Competition in the dynamic manufacturing space is getting stiffer and businesses need the right solutions to streamline customer relations and improve the sales pipeline. Here’s what you can do.
CRM Software for Manufacturing
In this post, we delve into the key ways in which CRM software for manufacturing can improve sales processes and foster consistent growth.
First, let’s take a look at the bigger picture. Over the past few years, a lot has changed in the manufacturing industry. Back in the day, the scene only had a handful of key players. Customers would attend conferences to get information about products and set agreements. However, the barriers to entry have dropped already and there are lots of smaller players fighting for the market share. They are challenging the status quo and getting a piece of the action as a result.
Regardless of the business size, it is now becoming more crucial than ever to find ways to connect with the customer or risk losing to the competition. Instead of touching base with clients during events, successful manufacturers now need to be in constant touch 24/7.
Not only does CRM software for manufacturing make that possible but it also gives empowers you to make progress in the sales pipeline and convert that into great performance. How? Let us find out.
Ways in Which CRM Software for Manufacturing Enhances the Sales Pipeline
There are many ways in which CRM software for manufacturing can improve your sales pipeline. Take a look at the topmost benefits it can yield:
Better Customer Service
As the name suggests, the key purpose for the existence of CRM software is improving customer relations. For a business to retain its customers, the fundamental rule is to keep them consistently satisfied. The rule applies regardless of the industry in which a business operates, and the manufacturing space is no exception.
From time to time, customers will be dissatisfied, and every successful manufacturer needs a strategy to restore their confidence. CRM software contributes significantly in this regard. It helps you know exactly who your customers are, their current situation as well as where they are headed.
With this information, it is possible to anticipate their needs and respond promptly to their issues. In turn, this amplifies the chances of customer retention for the long haul.
Effective Lead Management
One of the unique aspects of the manufacturing sales cycle is that it is notoriously long. It could take months to successfully convert a lead and make a new customer. The longer a sales cycle is, the higher the possibility of losing leads along the way.
This is where CRM software for manufacturing comes in. Such software offers clarity on the steps you need to take at any point to edge leads further on into the cycle. More importantly, it makes it possible to identify high quality leads (HQLs) and focus more attention on them.
Focusing efforts on a lead who has a high likelihood of conversion often pays off more than simply aiming wide and hoping for the best. CRM tools track lead interactions and responses and pinpoint those who hold promise. It could be based on the number of emails they open or the number of positive calls made.
Ultimately, the goal is to ensure that the sales team targets this group and turns them into customers.
Improved Market Segmentation
Marketing in the modern day starts with scanning the general public to identify potential buyers and take note of their use cases for a product. Customer segmentation essentially involves categorizing customers in small groups on the basis of shared characteristics.
After placing target customers into such chunks, you can better target each group with tailored marketing materials for best results. CRM software collects all customer data, analyzing it for trends and patterns. Thus, it allows you to segment leads without any guesswork.
At the same time, when leads convert, it lets you calculate the lifetime value of each group. Knowing which groups have the highest lifetime value is a great resource in determining how you relate with them. Similarly, it becomes possible to identify low-value groups and work on improving this.
Improving Deals Won Numbers
The most effective way to keep improving the sales pipeline is to find best fit clients. And that is yet another way in which CRM software for manufacturing can help. With such tools, you will get insight into the data you need to determine if a customer is yielding revenue or racking up overheads.
You will also be better able to get your timing right, which makes a world of difference in closing and losing deals. CRM tools will let you know the position of a lead in relation to the eventual sale and this will determine how to engage different leads.
While some are possibly just gathering information and making comparisons, others could be set to get a quote and sign a contract. The right tool will help sales reps to avoid being too eager or hesitant when developing leads.
Higher Accuracy in Sales Forecasting
In the manufacturing business, sales forecasting plays a more fundamental role than in most others. Forecasting accuracy goes hand in hand with identifying and optimizing new opportunities to enhance the supply chain. In turn, this can make a difference in savings, possibly in millions.
Every successful manufacturer bases the production on sales. Without accurate information on sales projections, planning production becomes like firing shots in the dark. The benefits of planning production efficiently trickle down into budgeting. And having an accurate budget to work with is central to the success of any enterprise.
A second way in which sales projections assist in improving the sales pipeline has to do with customer buying patterns. When you recognize each of your customer’s peak and downtimes, you are better able to tailor efforts accordingly.
During a customer’s peak order time for instance, it is easier to cross-sell and up-sell than it would be at any other time. Additionally, during low season, you can reach out more so as to try and increase their odds of ordering. Probably, all they need is a discount to boost morale and get the wheels turning.
Sales Pipeline Visualization
We cannot overstate the importance of being able to visualize the sales pipeline from end to end. Manufacturers require a highly detailed and clearly defined pipeline and CRM software for manufacturing offers.
Not only can you codify the sales process so as to ensure maximum productivity from each sales rep but you can also take note of and plug holes before you lose your customers to the competition.
The world is going mobile and the manufacturing industry cannot dare to remain behind. Sales reps are out in the field and spend minimal time behind their desks. While out there, they need tools to allow them to reach optimal productivity and CRM software can offer plenty of that.
Mobile-friendly CRM tools make it possible for a rep to approach a lead armed with full information. They are thus better able to complete deals while at the same time enhancing relationships with customers.
With these tools, they also enjoy flexibility as they can quote on site and access all kinds of information from the database on the go.
Drive Your Sales Pipeline to New Highs with CRM Software
CRM tools have what it takes to help you retain existing customers as well as attract and convert more prospects than ever before. It brings out the best in your relationship with customers and gives your reps higher odds of success.
Notably too, the value of these tools does not end when you make a sale. Rather, they play out throughout the sales pipeline, enhancing performance and driving gains. In the long run, the simple advantages they give can turn into the competitive differentiator you need to stay ahead of your rivals.
Regardless of the scale at which you operate, getting the right CRM software for manufacturing holds the potential to create a world of difference.
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