What makes CRM software perfect for Sales Process, lets study the secrets of the science. At a time when the CRM market was already flooded with more than 240 CRM software products, ConvergeHub entered into this 22 year-old industry, in the year 2013. Obviously, the big question that popped up was:
Will it find a substantial place in this market that is already filled up to the brim?
Surprisingly, within two years of its launch, ConvergeHub has acquired an impressive customer base, spanning different regions across the world. So what new has ConvergeHub brought to the party?
ConvergeHub has expanded the functionality of CRM that was traditionally only limited to Customer Service. It has brought Sales, Marketing and Collaboration along with Customer Service in ONE powerful, unified, easy-to-use platform.
In reference to an article published in Find Accounting Software, let us take a detailed look at the different features that CRM software ConvergeHub provides, specific to SALES:
1. Lead Management
Every business diligently runs marketing campaigns in the pursuit of new customers. However due to improper lead management process and tools, very few of them are successful to convert these leads into paying customers. ConvergeHub empowers businesses to manage the entire leads’ life cycle – that includes:
- Lead Generation
- Lead Assignment
- Lead Tracking
- Lead Scoring
- Lead Conversion
- Lead Volume & Quality Analysis.
Together, these stages ensure that every lead is rightly tracked and nurtured to get converted into revenue generating account. With the pervasive use of ConvergeHub, sales managers experience effective generation, management and tracking of new sales opportunities. Overall, ConvergeHub’s Lead Management helps them improve their sales process and increase revenue numbers.
2. Cost per lead
Sales аnd marketing аrе closely interlaced. So although Cost per Lead is a marketing KPI, even the sales team require this piece of information to measure their profit. Using ConvergeHub, sales managers can find the cost per lead without the help of marketing team. With the entire campaign details available in the ConvergeHub repository, sales managers just need to check the budget of the campaign, and divide it bу the number оf leads generated.
For example: If the budget for a campaign is $3000 аnd the leads generated out of it are 100, then cost реr lead іѕ $30. Easy and Accurate!
3. Lead response time
The primary obstacle that prevents any business to convert a lead into a customer is late follow-up.
- That is why, ConvergeHub enables businesses to set assignment rule for lead generation activities. So when leads are generated from web to lead forms, they get automatically assigned to the sales agents in ConvergeHub.
- In case of email marketing campaigns whenever leads perform the desired tasks (example – Click on the URL/Download the eBook/Submit the form) – it automatically shows up in the sub-panel of the leads details page.
In both these cases, sales agents are empowered to contact the leads within minutes and capitalize upon the moment. Faster lead follow-up process increases the chances of conversion and prevents leads slipping through the cracks.
4. Lead qualification rate
ConvergeHub enables managers to define the sales process for every lead. Each of the phases in the sales process has a number of days fixed by the sales manager. Depending on the performance and behavior of the leads, they are qualified to the next phase either within the fixed time span or before/after it.
Looking at the number of days taken by each lead to progress from one phase to another, sales managers calculate the average lead qualification rate. Based on this insight, they make modifications to the sales process.
5. Action response/success rates
Multi-channel communication has changed the way we do business today. However, the success rate of each channel is not same. For example, customers of Business A might prefer communicating via emails, while customers of Business B might like direct face-to-face meeting.
ConvergeHub empowers businesses to identify their most successful communication channel. In the ‘Comments’ section of the leads’ pages, sales agents update the details and outcome of the calls, emails and meetings done. By checking there, sales managers can get an exact idea of the success rate of each channel. They can accordingly instruct sales agents to use the ones that appeal the maximum to the leads.
For example: Sales manager John checks the comments section of 10 leads. He finds out that 8 leads who had direct meetings with sales agents moved faster to conversion versus the others. Now he can immediately ask his sales agents to emphasize more on meetings.
6. Activity
ConvergeHub’s sales process provides an exclusive interface, to list the activities for the conversion of a prospect to a customer. Sales agents simply need to follow the steps mentioned in the sales process and tick off the activities as and when completed.
On the other hand, the sales managers can look at the sales process to get a clear view of the completed and pending activities. They can also track the movement of the leads from one phase to another. Based on the progression of the leads, sales managers can evaluate the performance of the sales activities and increase/decrease/remove them out of the sales process.
Result: Sales agents only use ‘effective’ tactics to hit the desired sales fast.
7. Quotes/proposals
ConvergeHub is equipped to function as an Online Billing Software. It offers a specific Billing module that includes three sections – Products, Quotes & Invoices. Using this, sales managers can perform the following activities:
- Create Quotations and Invoices
- Keep track of Overdue Invoices to get Payments Faster
- View Invoice and Quotations History anytime for reference.
In addition to the billing module, ConvergeHub offers a seamless integration with
QuickBooks Desktop and QuickBooks Online.Once businesses integrate their QuickBooks account within ConvergeHub, they can access information about their customers, products, invoices and payments inside the CRM. There is absolutely no need to switch to QuickBooks.
8. Sales/revenue
ConvergeHub understands the importance of an accurate view of sales revenue. That is why it offers one central place to view, update and take action with deals. Anytime, anywhere, sales managers can refer to the Deal Listing Page and perform the following actions:
- Filter the closed deals to find the exact monthly revenue
- Check the Sales Stage of all the deals to know how many are close to winning
- Follow all the deals as they move through the sales pipeline
- Edit or Delete any deal from the CRM database.
9. Sales Cycle Time & Close rate
ConvergeHub’s Deal Details Page includes the Creation and Closure date for all deals. These two facts makes it very easy for sales managers to calculate:
- Frequency at which deals are getting closed
- Average number of days that are being taken to close a deal.
In addition to this, Sales Managers can also use the Deal Details Page to view:
- Log of every action taken towards closing a deal
- Comments, notes and tags posted by the sales agent
- Associated Contacts, Products, Documents, Partners and Tasks.
Based on these insights, sales managers can spot the loopholes in the sales process. They can implement strategic steps to generate the best possible conversion rate.
10. Total customer acquisition costs
Often most CRMs use third-party applications for running marketing campaigns. Later they insert the newly-generated leads into their database. However, this is a confusing process and prevents businesses to accurately calculate Customer Acquisition Cost (CAC).
ConvergeHub is a select CRM software that offers a complete handshaking of marketing and sales activities. It allows businesses to perform all their sales and marketing activities within its platform. So they can run marketing campaigns, nurture leads and convert them into revenue accounts – all inside ConvergeHub.
This ensures that businesses get details of all sales and marketing activities within the CRM and accurately calculate Customer Acquisition Cost (CAC).
For example: A business can use ConvergeHub to do the following calculation:
Budget for a campaign – $10,000
Leads generated – 10,000
Out of 10,000, leads that showed interest is 20% (that equals to 2000 leads)
Out of 2000, leads that got converted into Sales is 10% (that equals to 200)
Therefore, Cost per Customer is Total Marketing Cost divided by Total Customers Acquired – 10,000/200 = $50
11. Expected customer value
ConvergeHub offers ‘Sales by Account’ as one of the pre-defined report templates. This report provides businesses a real-time snapshot of the amount of revenue generated by each existing customer. By analyzing this historical purchase information of the existing customers, businesses can easily calculate the expected revenue from new customers.
Report Views
1. Period-to-period comparisons
How much revenue did the business generate in this month? Was the revenue same to the last month or more? How much has the revenue increased from the last couple of months? These are a few critical sales questions every business has.
ConvergeHub lets businesses get answers to all these questions in minutes, through its reporting module. As per the requirement, sales managers can generate customized monthly sales reports or sales reports spanning specific periods. These simple insightful reports can then be securely exported to CSV/PDF formats and placed side by side for quick comparisons.
2. Goal-based tracking
ConvergeHub is in the process of building leader-board functionality within its CRM platform. This feature will help sales managers keep track of the sales quota and motivate sales agents through goal-setting.
3. Attribution based reporting
ConvergeHub helps sales managers decode the most critical sales metric: Revenue-per-sales-rep. Sales managers are just required to generate a Summary Report of Deals and choose Sales Agent as the ‘Group By’ option.
Drilling down the report data, sales managers can identify the best, average and worst performing sales agents. They can conduct training sessions to transform the entire team into an efficient selling machine.
4. Product/service type
Many businesses want to measure revenue by product and service types. Doing this manually is tedious and time-consuming. However, ConvergeHub empowers sales managers to get Revenue Report by Product type in a few minutes. Sales Managers just need to generate a Summary Report of Deals and choose Products as the ‘Group By’ option. In a flash of a second, they get a detailed report with highly visual Bar, Pie, Donut or Line charts.
What’s best: Reports can be shared with the top management for better decision making.
5. Lead source filtering
Lead Source Filtering is one of the six dashlets available on ConvergeHub Dashboard. It includes a pie chart view of the different marketing channels. Hovering the cursor on each channel shows the total number of leads generated from there. ‘Leads By Source’ as one of the dashlets enables businesses to get a quick concise view of the most profitable marketing channels. Accordingly businesses can emphasize more upon these channels for greater lead acquisition.
Conclusion
Having cited all the pointers, ConvergeHub can be rightly called as a sales CRM since it delivers to all the crucial requirements of sales management. With eleven compelling features and five report views in-built in the platform, it stands as a one-stop solution for sales managers who wish to work smarter and faster; and TURBO-CHARGE the entire sales process. Right? Or do you wish something more from ConvergeHub platform?
Drop in your comments below –
2. Find a lead in LinkedIn, Facebook, Twitter or Google+.
3. Click on ConvergeHub icon.
4. Provide ConvergeHub User name, Password and API Key (required for the first time). (For API Key, log in to ConvergeHub and get it from Security settings under Account settings).
5. Details like Lead’s name, phone and email address get automatically filled up.
6. Add a Description of the lead.
2. Click on Add New.
3. Define the Rule Name.
4. Select the Module for which the assignment rule will be applicable. (In this case we have chosen Leads).
Once the users are selected and added, they will appear in the Assignment Rule form:
7. Click on Save.
ii. During New Lead creation by Automation, select Round Robin Assignment Rule in the Assigned To field:
Leads that get imported in bulk or get generated via automation will be automatically assigned to the users based on Round Robin system.
2. Check the history tab in the subpanel of the (lead/contact/account/partner) details page. The history tab will initially show the email’s status as ‘sent’.
3. After a few minutes the status will automatically turn to either ‘Delivered’ or ‘Bounced’.
4. For an email delivered successfully, its status will automatically change from ‘Delivered’ to ‘Viewed’ after it is opened by the recipient.
4. Reply All and Forward
Whether you require writing emails with different fonts or with a lot of tables added to the email body – the possibilities now are practically endless. That is because, the new email editor offers a wide assortment of features. Some of the important ones include:
2. Check the history tab in the subpanel of the (lead/contact/account/partner) details page. The history tab will initially show the email’s status as ‘sent’.
3. After a few minutes the status will automatically turn to either Delivered or Bounced.
4. Reason will be given if the email bounces back.
#3 Transfer
2. Click on the option Transfer in the Action drop-down menu.
3. Select the new agent to whom you want to transfer the accounts.
4. Select the related information (present in the sub panel of the accounts) that you want to transfer.
5. Click on Save to complete the transfer process.
#4 Auto Login