The goal of any business is to build and retain customers, so closing sales is an essential part to business. If you gain contacts in your names relationship management (CRM) solution but those people never buy from you, you will have a CRM application filled with empty prospects. Here, learn four ways to improve closure rates by using your CRM software.
Are you sending marketing campaigns to the right audience? In distributing ad campaigns to a wide audience you cast a large net, but do you really want the leads you catch? How did these leads find out about your business, and where did they first contact you from? With this information, you can get a better understanding of the leads you can convert and those you can delete. You might discover that you’re more likely to convert leads from your company’s website to closed sales than those you contact directly because they expressed interest and found your company through an intentional search.
If you use your CRM solution to its fullest potential, you learn how to improve engagement with your leads. CRM solutions have evolved to include more functionality than a simple spreadsheet containing names and contact information. A useful CRM application can help you engage your contacts after they sign up. As leads open and click through the emails you send or read content on your site, you will become more aware of which leads will become first-time customers but never buy again. You should measure your lead engagement to filter good leads from bad. Pitch your campaigns to leads who have displayed a continued interest in your service or product: It will likely improve your closure rates.
Your CRM solution can track the amount of time it takes for leads to turn into customers. These stats can help you redesign your email campaigns. How much time do your leads need before they’re ready to buy? How many emails do you send before leads indicate that they’re ready to buy? Knowing the answer will help you determine an average lead’s timeline. If a lead isn’t sale-ready for a day, week, or a month, you’ll know when to make the sales call. When you time it right, you can increase the chance of closing a sale when your leads are ready to buy.
How many of the leads in your CRM application turn into paying customers? Your CRM solution can generate a report from this data to help you compare conversions with rates within your industry. You can research these metrics from your competitors to see how your lead conversion stacks up. In turn, you can determine how effective your sales efforts are by knowing how much time you spend nurturing leads. You can effectively use your CRM solution to track interactions with your leads, generating reports to help you understand timelines from lead to sale and which leads to give up on so you can focus efforts on finding higher-quality leads to increase closure rates.