Sales Automation CRM is most sought after by businesses all around because of one simple reason: it works.
But buying a CRM sales management software will only get you to the midst of the final stretch— a strong CRM strategy that complements your tools and talent will take you to the winner’s pedestal.
In this article, we’ll get into what is CRM strategy, why it is more important in the current market scenario, and how to devise a killer CRM strategy using the best sales management software.
What is CRM Strategy and Why do You Need One?
A CRM (Customer Relationship Management) strategy is a company-wide plan for managing and optimizing interactions with customers, prospects, and other stakeholders. It outlines the methods and technologies a business will use to effectively manage customer data and interactions across different channels, including sales, marketing, and customer service.
Customers today have more power than ever, and they are truly kings in the business world. They won't think twice about taking their business someplace else if yours isn't good enough.
So it is in your best interest to optimise where it matters most. This is where CRM strategy comes into play. It's one of three elements that successful customer relationship management depends on:
- Tools: The resources you employ to manage relationships, track internal performance, and organise customer data. One of the best examples of CRM sales management software is Abaca Digital AIM.
- Talent: The staff members in your company who oversee and employ such tools to handle data and reach profitable outcomes. They frequently work in sales, marketing, and customer service (or customer service).
- Strategy: How you use your resources and talents to get results, and more significantly, how you carry out that strategy, sets you apart from your competitors.
A best sales automation CRM coupled with a thorough CRM strategy is what will launch you for the win.
Instead of copying a strategy from another company, it is better to customize your own strategy and tailor it to the needs and business goals of your audience.
How to Create a CRM Strategy From Ground Up
Planning a solid CRM strategy involves taking a lot of steps. Often, business owners are unsure of what they should do first or how to prioritize the rest. Owing to this conundrum they give up on the whole idea altogether.
We have divided the process of developing a strategy into five simple steps to get past those initial challenges:
- Define your CRM objectives and outcome goals
Identify what you want to achieve with your CRM strategy. It can be as simple as increased sales, improved customer satisfaction, or enhanced collaboration. You can then plan specific actions for how the sales CRM for small business can help you achieve that business goal with its features.
Say a D2C eCommerce company wants to focus on reducing the churn rate. Better customer satisfaction and customer issue resolution would ensure they stop people from leaving their brand. Even targeting the right audience (i.e. those likely to get long-term value from the product) to begin with and thoughtful aftercare would help keep new customers satisfied and engaged. As a result, both tactics would reduce churn rates, contributing to the wider goal.
Be aware of the business objectives when strategizing to ensure every decision adds value.
- Audit your current processes
Evaluate your current sales and marketing processes, and identify any pain points or inefficiencies that need to be addressed.
This involves assessing both internal and external operations, researching the market, evaluating the competition, and performing a SWOT analysis, which examines the strengths, weaknesses, opportunities, and threats of your business.
This stage also includes making sure you have all the tools needed to establish a CRM system, including team members ready for testing the CRM and a budget set aside for training.
As part of your standard business processes, you might already be gathering data from the following sources without realizing it can be valuable for your CRM strategy:
- Website analytics (e.g. Google Analytics)
- Email marketing analytics (e.g. Campaigns by Pipedrive)
- Competition entries
- Customer interactions on social media
- Customer support inquiries
- Sales team performance reviews
Your sales automation CRM tool can be used to create automatic prospecting lists for sales reps if your social media pages consistently generate valuable leads.
- Identify Buyer Personas And Target Customers
A customer-centric CRM strategy cannot be developed without a clear and defined customer profile. You need to have a thorough awareness of who is making purchases from you and what their pain points are if you want to retain great client relationships (and draw in new leads).
Software-as-a-service (SaaS) companies, for instance, may target companies with annual software budgets of $20,000–$40,000 and employ more than 50 people.
A buyer persona focuses more on outlining the traits of a certain sales prospect, such as their values, location, pain areas, and demographics. Collect and analyze data on your customers, including their needs, preferences, and buying behavior, for an informed CRM strategy.
The buyer persona for our SaaS company could be a marketing manager who wants to bring more efficiency to their business and whose major pain point is having inconsistent customer data kept in several places.
- Map your sales pipeline
The customer journey must be understood from start to finish if you are going to master customer relationship management. Then you need to ensure a top-notch customer experience at each of those touchpoints.
A structured, visual representation of your sales process is called a sales pipeline. It enables you and your team to monitor prospective customers as they move through various phases of the customer journey.
The pipeline allows sales leaders to gather and analyze data on how effectively their sales process is operating in order to optimise it, as well as add a degree of accountability for reps.
Consider a scenario in which the sales pipeline indicates that deals frequently stall out during negotiations. Managers or owners of businesses could:
- Revise the Prices of the products
- Modify the way leads are given to sales representatives
- Implement team training for negotiation skills
You can effectively assess the impact of any modifications to your CRM strategy with the use of a visual sales pipeline. For instance, if customers begin to convert more quickly, it's possible that your new marketing initiatives are producing higher-value leads.
Although you can map your sales pipeline in a spreadsheet pipeline management software will be far more beneficial and time-effective.
- Implement your CRM Software
When you're trying to figure out if your CRM strategy is working, you need to measure it against the goals you set for it. To do that, you need to access some important metrics.
To make sure you're capturing all the right data from the start, you'll want to identify your key performance indicators (KPIs) early on. This way, you'll be able to track progress and make changes as needed.
Your CRM strategy is designed to reduce your marketing costs by improving brand advocacy. To do this, you need to track things like customer acquisition cost (CAC), churn rates, and customer satisfaction levels. You can do this by creating a plan or by using the best sales management software for tracking the data.
The best CRM applications have features that make it easy for you to track and analyze sales data. This makes it easier for you to make decisions and improve your business.
A thoroughly thought-out CRM strategy will assist you in maintaining client loyalty and keeping customer retention rates high, whether you are the owner of a small firm or a large international enterprise.
Many of your sales and marketing processes can be streamlined as you gather more accurate data to understand your audience.
Align CRM goals and strategies with your overall company plan to ensure that all teams are working towards the same underlying purpose of enhancing your bottom line.