Optimize your sales cycle with a powerful CRM


Too many companies are completely lost when it comes to optimizing their sales cycle.

 

Most people realize that an optimal sales cycle can be critical to success in the business world and especially in the B2B world.

 

That's why we want to help you sharpen your focus, so you can concentrate on what really makes a difference and help you increase your sales numbers.

 

Given that a typical B2B sales cycle takes about 102 days, anything you can do to optimize the cycle and lower that number is beneficial.

 


So what is the solution?

 

A good customer relationship management (CRM) tool is the key to successful optimization of the sales cycle.

 

In this article, we tell you how by implementing a powerful and at the same time easy-to-use CRM, you can positively influence your results.

 

The sales cycle deconstructed

 

We don't want to sound condescending and talk too much about the basic mechanics of a sales cycle, if you're here you probably already know most of it.

 

We want to give you a quick overview of a typical sales journey and then go straight into how a CRM can help you optimize the various steps.

 

The basic flow in the sales cycle is usually as follows:

 

Prospecting > Initial Contact > Qualifying Leads > Nurturing Leads > Offer > Negotiations > Closing the Sale/Deal

 

The cycle is then completed by existing customers or clients referring your product or service to others, which means the process starts all over again.

 

Customer retention is another phase, but it is usually considered separate from the sales cycle. Customer retention is more related to customer service and support, which is another area where a CRM comes in handy. 57.3% of sales departments state that they use some form of Lead Intelligence tool, e.g. a CRM, for their prospecting needs.

 

Using a CRM to optimize your sales cycle

 

Now let's look at the relevant steps in the sales cycle individually and how a CRM, combined with a well-thought-out sales strategy, can help improve the productivity of your sales team and shorten the average time it takes to close a deal.

 

Prospecting

 

A good CRM platform gives you a 360° overview of your leads and prospects. The type of data you receive includes demographic information, location information and behavioral information. All of this data can be analyzed to help you target your prospecting efforts much more effectively.

 

Initial contact

 

A CRM gives you a single, centralized place to store information about all your potential customers. You can then use your CRM to build detailed customer profiles, add sales manuals, and create communication templates that are easy for your sales team to access and help them succeed the first time they make contact.

 

Qualifying of leads

 

Some CRM platforms for sales, e.g. Efficy, enables integration with third-party applications that enable salespeople to qualify leads more efficiently. It's quick and easy to add an API that allows for automatic tracking of email opens and other behavioral metrics.

 

Care of leads

 

Nurturing a lead is all about good and focused communication. A CRM helps you automate tasks like email sending and also gives you tons of information about your leads so you can create tailored and value-driven email communication sequences.

 

Offer

 

The information you receive from your CRM helps you present attractive and personalized offers to your leads. A CRM also helps your sales team to streamline the process of sending out offers to multiple leads automatically.

 

Negotiations

 

The negotiation stage of the sales cycle is about answering questions and meeting objections. This step can be facilitated by implementing a CRM platform that automates communication and includes features such as automatic dialing and automatic display of customer or lead data. Complete the sale or deal The last step in the sales cycle is to complete the deal. The entire process leads up to this point and each step has been aided by CRM data, sales materials, communication and task automation.

 

The biggest advantage of a CRM is that it saves a lot of time on everyday tasks in the sales cycle, e.g. data entry, data analysis and searching for information about potential customers. This means that sales staff can spend more time talking to leads and driving them to a sale. Learn more about Lead Management by downloading our free guide where we reveal all the secrets.

 

Develop a CRM-enhanced strategy for the sales cycle

 

Now that you know how a CRM can be used to strengthen each stepin the sales cycle, the next step is to create a strategy that has a high probability of success.

 

You can use the data tracked and generated by your CRM to take specific actions within an overall framework or sales strategy. For example:

 

Create an optimal customer profile or avatar: Search your CRM data to find information about existing and past customers or clients with the biggest deals, fastest conversion times and highest recurring revenue. You can analyze the data further to find out what these customers have in common, e.g. location, company size and how fast their business is growing. Once you have this information, you can create an optimal customer profile that can help you design your marketing and lead generation campaigns.

 

Use a scoring system to qualify leads: Qualifying leads is an important part of the sales cycle and should not be overlooked. You can use data from CRM to assign leads a score, based on how well they match your optimal customer profile. You can also segment your lead lists into different categories based on their score.

 

Attract leads towards a sale: A CRM is the perfect tool to help you identify leads that have stalled in the sales funnel and are likely to drop off, or leads that are moving slower than desired. Once you identify them, you can focus on your sales team and use nurturing techniques to accelerate sales.

 

Create case studies or success stories: Once you have built a good database of customers, you can analyze the data to find those who have been successful and use their stories to create case studies. Case studies serve as great social proof for other leads, helping to convince them that your solution is right for them and can convince them to buy it.

 

If you want to find out how Efficy CRM can help you optimize your sales cycle in more detail, contact us today to schedule a demo.



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