Customer Relationship Management (CRM) systems are inherently designed to help businesses better manage and serve their clients. But as the go-to place for documenting your client relationships, agreements, and notes, it’s safe to say that these systems can easily become overflowing with information. And according to CSO Insights, of the top 10% of sales organizations with a core CRM, only 44% have a CRM adoption rate above 90%. Even the best sales teams aren’t taking the necessary time to enter in their customer data.
So how can we fix CRMs to do what they were intended and allow our businesses to become more client centric?
The key is in automation. By making manual processes a thing of the past and providing instant insights, sales and business development teams are more empowered than ever to focus on the client. Below, we dive into the four ways a fully automated CRM can help you become more client centric.
1. Eliminates Manual Data Entry
LinkedIn’s State of Sales 2016 report found that 33% of all CRM users spend 3–5 hours each week using CRM tools and 24% of all CRM users spend more than 10 hours a week managing their CRM. That’s a range of 156–520 hours each year per sales rep. And more importantly, that’s a minimum of 156–520 hours each year that your business development team isn’t focusing on the client.
Automating your company’s CRM system means reducing manual data entry and CRM management to nil. You give hundred of hours back to your sales, marketing, and business development teams, allowing them to spend more time focusing on your clients and less time entering in data. With 71% of sales reps also saying they spend too much time on data entry, their job satisfaction may also rise after automating the process.
2. Identifies Common Connections
When you have a new sales opportunity, the natural place to start is researching your new potential client or account. You might visit their social media profiles or company website looking for information that will help you reach out and start your relationship. But identifying your common connections typically takes a significant amount of time and involves using several tools in the process.
Luckily, an enhanced CRM with relationship intelligence automation instantly takes your relationship data and places it at your sales team’s fingertips. This enables your sales team to create better, more relevant interactions with customers. Relationship intelligence also leads to internal collaboration on key accounts and warm introductions that accelerate the sales process. Through transactional data, social contacts, behavior, and activities, your CRM can now give you a 360° view of each and every customer.
3. Highlights At-Risk Clients
Increasing your retention rate by 5%, increases profits by 25-95%, according to a study by Bain & Company. To grow your business, it’s critical that your business development team is able to quickly identify at-risk accounts and act fast to retain them. Not only will it grow your revenue to keep them, it will also reduce your overhead considering it’s five times more expensive to acquire a new client than to retain an existing one.
With automated relationship analytics in your CRM, your sales and business development teams will automatically receive alerts and flags for at-risk clients. With one glance, they can see how well they are engaging existing clients and receive actionable information to retain them. And because it’s important to be timely, your team will have everything they need to know about a client no matter where they are in the world. Through both mobile and email platforms, everyone has a complete picture of key accounts, contacts, and at-risk customers even if they aren’t logged into your CRM.
4. Scores Your Relationships
It can be hard to judge your client relationships, especially when you have so many of them to manage. And when you’re too close to the deal, it’s challenging to see when a customer is sending buying signals or just being polite. Human judgement isn’t always spot-on, as evidenced throughout history.
With a relationship intelligence platform for your CRM and relationship analytics, the software will score and judge your relationships for you. And because no human input is needed, there are zero reporting gaps or human errors so you can be confident in the accuracy of your relationship scores. This way you know exactly where you stand with your clients—not just where you stand with your sales quota. Afterall, business is about relationships.
For more ideas on how your organization can battle anti-customer centric behaviors, learn more about how the biggest disruptors are those that are customer-centric.