MyCRM Daily CRM News 03-12-2014

Our CRM daily update.

Here are some of the latest stories from across the web relating to CRM 

Using CRM to boost Q3 sales

Although it is often the fourth quarter that gets all the attention, Q3 is just as important when it comes to a company’s sales.  Competitors, investors, and customers might see how the business does from July to September as an indication of how the company will end the year.

Reaching and surpassing sales goals while the year is still progressing is critical to a business’s overall success.  How can business managers be sure that their organisation is on the right track?  The answer is simple: customer relationship management (CRM).

Here are five ways that Q3 can be helped by CRM:

  1. Increasing productivity.  The small details can often slow productivity, and having a solid CRM strategy can help prevent this.  The CRM system makes actions such as finding leads, customer assistance, and sales much more efficient.
  2. Putting the focus on customers.  The relationship between the customer and the business is perhaps one of the most vital aspects of a company’s continued success.  After all, there is no company without the customer.  CRM, as the name attests, helps sales teams and customer service representatives stay in contact with customers, analyse data, and provide actionable conclusions.
  3. Speeding up response time.  When assisting customers, expedience must be the top priority.  A good CRM platform will be able to organise and compile user data and synchronise it with different communication tools, which will help speed things up. 
  4. Converting leads.  Leads are essential, but if they don’t convert into customers, they can be worthless.  The CRM system can help organise leads and make the journey from lead to customer easy, efficient, and quick.
  5. Managing tasks.  Every salesperson knows just how easy it is to get buried underneath an avalanche of things to do.  When every task is essential, it can be overwhelming and hurt productivity.  The CRM system can help prioritise tasks and get a more accurate overview of what is going on.


Using CRM to maximise subscription economy

Anyone who is familiar with the notion of software as a service (SaaS) is probably familiar with the idea of subscription economy.  However, simply being aware of subscription economy doesn’t necessarily mean that a business is good at it.

A key factor in solid subscription economy is keeping engagement high.  Content marketing, for example, is part of the sales funnel that leads readers toward being informed, clarifies their needs, and ultimately leads to a purchase.  However, subscription economy goes beyond the basic principles of content marketing and focuses on the on-going relationship and retention of those readers.

Remember, a customer who is dissatisfied with a service, product, or subscription service is more likely to stop engaging with it, which ultimately translates to the loss of sales.  This is precisely why content marketing efforts shouldn’t be stopped once a subscription is locked down; the relationship must be constantly nurtured.  In other words, regular communications with customers are critical.

Using the data from one’s CRM system is a good way to create groups of customers within similar markets or with similar needs.  It is also possible to categorise customers based on where they live, how they use the products, or just about any other criteria.  This helps to keep the content fresh and relevant, and customers will stay satisfied with the subscription, services, and information.

The key is that businesses not go dark on their customers.  Content that is too sales-oriented, filled with marketing language, or too self-serving is a turn-off for clients.  If the content is relevant and useful, customers will be happy.


Five reasons why CRM fails

Companies of every size typically have a customer relationship management (CRM) system and strategy.  Every business wants to maintain a solid relationship with its customers because the customers are their bread and butter.  However, more often than not, many companies fail at CRM and end up losing clients and money.  Why is this?

There is not usually just one thing that any particular company does wrong.  The failure of a CRM strategy is usually caused by a couple of different factors, but there is a common thread.  Here are five common areas in which CRM starts to fail. 

  1. Organisational silos. An organisational silo is what happens when decisions made by humans limit the success of the CRM strategy.  This is often caused by a misunderstanding of the data, failure to address support issues, and the inadequate preparation of the sales department.  For example, if the marketing department launches a spectacular campaign and the sales and operations departments are overwhelmed, an organisational silo may be the result.
  2. Competing interests.  When one part of the company claims CRM as its responsibility over any other department, the strategy may be doomed.  This often comes to a head when the marketing and sales departments clash over how to handle leads.  The key to CRM success is that each department works together to analyse and utilise the data as effectively as possible.
  3. Processes that go nowhere.  When CRM data is used properly, the benefits can be amazing.  However, problems arise when the data is collected, put into a report, and delivered, only to be ignored until the next report comes out.  It is important to be aware of why the data is needed.  This will help others understand why it is being collected and perhaps how to use it more effectively.
  4. Confusing customer lifecycles.  CRM isn’t done when the sale is closed or when the lead is generated.  The fact is that CRM is an on-going process that evolves with the customer base.  Remember, landing that first sale is important but not as important as the returning, long-time, happy customer.
  5. Poor employee performance.  If the employees who deal with the customers on a daily basis aren’t performing, the CRM strategy is going to fail.  One bad experience with a staff member can undo all the hard work others have done to bring that client in.  The first step is to provide ample training and keep up with quality control, especially when it comes to the team.


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