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How to Get Rich Investing in Stocks by Riding the Electron Wave

New Company Tip: How To Turn Prospects into Customers with CRM Tech

Companies / SME Dec 04, 2019 - 09:26 AM GMT

By: Submissions


Over the past decade or so, a lot has changed in the business tech landscape with hundreds of tools and software finding their way into the highly competitive market every month. However, only a few of these tools can beat customer relationship management (CRM) tech in terms of usefulness and versatility.

Just as the name suggests, this tech helps you gather customer info at different points of contact with your business including social media, website, and even phone lines. Using this information, you can understand their needs and consequently align your business messaging and products to suit them.

Here, we share five effective ways CRM tech can help your startup convert more prospects and leads into buying and even loyal customers. These tips will also apply to you if you’re in the process of setting up or even figuring out how to start an LLC.

Qualify your leads

A common mistake that most new businesses make is to invest their sales resources to undeserving prospects who never convert into customers. This is often caused by a lack of sufficient information on their prospects which means they cannot discern those serious about buying from the jokers.

With a CRM tech, this is a problem you can easily solve and save a lot of money and time while at it. For starters, the majority of reputable CRMs come with lead qualification capabilities to assist you to classify prospects and leads into categories – usually based on the actions they take while visiting your business. For example, a good CRM tool will help you identify who signs up for your newsletter, opens your emails, clicks through to your website, and which pages they visit among other actions. Based on this info, you can determine whether to pursue them for business or ignore them to minimize the amount of resources wasted chasing bad leads.

Build lasting customer relationships

This probably sounds like a no brainer given that we’re discussing customer relationship management tools. And yes, it’s one of the main benefits of using this tech in your new company.

As a business owner, you probably understand the importance of building solid relationships with your customers and especially if you’re just starting out. This is why you’ve invested heavily in creating a great website, added a ‘contact us’ page or a live chat function, and even set up social media profiles – all which allow you to interact better with prospects and customers.

However, even with all these avenues of communication in place, how do you ensure your customer messaging is effective and helping you meet your business goals? A CRM app should come in handy here to assist you understand what your customer expectations are and consequently how you can meet them effectively. It does this by analyzing customer preferences, needs, and even personalities so you can know what to say and offer when communicating with them. Being able to touch on your customers’ pain points and talking to them in a language they understand and relate to will set you apart from the pack and create a lasting first impression in their minds.

Enhance your data management

As we’ve mentioned throughout this post, one of the main roles of CRMs in a business setting is to collect customer data and help you make decisions based on it. However, what will likely impress you the most is that in addition to collecting info, these tools also help in sorting, analyzing, and saving data for your new company. For example, most handy CRMs allow you to analyze prospects individually to enable you create personalized approaches for selling to them. These tools will even go to the extent of giving you estimates of the number of calls, emails, and messages you need to convert these leads into buyers.

Automate your day-to-day activities

When starting out with a new company, it’s likely that you’ll manage most of the initial contacts manually and on your own. However, as more and more leads begin streaming in and the number of commitments grows, it makes sense to find ways to automate the most repetitive customer management tasks.

A good place to start is to use a CRM tool to help you with regular tasks like emailing, reports generation, scheduling meetings, and data entry and analysis among others. For example, you can set up an email autoresponder series that warms up new leads to your business for a few days after they sign up for your newsletter. Most CRMs also integrate seamlessly with calendars and allow your leads and customers to automatically schedule meetings with you.

Do you use a CRM tool in your business? How has it made a difference in your management practices? We’d love to hear your feedback.

Which areas of your new company do you think can benefit the most when you finally implement CRM tech? We’d love to hear your feedback.

By Victoria Quain

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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