If you work in institutional sales, you know how important it is to manage and optimize your sales pipeline and performance. A CRM system can help you do that, but only if you use it effectively. In this article, we'll share some of the best practices for using CRM systems to boost your sales results and customer relationships.
The first step to using a CRM system is to define your sales stages and metrics. Sales stages are the steps that your prospects go through before they become customers, such as awareness, interest, evaluation, negotiation, and closing. Metrics are the indicators that measure your progress and performance, such as conversion rates, deal size, win rate, and cycle time. By defining your sales stages and metrics, you can create a clear and consistent sales process that aligns with your goals and customer journey.
The second step to using a CRM system is to update your data regularly and accurately. Data is the fuel that powers your CRM system and your sales decisions. You need to enter and update your data on every interaction, activity, and outcome that you have with your prospects and customers. This includes contact information, notes, tasks, emails, calls, meetings, proposals, contracts, and feedback. By updating your data regularly and accurately, you can ensure that your CRM system reflects the reality of your sales pipeline and performance.
Where would any relationship manager or sales professional be without a pipeline? I see it as a compass but It’s of very little value if not kept updated with quality information. A well-maintained CRM allows you to focus on prioritising leads, managing client relationships effectively and forecasting future sales.
The third step to using a CRM system is to segment and prioritize your leads and accounts. Segmentation is the process of dividing your leads and accounts into groups based on their characteristics, needs, and potential. Prioritization is the process of ranking your leads and accounts based on their urgency, value, and fit. By segmenting and prioritizing your leads and accounts, you can focus your efforts and resources on the most promising and profitable opportunities and avoid wasting time on low-quality or unqualified leads.
The fourth step to using a CRM system is to automate and streamline your workflows and tasks. Workflows are the sequences of actions that you take to move your leads and accounts through the sales stages. Tasks are the specific activities that you need to complete to execute your workflows. By automating and streamlining your workflows and tasks, you can save time, reduce errors, and increase efficiency. For example, you can use your CRM system to send automated emails, reminders, alerts, and reports, or to assign tasks, follow-ups, and approvals.
The fifth step to using a CRM system is to analyze and optimize your sales performance and strategy. Analysis is the process of reviewing and interpreting your data and metrics to understand your strengths, weaknesses, opportunities, and threats. Optimization is the process of adjusting and improving your actions and plans to enhance your results and outcomes. By analyzing and optimizing your sales performance and strategy, you can identify and solve problems, discover and exploit trends, and test and refine best practices.
The sixth step to using a CRM system is to engage and nurture your customers and prospects. Engagement is the process of communicating and interacting with your customers and prospects to build trust, rapport, and loyalty. Nurturing is the process of providing value and support to your customers and prospects to educate, inform, and persuade them. By engaging and nurturing your customers and prospects, you can increase your retention, satisfaction, referral, and cross-selling rates.