Back in the 90s, Enterprise-to-Enterprise business solutions were pretty much the only way for large businesses to get things done. It was a zero-sum game whose players were known to a T-Sun Microsystems, Oracle, SAP and the likes. These corporate juggernauts had an oligarchy, and they knew it. Costs of “custom” solutions were regularly upwards of millions of dollars. We use quotes because countless SaaS companies at the time were infamous for recycling vast chunks of code between solutions and billing clients for thousands of hours of development time that simply never happened.

The recent VW software scandal involving thousands of lines of illicitly-used Bosch software code to “fix” the emission levels of their diesel vehicles, shows us that old habits really do die hard. It appears that Enterprise level SaaS is going the way of the dinosaurs – flamboyantly large and majestic in their time, but quickly going extinct. It’s anything but a graceful death though, as more enterprises find themselves out of their depth both in giving and receiving solutions to rapidly emerging problems in resource management and big data analysis.

Upper Echelon Inertia

Most Sales Stacks and CRM systems on the market today are far past their prime-clunky unintuitive interfaces that have made little if any progress with regards to usability and interface design since their inception. The culprit? Upper echelon enterprise management who learned one solution way back when in, say, ’95, who are either unaware or indifferent to other solutions that make have come out since then.  The central premise of upper echelons theory is that top executives view their situations – opportunities, threats, alternatives and likelihoods of various outcomes – through their own highly personalized lenses. These individualized construals of strategic situations arise because of executives’ experiences, values, personalities and other human factors. Thus, according to the theory, organizations become reflections of their top executives.

In many corporations, this culture of “if it’s not broke, don’t fix it” is so rampant that employees are left having to work with DOS command line to carry out the simplest of functions even in this day and age.

No Backwards Compatibility

Many enterprise solutions for Sales Stacks and CRM were invented in a day and age where software wasn’t designed to age gracefully or hand off to other solutions. These archaic throwbacks to earlier times are often riddled with huge chunks of code without a single line of commentary. The only person who knew what all of this does is probably long gone and likely even dead. The high-stakes of enterprise level business further reinforce the notion of needing to keep this information safe, leading to stagnancy. Nowadays, software is designed to be as dynamic as its users, with incremental updates being formulated and deployed within hours, something that enterprise solutions sorely lack.

Corporate Favoritism

Most enterprise partnerships are grandfathered from decades back. The top-level management in the respective organizations oftentimes have vested personal interests in continuing their current business arrangements. The end result is a culture of favoritism where solutions are chosen not based on their merits, but based on who’s offering them, further contributing to their stagnancy and lack of innovation.

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Over-Generalization

Enterprise-to-Enterprise business models hail back from a simpler time where problems were simple and solutions were straightforward. The modern Sales Stacks or CRM could afford to be slow and clunky because they were literally the only contenders around- it was that or physical filing. Solutions were afforded the minimum level of functionality needed to get the job done, so enterprises could move on to offering other solutions to other clients. It was a quantity over quality approach, a buyer’s market. These days, targeted, custom-tailored, and in-house solutions are all available to get the job done cheaper and more efficiently, but many enterprises are reluctant to take this inevitable next step forward.

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In Summary

The sad truth of this all is that Enterprise level CRM and Sales Stacks are stuck in a rut. Things have gotten dark and musty being shut in this long. Peering into a corporate terminal at a large enterprise-level businesses is oftentimes like peering into the past.

There’s a false dichotomy at play between narrow-scoped custom applications that perform a few functions exceptionally, and the enterprise model where CRM and Sales Stacks are expected digitize as many of an organization’s functions as possible.

The Way Out?

Disentangling “complex” from “complicated,” with innovative, visual-based CRMs and Sales Stacks. Just because a CRM’s functions need must cover a host of complex scenarios in an Enterprise setting doesn’t necessitate that they themselves be complex. Much as with end-user applications that put user experience as the foremost design concern, so too, should enterprise solutions focus on providing maximal functionality at minimal complexity.

Movers and shakers have already begun to appear, from Zendesk, to Box, to our very own Teamgate, these solutions all aim to provide a simple but not simplistic means of carrying out their intended functions, combining all of the robustness of an enterprise level solution with the usability of an end-user application.

With the technological tools and advancements revolutionizing every field; the sales domain is no different. The management of sales pipelines and the performance management of sales are just a few examples, not to mention many other spots where the technological advancements are proving to be helpful for the sales management.

The developers keep coming up with the new versions of these technological gadgets as the years pass by, which makes it imperative for the sales people to foresee the future of sales management and plan their strategies accordingly. It is more important than ever before to keep track of these up-gradations and know how they can be fruitful to your sales plans.

The sales automation tools, CRM, and SaaS, have already transformed the sales trends, but the coming years bring a few more robust features to take this convenience to a new level. Let’s see how the digital tools are going to influence the sales process;

Artificial Intelligence

The IT professionals keep bringing the refined and more efficient versions of sales tools and these sales tools have grown so responsive now that you no longer have to indulge yourself in the monotonous process of contacting and emailing the prospects. These tools when used in combination with the databases provide the accurate likelihood of a prospect to buy a product/service or not.

Such sophisticated knowledge will enable the salesmen to provide high-quality services for the prospects who are more likely to buy their product/service. The artificial intelligence will facilitate the application of process like predictive analysis in which the information like demographic and behavioral data will be used to predict the probability of a potential customer to purchase a product or not in the future.

Related: Better Robots, Better Sales: Revolutionizing CRM Software with the Power of AI

Visual Thinking

The term “visual thinking for business” have been discussed by the entrepreneurs and revolutionists for a few years now because of the value and the innovation it depicts. Visual thinking is a way of learning merely by looking at the visuals. Visual thinking has been seriously considered by sales people while devising the sales management plans because the consumers are more attracted towards the visual interpretations than they are towards the plain text.

The leading lights of the sales world predict the incorporation of visual thinking strategies into the development of sales management plans. Creating an influential story by using visuals is not that easy for everyone, but once accomplished, it will prove to be an effective tool to attract more and more customers. In short, you’ll be able to impact your sales positively by using visualizations.teamgate-digital-sales-management-crm (1)

Related: Stuck in a Rut: Why Enterprise-to-Enterprise Business isn’t what it used to be

Smart Contracts

The smart contract facilitates two people to enter into an agreement by signing it cryptographically without the intervention of any third party. It uses bitcoin technology to commence and complete such agreements. The vendor and client can conveniently and independently interact with each other via a smart contract which is fully automated.

The hotshots in the world of business are anticipating an increase in the trend of smart contracts in the future. The smart contracts can help the companies track down all their interactions without dealing with any complicated systems. Although smart contracts are in their developing stages currently, soon they will be developed enough to transform the way organizations make contracts with its clients.

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In a nutshell, these are a few technologies that will be accompanying the sales trends in the future and reduce the dependency on people by introducing more automated systems. What the sales people need to do is to keep an eye on the progress of these technological tools and bring changes in their set-ups, accordingly. Adopting change is the best way to keep pace, after all.

Related: Insights You Gain by Integrating Social Media Management with Your CRM

Summary

The leading lights in the sales domain are foreseeing the increase in the use of tools utilizing like artificial intelligence, visual thinking strategies and smart contracts to bring positive changes in the way they deal with prospects.

No matter what type of business you are running you have to be sure that you are properly stocking the business with items & features that the customers want. For example if you are running a store that sells tools you must be sure that the customers you attract find the tools that they need.

You must have a selection of various brands for the customer to choose from when in your store. Even if you as the business owner think that you are providing the best products that are available to the public, you might be working on a bias or you are not aware of other tools that may be better than what you are currently selling.

Analyze the Demand for Different Tools or Features

The first and maybe most important thing that you must do is familiarizing yourself with the trade area and market that you are running your business. You do not want to be a person who sells services or tools if you have little or no knowledge of the subject. Once you are familiar with the trade you can then begin deciding which products and features will be available in your store or platform and you can back up your decisions with data and solid analysis.

It is important to know what are the most desired tools in the area and you should know which brands of tools or features are the most reliable to sell to your customers. If you do not do this research and you choose unreliable or cheap tools to sell, many customers will avoid your business because they know that the items you sell are not reliable.

It is important that you won’t spend too much on inventory but you also should not want to spend too little. You should balance your inventory with your sales and must be able to determine which tools and services are both in high demand and are reliable.

Keep Up with Newly Released Products and Features

In addition to you initial research for your inventory; you must continuously do your research and learn about different tools or functions that are being released to the public. Many customers want what is new and trendy. If you provide your customers with these options they will continue to visit your business because they know you are constantly updating and upgrading your products or services.

This does not necessarily mean that you must cease purchasing items from your old inventory and only stick with the new but it shows that you are actively involved in your business. If you are constantly upgrading your inventory and taking away the popular items from your old inventory the customers that do not wish to own the trending tools will go elsewhere.

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When collecting your data and having solid analysis of the tools or features that are keeping your business alive you will easily be able to decipher which items to keep and which ones should stay.

You want your business to be diverse; however remain in the same trade and strategy as where you began. If you begin to add different items that are out of that specific trade you will likely lose customers because your product selection will begin to decrease.

If you want to expand your business you can most definitely do so. When doing this it should be an experimental process. This means that you should implementing new features or few new items for inventory slowly. Do not ever try to change your regular features or items with new ones. Use the few new experimental tools to determine whether or not the item will add value to your business.

Related: GetRank Research & Key trends for 2016

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Break Away from the Competition

When you know what other businesses offer to their customers try to think of creative ways to provide your customers with a different experience than all of the “other guys.”

You do not want your business to be categorized along with the other companies that sell tools or software products.  You want to be the business that has the trending new tools, the reliable tools and the tools that customers may not be able to find anywhere else.

Here you must do research and see what you can do with your business to increase revenue and keep your customers coming back time and time again. In addition you could even offer different perks to your customers. Things such as offering coupons to members that sign up for business newsletters or reward points of some type. The “other guys” may not have these options and the more you put into your business the more you will benefit from your work.

It is important to know what the customers are looking for when shopping around for tools or choosing new sales software. The customers know what they want and the customers are the ones that dictate what you should have in your inventory or software.

Your business is only as strong as your customers and their dedication to your business. If you provide them with what they want – when they want your business to grow and expand.

Related: Interactive Graphic Shows the Best Days of the Week for International Customer Sign-ups

The approach to selling is based on the principles of the sales process known as the sales pipeline. A sales pipeline involves various steps that an individual salesperson should take to convert the potential customers to qualifying prospects, then to lead, and further take the lead into a sales opportunity. The process is then taken through different stages to be considered closed.

Below is the typical sales funnel:

  • Cold Suspect
  • Warm Lead
  • Hot Deal
  • Qualified Buyer
  • Customer

Sales are a continuous process that requires you to bring in the needed prospects and close customers again and again. It is a process that never ends, and keeping this process under control requires a proper sales pipeline which was defined a while ago. The most fundamental thing about a sales pipeline is that you need to prioritize the prospects.

In many cases, the companies that do not use a sales pipeline management end up failing in the recognition of the benefits that it provides or they are unaware of the ways in which they can shape their sales.

A sales pipeline distinguishes between a good sales team from a great one. It is quite painful to have the goals you set out for your sales team to be missed out.

Five problems prevent the development of a robust sales pipeline:

  1. Unrealistic Timelines
  2. Research that takes too much time
  3. Wastage of time in communicating with unqualified companies
  4. Email response rates being poor
  5. Follow ups with the prospects are inefficient

Related: 4 Ways CRM Makes Small Business Employees More Productive

Unrealistic Timelines

One of the major causes of the forecasting frustration in business is the overly aggressive close dates (unrealistic timelines) and the stalling of opportunities. If the sales management is entirely focused on the acquisition of accurate numbers, then it is not helping the sales reps in choosing the opportunities that might assist in uncovering the unpredicted customer problems. This impacts the accuracy of forecasts and the velocity of the pipeline. This can be due to the causes:

The solution for such timelines is quite a straightforward one. The sales management should be more focused at the front end of the sales pipeline, which is wide and the opportunities are numerous. Also, the leading indicators are the basis for a good pipeline management. These can be found in the early stages of the sales cycle with the help of good buyer analysis and questioning.

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Researching Prospects

Almost 20% of the time is spent by the sales reps researching the prospects. To overcome such problem, the sales reps should be presented with a list of prospective customers that are beyond the basic demographics. This way the reps will lead towards revenue generation.

Unqualified Companies

Your sales representatives most probably spend too much of their time on the businesses that are not even qualified. Nothing can be more wasteful for business than the sales reps spending time on the prospects that they will not be able to close. To overcome this, you should target the companies that are growing, as they have the budget. By providing your reps with the list of growing companies, you improve the closing rates and reduce the time wasted on the businesses that will never agree to the prices.

Cold Emails

Sales reps are only able to get a 5% response rate on the email blasts. Cold emails, if utilized well, are a guaranteed way of opening up new opportunities. However, the response rate of these cold emails is very degrading. To make most of it, you should make batches and email the companies that have commonalities that would improve the response rate. You should send out the emails that resonate with the receiver. To do this, the companies should be segmented, and the commonalities should be determined. 

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Cold Calls

In the least, only 2% of the cold calls are ever received, it is a losing battle for the sales. To avoid such a problem, the sales reps should make the cold calls with a profound knowledge about the company they contract with. This can be done easily in a few minutes by visiting the websites and by pulling out information about them.

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Follow Up with Prospects

Most of the reps do not follow up with the prospective customers; almost 80% of the sales require that 5 or more follow-up interactions should be made. This is because the reps do not always have anything relevant to reach out to. To overcome this problem, you should provide the sales rep with information promptly so that they can do the follow ups more diligently.

In hope that this gives the clear overview of the most common sales pipeline problems and the fixes, if you recognize any of these problems, you now have the knowledge as to how you can optimize and predict your sales and revenues.

Related: How To Analyze Your Sales Pipeline and Track Sales Effectively and Key Aspects of Building True Customer Demand

The trend of adopting customer relationship management strategies is adopted by many enterprises nowadays. Such CRM & Sales Stack strategies impart a positive influence on businesses since the quality of a service is something that always stays in clients’ memories regardless of what price they paid. With immense technological advancement in the past decade, the CRM & Sales Stack strategies have also changed from traditional to newer ones.

The business owners come across many choices as far as the selection of a CRM is concerned. Businesses need to take this decision seriously because what they select now will determine their relationship with the customers later. The CRM broadly offers on-premise and Software as a Service systems to manage the relationship with clientele.

Let’s have a look at the factors that make SaaS a preferable choice for the businesses as compared to on-premise CRMs;

Number of Conversions

SaaS has nothing to do with all the hardware buying procedure and allocating budget for optimizing the hardware time to time.  Unlike traditional CRM modes where there is a need to buy the hardware before the deployment of software, SaaS products are easy to handle. It reduces expenditure and also makes it possible for customers to invest the saved amount of money to attract new customers for their business.

For businesses still navigating on-premise solutions, referring to an IT hardware deployment guide can streamline the setup process and ensure smooth integration with existing infrastructure

The fact that Software as a Service has nominal upfront costs, and it is a cloud-based service provider makes it easy for the new businesses to adapt. The increasing number of conversions from visitor to a free trial and from free trial to permanent clients is a significant key performance indicator of SaaS success.

Related: How To Analyze Your Sales Pipeline and Track Sales Effectively

The fluctuations in Revenue Streams

While the traditional on-premise CRMs focus on selling their software along with other utilities as a result of a single payment, the case is not the same for SaaS products. The SaaS products rely on monthly recurring revenues since the users are charged on the monthly basis. The MRR (Monthly Recurring Revenue) is an important key performance indicator of the success of a SaaS product.

Therefore, fluctuations in the Monthly Recurring Revenue are an important determinant of a customer’s demand for SaaS products. If the revenue is increasing gradually over the time, it is considered as a positive outcome.

Churn Rate & Paying Customers

The statistics about the churn rate and change in some customers with time is also an important key performance indicator to determine the success rate of a SaaS product.

The churn rate in addition to the number of paying customers has shown whether a SaaS product is successful or not. The ease and convenience associated with SaaS products have made it a preferred choice, and it can also be confirmed by taking a look at many yearly figures & statistics.

Calculating CAC

The CAC refers to customer acquisition cost, and it is computed by taking into account all the costs that are allocated towards the acquirement of new customers, and it includes sales as well as marketing expenses and then dividing these costs to the number of new customers that have been acquired by the organization in that period.

If the calculation of CAC shows an increase that means SaaS are demanded by the customers more as compared to the on-premise CRMs. The incessantly increasing sales of SaaS over the years as compared to traditional methods prove the customers’ growing interest in SaaS products.

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To Sum Up

In a nutshell, one of the biggest concerns of a thriving business is none other than its success. This holds true for Software as a Service businesses as well, which has been in the market since the 1960s. The expedience of SaaS makes it a preeminent choice of many running businesses. Most of the key performance indicators reveal the increased customers’ insistence for SaaS products & for their CRM or Sales Stack strategies while trying to find the most valuable one. The demand for customer relationship management tools will be growing steadily because it is like a water for business & more customers are seeking to be assured of qualitative supply.

Food Grows Where Water Flows.

Related: Key Aspects of Building True Customer Demand

When you first learn to drive a car, the first thing to do is to watch someone else. Only then can you be sure of yourself when it comes time to get behind the wheel. CRM is the same. We can learn what we need to get started by simply observing. We have take a look at three major case studies, published this year, and extracted what we think could benefit you the most. Here’s what we found, from a hotel chain, a bank, and retail outlets across the globe. What you will learn can be applied to any industry.

UK Chain Hotel Reveals the Impact of Organizational Culture on CRM

The Department of Marketing, Innovation, Leisure and Enterprise at the University of Wolverhampton administered a survey of 346 managers from a hotel chain in the UK to find the impact of organizational culture on implementing CRM in the hotel industry. What they found was that adaptability, consistency, staff involvement, and mission play a significantly positive role on the implementation of CRM. Success, although it correlates strongly with each of the above factors, does not depend on all of them. This is useful for every strategist.

Here’s how you can apply the findings to your planning:

  • Adaptability – All CRM strategies should include room for growth and transformation. When you can, write and create a calendar for analysis and changes directly into your plan. This ensures that you have a flexible plan that will evolve with your consumers and your brand.
  • Consistency – Across all platforms, your tactics should be consistent. This means that the sales team, customer service, and anyone else who will be in communication with customers (even offline), should have the same methods of resolving issues and helping people. By making sure that you brief everyone in your organization of your service guidelines, you create consistency across the board.
  • Staff Involvement – Who better to help create a CRM plan than the staff that is regularly in communication with clients and customers? When you are ready to start strategizing, involve everyone in your collaboration. If you have a large organization, it can be a good idea to create a survey asking pertinent questions about how to approach topics. Include a place in the survey for additional suggestions, as you never know what you could be overlooking. Not only will you be able to cover all of your bases, but your staff will be happy to feel involved.
  • Mission – When setting your CRM mission, keep in mind company goals as well as smaller “department level” sales goals. When an objective is present, you can measure success and make changes to a plan as needed.

If you’re able to implement at least one of the actions above, you know that you are on the right track. If you can integrate all of them, you are on your way to superstar growth. Your company will reap great benefits.

Can You Render Better Services to Customers by Reaching Out Like This Bank?

SBI is the largest bank in India. They are applying CRM technology to bring banks and customers together into immediate and close relationships. A case study conducted by Rayalaseema University and ICBM, shows that the SBI treats their customer relations as more than technology, and more of an attitude and concentrated behavior. By reaching out to all bank members and other consumers, not just those with the most return on investment, this bank has seen large, measurable growth in their income as well as membership numbers. They used the word “democracy” to describe their set of tactics.

You can follow their lead by making sure that your strategy includes and is influenced by all consumers – both hot and cold leads, those who have purchased your products and services as well as those who haven’t yet. Facilitating a unified relationship between members of an organization and consumers one of the most highly beneficial assets that technology can bring. In this way, your CRM tactics will enhance your brand image and make your company approachable and enjoyable to be a part of.

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This is How to Use CRM to Boost Sales, According to Retail Outlet Data

The Department. of Management Studies, Sri Venkateswara College of Engineering & Technology took a look at selected organized retail outlets in order to comprehend multiple facets of the CRM frameworks utilized. They found that many of the companies were not leaving their customers with the level of satisfaction that they expected (You didn’t expect that, did you?). These particular stores were not utilizing their technology to it’s full advantage. So, the study included a list of suggestions, based on the information that they had gathered from the outlets.

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The suggestions included items such as responding quickly to clients’ grumblings and maintaining adequate information on hand about available inventory. Here’s what you can learn from this: Don’t wait for a specialist to analyze your customer data. With modern technology, you have access to complaints at your fingertips. Keep an eye on your customer data in your analytics dashboard and take note of any and all issues that arise. If a hurdle or dissatisfaction comes up more than once, that is an indicator that it’s time for you to implement changes in the way you approach the relationships your have with your customers.

Related: 4 Ways CRM Makes Small Business Employees More Productive and An Extensive Sales Stack for Current Business

In Conclusion

The fact that you have access CRM technology is not an isolated indicator that you are going to have improve relationships with your customers and target market; you must leverage the tools in a strategic way. Use CRM platforms in a way that shows what you’re learning from the successes and mistakes of yourself and others. Start applying what you’ve learned today for increased sales success. 

Related: 6 Sure and Simple Ways to Internationalize Your Business