6 Ways In Which An Effective Sales Management System Can Help Your Business

Customer is the king. Customer acquisition is, however, the king maker. In order to keep reaching new heights when it comes to attracting more and more customers and retaining them at the same time, it is important to have a system in place. An effective sales management system can help you build new customer relationships and maintain existing ones. More than that, it smoothes a lot of day-to-day sales related work which might be hampering your revenue if overlooked. 

Here we discuss 6 ways in which an effective sales management system can help your business.

Attracting the right leads - A study has found that 79% of marketing leads never convert into sales. Thus, it is increasingly becoming clear that just gathering more eyeballs is not enough in order to make a difference to your bottomline. Instead, attracting the right set of prospective customers is more helpful in terms of the impact that it can have on your business. In this context, once you get the right leads, an effective sales management system can bring in professionalism in the system and make sure that your sales team is on it.

Helps you improve your products and services - One of the advantages of having an effective sales management system is that you will have a ton of information at your disposal. This data includes stuff like which product is the most popular among your customers, which product is the easiest to pitch to new customers, which product can be improved and in what way, which sales representatives are performing better than the others and so on. All the above information can be used to improve your products and services.

Impeccable sales estimates - In any business, future estimates play an equal role in decision making as do past results. The stream of data that the sales management software generates help in planning for the future and ultimately leads to better decision-making. In this respect, the use of technology can make a lot of difference. An effective sales management system helps your business by taking care of processing a lot of sales-related information and automatically preparing useful reports that aid decision-making.

Enhanced performance of the sales team - In the earlier days, a large number of tasks like keeping a track of leads, assigning sales representatives, developing a database of existing customers with their details, scheduling calls and meetings and follow ups post that had to be done manually by the sales manager. Now, with the help of smart sales management systems, all this is taken care of by technology or software. Not only are all these processes smoothened out, but it allows the sales team to perform better as they can focus on delivering what they are trained to do - more conversions.

Increase repeat orders from existing customers - In his famous article “Don’t Get Lazy About Your Client Relationship”, Patrick Hull talks about the importance of ensuring that in our search for new customers we must not forget servicing the ones who have already reposed their trust and money on us. In fact, he cites a study which states that while the probability of selling to a new customer is somewhere between 5% to 20%, the same for selling again to an existing customer is 60% to 70%. An intelligent sales management system will tell you which existing customer needs to be approached with which product and at what time.

Reduces your costs - With the covid-19 pandemic, a large number of businesses are being forced to take their workforce virtual. A technology driven sales management system can mean that this is actually advantageous for your business. More people can be hired at lesser costs because you would not need the physical space and other incidental and ancillary costs associated with such a place. The management of these sales representatives can also be done in a coherent manner through the use of software. The benefits of technology in reducing costs can never be understated.

The sales cycle has already been disrupted by the pandemic. In such a scenario, the benefits of sales management need no explicit mention. An effective sales management system ensures that you remain in control through the entire process - right from first contact with the lead to the execution of the sale. It must be kept in mind that any system is only as good as the product itself. Thus, ensuring that you deliver quality products and couple that with pertinent systems can make a huge difference to your bottom line. For a business, at the end of the day, it all boils down to figures.