Many leading research institutes, such as Gartner and Forrester, predict double-digit growth by the year 2020. This increase resulted in an industry valuation of over $ 200 billion in 2018.
Of course, every dollar earned requires a sale. Although small or consumer-focused software sales can occur without person-to-person contact, sales of business-to-business software require support from sales staff.
For sales personnel working with enterprise-level customers, the sales cycle may span months or a year. Those long deadlines make it difficult to know exactly when to reach a prospect, or what message to deliver for maximum impact. In addition, a single mistake can interrupt or ruin months of hard work by the marketing and sales departments.
Then, how can the sales team manage and nurture takes place effectively during a sales cycle? CRM can support business development in every industry but may have even greater value for software companies. Here are seven ways in which sales management software an important role in software sales:
CRM software gives access to the marketing team to generate more leads:
Where does visibility stop for the marketing team? Do marketers know the relative value of leads from an online form versus a tradeshow encounter? At some point, tracking the value of the clue is no longer a scale. A software sales CRM can help identify the most valuable marketing channels by following the lead from the initial contact to the conclusion of the sale.
Even for small software businesses, a long sales cycle can make it difficult to miss a lead source. A CRM not only removes guesses, but also eliminates manual input. In addition to reducing human error, an automated lead-generation process removes another tedious step required by sales staff.
Over time, in-depth knowledge about lead genesis can also support the development of marketing automation. Which messages are most influential for sales? And when should those messages be delivered? CRM Software data can help businesses deploy the right message at the right time – without any effort.
- Find out what it takes to get a client demo
There are several ways to get a client to try out a software product: ium freemium ‘model, testing, or in-person performance. The correct method varies depending on the software. For example, an electronic health record system may make the most sense to display in person, while a cloud-based accounting platform may be easier to provide as a time-limited test.
In any case, a customer demo often proves persuasive. Getting potential customers to request a product demonstration is a unique challenge for software sales representatives. Although text-heavy whitepaper or graphics may be sufficient for other products and services, those materials struggle to convey the interactive user experience of a software platform.
If software testing is the highest value action for a lead, then sales CRM can help sales staff reach that goal more often. By examining CRM data, the sales team can systematically review a series of interactions for a product performance. For managers, CRM data can help existing firms dismiss their subjective feedback as a data-backed recommendation to try new techniques or to abandon old habits.
3. CRM Software give accurate data analytic to help predictable success
Customer performance software represents a turning point in the sales cycle. However, there is always more interaction on both sides of the software demo. A CRM Software system can help pinpoint critical interactions that transition to the top-funnel that leads to salable prospects.
Similarly, a CRM can help identify appropriate follow-up talking points and timelines after a product test.Combines all data points during the process to create a complete picture of the sales cycle to help weaken points and highlight key contacts from start to end.
4. Data synchronization feature of CRM Software, that helps to share information one end to another end with in the company.
In a long sales cycle, it can be impossible to ensure that a single staff member is available to a customer at a defining moment. Months after the lead is created, the customer can call back for final confirmation of a product feature, or add last-minute to a larger contract.Similarly, large organizations may receive initial calls in call centers, distribute those to remote sales staff, then close the sale with a final call back to company headquarters.
In either scenario, many people have significant interactions with potential customers. Without a CRM sales system, companies risk having important information from the people who need it the most. A CRM Software can hold all lead information in a single, remotely accessible location. This means that client information is updated and available in real time to anyone working with the client.
A centralized repository is also helpful for customers. Easy-to-access client data streamlines their interactions with internal teams and helps build trust in the relationship.
5. Get data to support sales and revenue projections
The potential value a CRM Software can reach beyond immediate sales employees and managers. Over time, data in CRM can help predict sales and revenue in the coming quarters. This information is required for top level executives to make smart budgets and try to make decisions.
CRM for software sales can also identify major problems before identifying them. Changes or decreases in marketing budgets can dent high-quality lead generation. Or, a change in product features may cause a rapid reduction in retention rates. With the initial notice given by CRM data, officials can regain the budget or prepare in advance to deal with a possible recession.
- Identify the right time for a nymph
This is because they offer an on-the-fly expansion of features and scalability as business changes are required. For many in software sales, this makes initial sales a point for potentially lucrative fluctuations in the future.
The way a sales CRM provides data for the first sale can also help track up-time from time to time. This knowledge can then inform marketing and sales strategies for existing customers. In an optimal scenario, a CRM can help inform predictive marketing efforts that underscore the potential benefits of an enhanced version of the software such that a customer may experience a new pain point.
Likewise, software businesses can use CRM data to avoid upsetting satisfied customers when it can happen very quickly in a relationship.
- Know when to check on subscription service
In recent years, some of the world’s largest software providers have switched to the subscription model, which includes Microsoft Office and Adobe Creative Suite. From a sales standpoint, membership models focus on monthly or annual retention from a one-time purchase (with a possible repurchase in a few years or a later upgrade).
This change can put additional pressure on marketing and sales teams to maintain active dialogue to ensure client satisfaction. CRM Software can help identify the right time to uncover new features or remind customers of pending or lapsed upgrades.
A sales manager can also examine patterns in a CRM that positively or negatively affect retention rates. That knowledge can improve customer service rather than reactive. It can also help identify which types of clients may require special handling or guidance to support retention efforts.
The Value of a CRM for Software Sales
A more modern, granular approach requires deeper customer understanding on an individual and collective level.
Increasing consumer knowledge allows for smarter marketing that brings in more qualified leads and better manages those leads within the system. For managers working to improve the performance of their teams, the structured data housed in CRM ensures actionable, persuasive insights to roll out new sales strategies and measure quantitative progress.