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Generally Speaking: 7 Reasons Your Business Should Use Sales Software.
The sales game has changed. Applying innovative solutions and implementing tools like sales software is crucial to improve sales and boost revenue.
The online market is highly congested with numerous businesses vying for customers’ attention. In this fast-paced era, it’s become harder for businesses to rise above the competition. Without a doubt, the sales game has changed. Hence, applying innovative solutions and implementing tools like sales software is crucial to improve sales and boost revenue.
The nearly absolute digitization of commerce enables people and businesses to engage and trade at breakneck speed. Buying and selling online (whether it’s through desktops or mobile devices) is now the norm.
1. Gather, Organize, and Analyze Data From Sales Prospects
There are hundreds of sales management software solutions available in the market. While they may differ in features, capabilities, and purpose, many of these tools are designed to help you put all information on your sales prospects in a single and unified location. This facilitates ease of access, effective organization, and categorization of data, and fast generation of reports and analytics.
Any digital marketing strategy is basically ineffective if business owners don’t have a clear understanding of their customers and their motivations.
Sales software helps you analyze data from your prospects using specific parameters for customer analysis by breaking down data into a behavior profile or demographic profile. This enables you to get rich, high-quality insights into your prospects and score them effectively as well as discover potential opportunities. You become aware of their intent, or, at the very least, get a good idea of what they want or look for and use that knowledge to help boost your sales revenue.
2. Derive Actionable Insights From Sales Reports
Comparing sales reports the old-fashioned way, like stacks of different paper-based reports and setting them against each other to collate and contrast data, requires too much time and effort. In today’s business standards, such practice is ineffective.
Today’s sales tools are smarter. Some of them offer a conversational AI-powered sales engine. With this, you can generate content leads through targeted content marketing campaigns, qualify leads with its Sales Avatar, and maximize customers through co-selling and co-marketing, among others.
Modern sales software systems allow your sales team to perform sales report comparisons with previous reports. It helps track past sales and evaluate the performances of your representatives, among others. To take it a step further, you can utilize mind mapping for facilitating informed problem-solving strategies and building visual diagrams for your plans.
Simply put, you can measure your present sales statistics and other indicators based on historical data. By comparing your past and current sales data, you can unearth hidden opportunities that will help you improve current and future performance and impact sales results.
3. Accelerate Order-to-Payment Process
A major benefit of sales CRM software is that you transform your representatives into a very competitive salespeople, able to focus on attracting and engaging high-quality sales leads. This means you don’t waste valuable time following up on leads with less likelihood to convert.
When you work with a throng of high-quality leads, you have people that are interested to buy from you. A study on sales process management by the Harvard Business Review showed that 50% of high-performing businesses that utilize a standard sales process tend to close more deals. Meanwhile, 48% of underperforming sales organizations admit that they do not follow formal or strictly enforced sales processes.
That means if you throw in good sales software that enables you to manage and engage leads in a personalized way at every step of your sales cycle, you can virtually shorten the whole order-to-payment process and boost your conversions. You can also make sure to efficiently follow up on leads so they won’t fall into cracks with an optimized sales engagement.
On top of that, your sales representatives have seamless access to customer information, such as purchase history, most-viewed products, and previous communication. They can quickly discover and maximize upsell and cross-sell opportunities and encourage customers to do repeat business.
4. Identify Your Most Loyal Customers
Making your customers feel appreciated can play a part in keeping them. In fact, loyalty programs are one of the most practiced sales methodologies. Reward and loyalty programs can help you retain customers and encourage them to keep buying from your business as they are getting something in return for their purchase. Some examples are giving recurring customers discounts and exclusive offers.
A study on loyalty programs by Forrester Research showed that 72% of online adult consumers in the US are attracted to enroll in a loyalty program because these promotions elicit a sense of connection or relationship with the brand.
Thus, it is essential that your business recognize your most loyal customers and build on their relationships by rewarding them. With sales software, you can quickly determine who are your most frequent buyers as well as those who gave your business positive reviews. You can provide them coupons, vouchers, discounts, or freebies on their next purchase. Satisfied customers can be your brand ambassadors and attract people from their circle to do business with you.
5. Monitor and Update Inventory
Keeping your inventory stacked with the right items is one of the best practices that you should do to achieve your sales target. There are different types of sales tools. With that, it’s beneficial to pick a sales software that gives you a real-time view of your inventory and automatically updates whenever a transaction is successful. Having a clear and reliable picture of your inventory helps your sales representatives keep up with the demands of customers and prevent them from overselling or underselling.
With most sales software, you can create custom inventory reports to help you determine product trends and customer demands. You are able to identify which products are selling fast and which ones are moving slow as well as items that have stagnated and don’t add value to your business.
6. Integrate with Other Systems
There is no denying that business data in any shape or form is vital to the success of your enterprise. This is why you should go for sales software that integrates with CRM and marketing automation systems.
Being able to gather and analyze data from different sources gives you a better, clearer picture of your business. It makes you aware of the bigger scheme of things. It equips you with knowledge and insights that can help you perform your tasks and ultimately increase conversions and drive more sales.
Furthermore, it’s essential to use sales software that offers effective tools to boost lead conversion. For instance, Salesbox AI enables you to engage customers from multiple channels through omnichannel conversations. You can engage customers and continue conversations over channels such as email, chat, and social ads, with each Avatar analyzing incoming responses and following up accordingly.
7. Generate Accurate Sales Forecasts
A successful business endeavor requires looking ahead into the future and planning for the long-term. This is where an accurate sales forecast comes in handy. Sales software allows you to generate accurate sales forecasts to predict future sales and project financial growth.
In a 2017 study on effective sales forecasting techniques, 79% of sales organizations missed their quarterly forecasts by over 10%. A good sales forecast is categorized with an error margin of 10%. An excellent forecast is within 5%. Missing by over 10% is totally unacceptable.
Sales forecasts help you identify fast-selling items and create a feasible schedule for orders to keep your supply at an optimum level. Your marketing teams benefit from reliable sales forecasts as they can plan their marketing strategies based on projected sales. By aligning your sales and marketing, you can create promotions and offers to fuel sales and mitigate potential losses.
Sales Software Helps Business Achieve More Sales
Whether you operate a young gun who heads a startup with potential or an enterprise organization, the challenge to become better and steer your enterprise to success will persist. The business of today needs to be agile, fast, precise, and responsive. Sales software, along with other systems, can help a business make it to the top. It’s no longer optional - sales software is vital.
There is no denying that having sales software will help you improve your sales figures. That said, it is not a guarantee. As the world revolves and evolves, so should your approach to business. New challenges will arise to impede you on your path to success, but with the right tools and the right mindset, there’s no reason why these hurdles should stop you.
Ultimately, the best software for sales is one that fits your needs best, can work around your processes, and empower you to grow your business. To start, check out CoSell so you can maximize and nurture your partnerships. You can get started for free or contact us to learn more about our platform works.
If you’d like to explore how partnership co-selling can help you and your team boost sales and win major clients fast - check out our selection of free eBooks.