How CRM Refines Raw Data Into Results
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Businesses are often sitting on a goldmine of data but don't take the time to sort through it. This is counter-productive because many best practices, including how to speed-up the sales process and increase its effectiveness can be unearthed through such analysis.
The question is 'how?' With a customer relationship management, much of this data will already be stored in a raw format. Looking at the qualified leads logged into the CRM programme over the past 6 months can provide a good cross-section of data to measure. How many of these leads have been closed and what do these leads have in common?
CRM programmes can be used to keep a record of every interaction with a lead, including the date and time of follow-up contacts, who they were made by and what the result was. If you want to trial a new hard-offer to encourage sales conversions, measure how successful the strategy is over the next six months by comparing the number of deals closed when using it to the number of deals closed without it. What are prospects' reactions to it? Does it emerge as clear, successful practice?
This data will help you to compare and refine your strategies in an ongoing process. So not only will they gradually improve month-on-month and year-on-year, you can trial new offers in confidence knowing you have a solid-best practice strategy to fall back on if they don't take off.
This knowledge is invaluable to businesses, and as a method is much cheaper than bringing in a business & sales consultant to teach you what you could potentially learn yourself. So ask yourself: 'What can we learn from our raw data, and how can we put it into practice?'
An increase in efficiency and success rate of sales processes is there is waiting - if you're prepared to dig for it.