Are you picking low hanging fruit with your CRM? Every business has low hanging fruit and your CRM should help you identify and pick it.
Low hanging fruit is a metaphor for easy money. You know, thing like fast sales, high margins, customers ready to buy now, etc. Low hanging fruit is the dream of every sales person on a commission and the holy grail of any business owner who wants to increase sales or generate a quick infusion cash.
Where do you find low hanging fruit? The first place to look is in your list of current and former clients. Did you know that it is 9 times more expensive to find a new customer than to keep an existing customer? Did you know that loosing one high quality existing customer can require that you find 20 new customers to replace the one you lost? These timeless statistics point out the importance of keeping your current customers happy and coming back for more.
How do you do that? Start by providing good products and services. Great products and services are even better. You may already be providing Great products but service is an area where every company can improve. One of the easiest ways for your company to improve is to focus on how you communicate with your customers. One of the major factors customers reference when describing how good the service is for any particular business is how often they hear from the business. There are two main purposes that companies communicate with customers. One is to create sales and the second is to follow up on sales.
A CRM can help to both create new sales and with the follow up after a sale has been consummated.
This means that you must have a way of both tracking potential customers an nurturing them through the sale, then tracking what your customers purchase along with what they are interested in and what motivates them and when they came in last. If you don’t know these things it is extremely difficult for you to know when and how to communicate with them in the future.
Your current customers are your best source of future revenues and that means that you need to stay in touch and make sure that they know how much you value them. A CRM can help you do these things. Track your customers and know what they buy, but also try to learn why they buy from you. Ask them why they decided to purchase from your business. Then be sure to record the answer. Customizing your CRM database to collect this information is important because it is by understanding the reasons for purchased that help you identify how to encourage more purchases.
Your CRM will not magically tell you what is going on in your business. You have to ask questions, collect information, and then analyze the information. This is not easy work and it is very easy to forget to take these steps. The hard work of collecting information and then analyzing information is one of the things that separates successful businesses from businesses that thrive and grow.
Want to know more about how to implement a CRM solution for your business? Give us a call at 817-569-0494 and we will be glad to help you think through what it would mean to your business. We are experts and we love solving problems. Give us a call.