technology to your advantage. Most of the tasks that were done by a small team of employees can now be accomplished by single person with the right tools and skill sets at his disposal.

This rids the company a significant amount of time-consuming and repetitive tasks and instead focuses on things that really matter like creating a system to better improve customer service, and help sales and marketing teams achieve more without sacrificing quality time.

One great example being used by accomplished sales and marketing teams is CRM app which features customer acquisition tools, sales and marketing automation and sales funnel for collecting customer information, tracking down customer activity, conducting automated and semi-automated follow-ups.

Read: How Technology Is Changing Sales Forever

Increased productivity doesn’t always mean increasing the amount of work or workforce of a certain company. Technology and human ingenuity have already gone a long way to cut down the amount of work and time spent on task.

Perhaps you need a modern approach to increase the efficiency of your sales and marketing team in your small business. If so, having good CRM with the right features and easy-to-use interface could be your best option.

Small Business Dream is a sales and marketing app aimed at increasing productivity by simplifying tasks and unlocking the power of sales and marketing automation for your workforce. Learn how at www.smallbizdream.com.

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.

Digital and Physical Customer Engagement, and Why We Need Both

The Internet’s rise to power in the late 90s has changed the way businesses interact with customers in an unprecedented way. Online stores and e-commerce websites started a new trend in customer engagement which enabled all kinds of businesses to link up with customers worldwide.

It leveled the playing field between small businesses and large companies by introducing automation and digital customer engagement which replaces many of their routine tasks, and lessened the impact of promotion expenses by harnessing the power of the World Wide Web.

This begs the question whether or not this movement would replace the human aspect of customer engagement. Is it possible for all businesses to be run entirely with automation in the near future?

Pros and Cons

To answer this, we need to look at the possible outcomes of using just one method of customer engagement.

Consider the following pros and cons of relying solely to one method of customer engagement:

PHYSICAL CUSTOMER ENGAGEMENT

Pros

The ability to communicate with customers on a deeper level. This can be accomplished personally, over the phone, or online.

Businesses interact with their clients in a meaningful way, providing answers to specific questions, issues, and concerns.

Cons

A high volume of customers could also mean hiring additional personnel to improve service. This translates to higher costs in running the business (hiring, training, employee benefits, etc.).

Slow response compared to digital customer engagement. Everything is basically a one-on-one engagement.

DIGITAL CUSTOMER ENGAGEMENT

Pros

Repetitive and time consuming tasks are accomplished quickly and easily through automation and CRM tools and applications.

Highly efficient and scalable. Businesses can accommodate a growing number of customers and adapt to their needs without having to hire additional personnel. This translates to lower operational costs and a better chance to compete in the marketplace.

Cons

It requires some experience and technical know-hows of customer relationship management.

Tends to be ‘robotic’ because it lacks the human aspect of customer engagement.

As it turns out, ‘digitizing’ customer engagement is not everything. There are certain aspects of customer relationship that could never be replaced by complex machines and IT services. By the same token, relying only to physical customer engagement will yield an equally unpleasant result.

Avoid Both Extremes

Relying on just one mode of customer engagement is a recipe for disaster. There has to be a delicate balance between the two and they should be used to complement each other.

There are many examples of companies that suffered enormously because of their inability to adapt to the changing trends, particularly with the way they interact with customers.

Tower Records is one example of a business empire that succumbed to the Internet’s rise to power. Online music stores slowly ate up their dwindling customer base until its eventual collapse in 2006.

A post-mortem analysis showed that they failed to anticipate the emergence of online stores like iTunes which sold digital music and music files at a cheaper price. Tower Records overstretched their resources in physical stores and outlets and was unable to come up with a digital alternative in response to the customer’s changing needs.

On the other end of the spectrum, Sears Holdings did the exact opposite with the same catastrophic results. Most of its resources had been used up for e-commerce and other online ventures and left a small portion to its brick-and-mortar business.

As a result, other companies took up that space and the company had lost a substantial market share to its competitors. In seven years time, stock price had gone down by 75%.

We Need Both to Succeed

A perfect blend of digital and physical customer engagement is the key to become a successful business in a highly competitive environment. Whatever shortcomings digital customer engagement has are completely wiped out by its physical counterpart, and vice versa.

To learn more on how you can incorporate the digital aspect of customer interaction to your brick-and-mortar store, visit our website at www.smallbizdream.com and learn how you can grow your business with our suite of tools designed for small business owners like you.

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

5 Simple Ways To Grow Your Business

You want to know how to grow your business. Everybody does. It’s unfortunate that most owners don’t know how to do it. The ideas are simple enough; it’s just the execution that can be difficult. You can find ideas all over the internet but we’re going to give you some ideas on how you can execute them.

There are some fundamental strategies that all business can take advantage of to drive your revenue and profits. A word of warning though, you should only pick one or two to focus on.

If you try to do everything at once, you’ll become overwhelmed and your focus will be too watered down for you to be successful. For instance, if you’re planning to have a tire shop business, decide on what your unique value proposition should be. Concentrate on it, and move towards diversification later on as your business grows.

Other strategies include maintaining customer loyalty like when you’re trying to boost your hair salon sales using a CRM tool to constantly follow up with your customers.

A word of warning: growth strategies do have some risk and they don’t always work, however with the right planning, execution and team buy-in, they can be used to expand your company.

1. Increase Your Audience
This sounds simple and straightforward and is often the first thing business owns think of when they want to grow their business. But it’s often difficult to expand your reach as it often means penetrating into a new market and taking customers away from your competition.

Execution

The easiest way to build your audience is to advertise—again it sounds simple enough. The easiest way to do this is through Google Adwords or Facebook advertisement. Both are extremely effective because they can pinpoint your audience exactly. You’ll want to test your ads against each other to know which ones are working best. This process is called A/B testing and should be used for all the ads you put together. Networking with current customers can also be an effective marketing tool to incentivize the sale and promotion of your products and services without spending anything on ads.

2. Improving Your Product
Another way of growing your business is by improving either the product or the service you provide. Think of Gillette razor. You would think a razor is just a razor right? Wrong! You can now get advanced, reusable triple-blade action. Do you really need three or even four blades? Not really but it is a way to offer a premium product for something that is relatively mundane and ordinary.

Execution

Think of one or two ways you can improve your product. It doesn’t need to be ‘the next best thing’. Instead think in terms of Gillette and just add a blade. It’s important to always be innovating even if you’re a common household product.

3. Expand Your Reach
Thanks to the internet, any small business can sell nationally or internationally. It’s fairly easy if you sell things on your website and you can expand your business further than your local area. You no longer have an excuse of not being able to find customers ever again!

Execution
The best way to do this is set up an e-commerce site attached to your website. If you don’t know how to do this then hire a web developer to do it for you. There are also third-party sites like Amazon or Shopify that you can sell on. It’s relatively simple to set up and the best thing is that you don’t need to carry extra inventory to sell online.

4. Diversify your Products
Apple was the leading personal computer company when they decided to branch into digital music. Think about what types of products complement your existing market. The product must make sense with your existing band and shouldn’t confuse your customers. If you’re a coffee shop it probably won’t work to sell shoes.

Execution

Out of all the ideas, this is probably the most difficult to execute. It requires lateral thinking that isn’t always intuitive. Do your research and find out what products are already on the market or innovate and find something new. Make sure your core business is secure and successful before venturing into unknown territory. You don’t want to extend your resources too thin.

5. Upsell To Your Existing Customers
The easiest sell is to your existing customers. They already know you and trust you. McDonalds is probably the most successful example of this with their famous upsell “Would You like Fries with that?” and “Would You like that Supersized?” These small upsells create millions of profits. What can you upsell to your customers?

Execution
It’s usually easy to think of ways to upsell, whether it’s a warranty or dessert or something else. The toughest part of this strategy is getting your staff to buy into it and getting them to offer the upsell to every customer. If you don’t explain it properly, your staff often feel mechanical or part of a cog.

I hope this blog has given you some ideas of ways to grow your business and increase your sales. It’s important that you keep track of your customers and build good relationships with them. We have developed a CRM app to handle all that for you. Visit us at www.smallbizdream.com to learn more.