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3 Ways to Grow Sales Using CRM Software During a Cost-Of-Living Crisis

You don’t have to stop up-scaling and growing your company just because the economy is facing financial hurdles.

The Confederation of British Industry has warned that the cost-of-living crisis has reached the worst impact since the 1950s. As the Bank of England base rate rises to 1.75% the further strain will take its toll on both the economy and the British public alike, which has the potential to pile on the pressure for larger budget cuts within companies.

So, what do you do when your company is already feeling the pressure to accommodate extra costs?

There are some minor changes that business owners can make in order to minimise the financial strain of a recession, such as digitalising their operations.

CRM systems are beneficial for a number of reasons. In short, they are cost-effective and take away administrative tasks and data collection so that your team can focus on sales strategies and lead generation. They have proven results in driving sales, improving efficiency and providing better customer service. They should be part of any business growth strategy.

Here are three reasons why you should ditch the paper and go digital during the cost-of-living crisis:

CRM is a Cheaper Alternative

According to Glassdoor, the average UK salary of a Data Collector is £19,766 per year, this role may include: collecting customer insights, spending habits, general administration and statistics, finding your likely target consumer group for leads and customer experience problem-solving.

A lot goes into manually being in charge of the customer relations and experience as well as providing you with valuable information to know how to improve and change your sales strategy.

The average CRM system is likely to cost exponentially less than a salaried worker. This is especially helpful to businesses who have had to make the difficult decision to cut back on staff and now need help with doing more with fewer resources.

It Improves Office Productivity

CRM software has the ability to take a lot of pressure and guesswork from your team, especially the sales department.

A report by Grand Review Research states that over 91% of businesses with a workforce of ten or more employees use customer relationship management systems to drive sales.

Systems that are able to pinpoint areas to improve, while collating information on potential customers, will greatly enhance the ability to sell.

Not only will this allow for greater time spent closing sales rather than attempting to attract, but it also takes mundane administrative tasks out of the workday.

The Sales Process Will Be Quicker To Close

The Sales Funnel comprises three key stages:

  1. Leads
  2. Prospects
  3. Customers

The process is straightforward to follow but it may be difficult to implement and see results, without accurate customer insights. When attracting leads, you must know what your target audience needs, how much they are willing to spend, when, and which platform they are likely to purchase from. There are many factors in turning those leads into prospective customers, which is why a CRM system is an effective and fast way to streamline the data needed into one platform for viewing.

You don’t have to stop up-scaling and growing your company just because the economy is facing financial hurdles. It may be the perfect time to implement and adapt to new strategies in order to stay ahead of the curve and on top of your competitors by welcoming new ways of working, programmes and team structures.

Contact Subsector today to see how we can advise on your situation and work through your issue.

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