The Role of CRM in Economic Recovery
As we are in the midst of recovering from an economic crisis, it is important that businesses do whatever they can to prepare for a turnaround. Businesses can actually leverage their CRM software to prepare for a change in the economic climate. Here are a few ways that CRM software can help your business quickly recover and set itself up for success.
Upgrade your sales force
The job market is weak, which means this is the best time to expand your sales team. The talent pool is at its richest point right now, so taking advantage of the cyclical market is critical. Upgrading your sales force includes replacing weak performing members. This task can be done by leveraging the information collected from your CRM system to identify weak links in your sales team.
Cast a wider net
The time is right for global expansion, as the economy is getting back on its feet. Geographic expansion is possible with the right tools. A hosted CRM system is perfect for businesses looking to expand as the economy bounces back. A hosted CRM solution is the ideal choice for enterprises with foreign subsidiaries or enterprises that plan on having geographically dispersed subsidiaries. Hosted CRM solutions can easily add numbers to the system, as well as provide facilitated web-based access for multiple subsidiaries and divisions.
Analyze the competitive landscape
During a recession, there will always be project and planning casualties. CRM software can help you reassess your business’ situation so that you can target abandoned projects or re-strategize failed projects. CRM software can help businesses rebuild their sales initiatives by focusing on boosting weaker strategies.
Focus on customers that are behind on their order cycle
In a period of economic turmoil, customers usually stretch out their ordering cycle to avoid overspending. Once the veil of economic downturn is drawn, customers will usually start to play catch-up. Using a CRM software solution will help businesses analyze historical data and ordering cycle patters, to identify which businesses tend to break their usual pattern in a time of economic recovery.
Order cycle changes
As the economy picks up, ordering cycles will start to change. Each ordering cycle will recover at a different rate than others, but keeping track of the recovery rate and order cycle changes, is important. CRM software can help businesses keep track of accelerating trends in their clients’ ordering cycles. This data can help businesses anticipate how fast their client will recover, so that sales efforts can be dispatched accordingly.
CRM systems can help businesses cope during economic catastrophes as well as periods of economic revival. Information is power, and the more information businesses have regarding business and customer activity, the better. CRM software solutions are designed to help, not hurt business efforts. As the economy is re-stabilizing, businesses are faced with a great opportunity to harness the power of their CRM system to bolster their business ROI and profit.
[Photo courtesy of thyblackman.]