It’s important for businesses to have access to data in their CRM. The more information they have, the more well-equipped sales teams will be when it comes to converting prospects into customers.
However, manually updating this data is time-consuming and, when not done properly, can lead to the CRM being populated with out-of-date or insufficient information. Additionally, getting hold of data in the first place can be challenging.
Integrating your company CRM with an outside source of data can help with these problems. By removing the need to manually update customer records, sales teams — and everyone in an organisation who needs access to a CRM — can work more efficiently.
The rest of this article will look at three ways business intelligence, such as that provided by Red Flag Alert, can help supercharge you company’s CRM.
Lessen the Effects of Lead Form Abandonment
Sales teams need data about leads to help them with the sales process. A traditional way to get this information is to ask for it on lead generation forms. However, studies show that the longer and more complex a lead generation form is, the more likely it is that the person filling it in will abandon the process. Lead form abandonment rates are reported to be at between 50 and 90 per cent.
Integrating your CRM with an outside source of data can reduce the negative effects of lead form abandonment. When a business knows it has access to in-depth data about all other companies, it can keep the data it asks for on lead generation forms to the bare minimum. This improves the chances of the form being completed and provides the sales teams with more all-important leads.
For example, instead of having a long list of questions, businesses need only ask for the information that will allow them to match the user to the data from the CRM. More in-depth company information – such as the number of employees a company has, the industry it operates in, and its revenue – can be added to the CRM later on.
Give Sales Teams Deeper Insight on Clients
Having more access to information about prospects can provide sales teams with far deeper insights than they would otherwise get. These insights can be used in several ways:
- As soon as they receive information about the lead, businesses can perform a credit check to see if the prospect is in a suitable financial position to pass due diligence. Being able to do this quickly will save time that would otherwise have been spent chasing a dead-end sale.
- Managers can use the data to group prospects based on characteristics. They can then create marketing materials and strategies that are likely to be effective for each group. For example, companies could use different pricing and messaging on their marketing materials for businesses in certain markets.
- Sales teams could identify challenges the lead may be dealing with, such as rapid growth or decreasing profit margins, and talk about how their product can help with these issues during meetings or sales presentations.
- Companies can identify financial issues, such as low liquidity, that may be stopping a business from committing to buy their product and try to come up with a payment solution that could be mutually beneficial to both parties. This could include longer payment terms with higher margins.
Increase Sales Force Productivity
Greater access to data within a CRM can lead to improvements in sales force productivity in several ways. This is especially important, as having a more effective sales team can lead to greater sales.
Research by The Hay Group shows organisations in the top quartile of employee engagement scores demonstrate revenue growth 2.5 times greater than companies in the bottom quartile.
- Data can point sales reps towards high-quality prospects, increasing the chances of their efforts resulting in sales and providing a morale boost in the process. Knowing the type of company most likely to buy means sales reps don’t have to spend time chasing sales with companies unlikely to make a purchase.
- Integrating data that automatically updates the CRM means sales teams are freed up from the time-consuming task of manual data entry. According to a study by HubSpot, this could save up to 5.5 hours per rep per week.
- Removing the need to manually keep a CRM up to date could also make reps more inclined to use the CRM. The same HubSpot report mentioned above suggests manual data entry is the number one challenge when it comes to CRM adoption.
- Linking a CRM with an API not only means sales reps won’t have to input data, but also means the data will always be current. This ensures reps are only working from the most relevant data, improving their sales efforts. This information can be used in several ways, from avoiding companies that have begun to experience financial trouble to allowing reps to spot company changes — such as growth — that may affect their selling strategy.
Red Flag Alert Data Can Supercharge Your CRM
The Red Flag Alert API allows businesses to integrate a company’s data into their CRM. This provides sales teams with the benefits listed above. Reasons why Red Flag Alert data is the perfect choice for your CRM include:
- It provides access to contact details, including 2.6 million telephone records and 900,000 business emails.
- Over 100,000 real-time updates are made to the data every day. This ensures everyone in your businesses has access to relevant, up-to-date data.
- The Red Flag Alert team is on hand to make sure the integration process goes smoothly and provides training to your team. This means businesses can get the most out of the data from the day they gain access.
- The data provides detailed information on every business in the UK, including in-depth financial information and an easy-to-read financial health rating.
- The data is GDPR compliant.
- Integration is easy with some of the most popular CRMs, including HubSpot, Salesforce, and Microsoft Dynamics.
To see how Red Flag Alert can supercharge your CRM, click here for a free trial.