The drive to increase sales, make budgets work harder and achieve higher returns sits at the core of the sales and marketing world. And whether you have an in-house sales team, or outsource to a third party, being able to take an evolutionary and dynamic approach is the difference between success and failure.
Use data as your launching point
Insight and data are truly the enablers for an organisation to reach its goals. But they must be used effectively to get the right results. To develop the most successful strategy, analysis should work on two key levels, macro and micro. Consolidating market or channel analysis alongside in-depth customer knowledge will deliver the insight required to ensure you focus on the most profitable customers to increase your revenue in the long term.
Segmentation of your database can be based on two axes – scale and relevance. The scale is the measure of current performance and relevance is the measure of potential. By looking at both, you eliminate the risk of de-focussing on customers whom actually hold a lot of potential for you, but for whatever reason are not delivering on that potential right now.
Using your resources more effectively
When it comes to deploying resources, ongoing analysis also empowers you to make better decisions. Through better customer and prospect management, tailored to each customer, you can deliver the most return whilst remaining mindful of the ‘cost to serve’.
Refine your contact strategy going forward
In addition, selecting a contact type doesn’t need to be a one-off decision that leaves the customer either sat in a face to face team or a telephone account management team. Instead, the contact methods should be applied as and when relevant for that customer, depending on where prospects sit within the buying cycle and their propensity to purchase.
The ability to blend face to face, virtual account management, phone, live chat and email seamlessly and efficiently is another key driver for success. If applied correctly, the whole team can be managed centrally by one account team, executing all contact strategies under one roof. When compared with running standalone activities via in-house and third-party agencies, the cost of the overall operation is considerably less.
Increase efficiency with Virtual Account Management
Blending the best of a personalised face to face approach with cost-efficient flexibility, incorporating Virtual Account Management into your hub of contact strategies, can make your budget work much harder. Whereas there may always be a need for face to face or telephone interaction, whether that’s due to size, complexity, historic contact or simply customer preference, the Virtual Account Manager, using technology to support video meetings, can provide the same level of knowledge, expertise and relationship building as a full face to face account manager. What’s more, as well as saving the time and cost of driving to meetings and reducing your business carbon footprint, more efficient practices mean that on average virtualised account managers can complete 24 appointments per week – a threefold increase compared to using traditional field-based account managers.
Whatever the mix of contact methods, the benefits of housing digital and human interactions across every touch point via one CRM system, are far-reaching. Those companies who get it right – creating a single, holistic view of the customer to drive fully tailored propositions that build better brand experiences – will benefit from increased sales and higher returns. Which in turn, can be translated into getting more for every £1 invested.
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