Too many businesses look to sales and marketing when searching for revenue growth. Or, they look to sales and marketing without going further (or shall we say deeper) to find new profit opportunities. That's a shame, because retaining current customers and expanding those accounts is often a much better, more-efficient strategy.
Let's be clear: there is nothing wrong with trying to break into new markets, and reach new people. Still, studies have shown time and time again that the biggest and most frequent orders (or the most profitable accounts, if you sell services) tend to come from repeat buyers.
Of course, the best way to encourage customers to stay with you is through robust CRM. The better job you're doing of getting to know your customers, keeping in touch with them, and maintaining things like account details and points of contact, the easier it's going to be to grow those accounts.
In fact, here are four ways you profit from stronger CRM:
1. Fewer accounts that slip away or are lost to competitors. Marketing experts will tell you that most sales are made, and most accounts are won, on a "top of mind" basis. In other words, the more intentional you are about contacting important customers regularly, the more you just happen to be "at the right place at the right time."
2. Better follow-up on sales opportunities. A good CRM package doesn't just keep account details, but can help you track new opportunities. That's important, because without these kinds of tools, it's easy to lose track of possible sales, especially when they don't finalize immediately. Few businesses can afford to let potential customers slip through the cracks, and CRM functionality can make all the difference.
3. More targeted marketing opportunities. In a perfect world, you could match a personalized sales message to each single client or opportunity. Since that's not normally possible, however, your best option is to use strong CRM systems that differentiate your customers and prospects into groups, allowing you to send timely, targeted offers to different buyers in each major category.
4. Less time wasted for your sales and customer service teams. One of the "soft costs" associated with poor CRM is the waste of time shared by business owners, managers, and employees. Your team has better things to do, so why not let your CRM system take care of routine tracking and account maintenance activities?
For most businesses, there is more revenue growth to be found within current accounts then there is in new ones, at least in the short term. Are you making the most of CRM and sales opportunities within your roster of existing buyers? If not, let the WebRevelation team show you how easy it is to enhance those relationships with streamlined CRM solutions.