Category Archives: CRM
How do you get the most out of your CRM for Sales Forecasting?
If you were an early adopter of Customer Relationship Management (CRM) technology, you probably found it to be an expensive, complex tool that often fell short of delivering on expectations. Today, CRM is easier to use, more cost effective, and a must-have for managing nearly every aspect of business data.
Now that you either have or are probably considering a CRM system, how do you get the most out of it? Here are five tips for leveraging your CRM for sales forecasting to gain greater confidence in sales forecast accuracy:
According to CSO Insights, sales forecasting accuracy hit an all-time low of 46% in 2012. Just about every business and industry experiences peaks and valleys in their sales cycles, but, even with large investments in sales and marketing automation technology, the problem is getting worse and not better. Did you just throw good money after bad in hopes of achieving sales forecasting nirvana? What on earth is going on?
There comes a time when businesses grow and mature to the extent that it makes sense to ditch the informal ad hoc ways of a startup and standardize functions and processes. The freedom and flexibility of how work gets done is often favored over the negative-sounding corporate way of doing things, such as adopting company-wide systems and procedures. True, each business unit, function, and location have subcultures within the overarching corporate culture that give those groups a tight-knit feeling and identity. However, they cannot be subordinate to or in conflict with the culture, goals, and objectives of the broader organization. That includes getting on board with new initiatives, such as automating a new sales methodology.
Impact of Automating Your Sales Methodology
The figure below from Revegy, Richardson’s CRM enablement partner, illustrates the impact that automating your sales methodology can have on increasing win rates while reducing losses and no decisions. While Group A realized improvements in all categories and increased incremental revenue, Group B suffered from old habits and failed to sustain what success they had.
As with any change, you’ll need to anticipate hearing “That’s not how we do things here” and be prepared to counter those objections with sound reasons to get in line, including not only benefits to the sales organization and company but also the individual sales reps.
5 Reasons to Automate Your Sales Methodology
Here are five reasons to automate » Continue Reading.