Year: 2023

Customer service management: Exploring Key Benefits and Strategies

There’s no parallel to effective customer service management when it comes to building a brand. Despite this acknowledgment, for many companies customer support comes as an afterthought. In fact, according to a 2022 report, 54% of shoppers feel that customer service is treated as an afterthought by most businesses they interact with.

But, unfortunately, most of the growing SMBs fail to understand the benefits of customer service. Instead of adopting a proactive approach, they focus on other areas. And, most of the time, businesses falter. Implementing correct CRM strategies that are focused on agent empowerment companies can help companies strive for better profits. You can maintain buyers’ expectations and nurture customer retention.

It is crucial to recognize that exceptional customer service goes beyond word of mouth. It requires a deliberate and systematic approach that places the customer at the forefront of all interactions. Customer service management entails equipping support agents with the necessary tools, knowledge, and authority to address customer queries effectively and efficiently. It also involves cultivating a company culture that values customer satisfaction and actively seeks feedback to drive continuous improvement.

Companies can transform their support operations into strategic assets by embracing customer service management. Proactively engaging with customers, resolving issues promptly, and exceeding expectations can generate loyalty, positive word-of-mouth, and repeat business. Being all ears to customer feedback and leveraging analytics, companies can easily 

Rather than leaving customer service to chance, companies must adopt a customer service management approach. This strategic approach empowers support agents, prioritizes customer advocacy, and aims to exceed buyer expectations. This way, you can refine your CX strategy, foster loyalty, which further leads to your success in a competitive marketplace.  

Explaining Customer Service Management or CSM

CSM, or Customer Service Management, is the key ingredient that elevates your customer support from satisfactory to extraordinary! It revolves around developing effective strategies and techniques while harnessing the power of technology to offer proactive and timely assistance. No matter what communication channel you are using, an effective CSM allows you to achieve these goals.

Now, you might wonder why CSM holds such significance. The answer lies in its ability to transform the purchasing journey into a delightful and smooth experience, thereby nurturing lasting relationships and customer loyalty. At some point, customer service management becomes a deciding factor for the buyers to connect with a  brand. 

According to a 2022 report, 81% of consumers agree that a positive customer service experience enhances their likelihood of making future purchases.

Business Benefits of Customer Service Management

Customer Service management is a process- a detailed oriented process. And, a brand needs to do this at every touchpoint. It’s actually a  mechanism. If done correctly,  it provides a plethora of  advantages to businesses to acquire and nurture their customers. 

But, why is it a survival imperative for business? 

Let’s explore the benefits of CSM and how businesses can implement it to meet customer expectations.

  1. Enhanced customer satisfaction: A robust CSM system ensures customers receive prompt, reliable, and comprehensive assistance, resulting in a seamless experience.
  2. Increased customer loyalty: Who doesn’t want enthusiastic advocates? Excellent customer support builds trust and loyalty, which are vital for fostering brand allegiance.
  3. Improved brand reputation: The power of word-of-mouth is unparalleled! Satisfied customers often become brand ambassadors, sharing positive experiences within their networks. This elevates your brand’s reputation and naturally attracts new customers.
  4. Revenue growth: Happy, loyal customers drive repeat purchases and increase customer lifetime value, propelling business growth and surpassing competitors. Notably, companies with exceptional customer service management tend to outperform financially.
  5. Employee satisfaction and retention: A well-structured CSM system cultivates growth, learning, and collaboration, making employees feel valued and reducing turnover. After all, more than six out of ten customers switch to a competitor after a single negative customer service experience. The impact is significant!

After all, effective customer service management is not merely a luxury; it is a necessity for businesses aiming to thrive in today’s fiercely competitive landscape.

What are the Best Strategies for Effective Customer Service Management

Ready to elevate your game in the CSM space? Let’s dive into these five key strategies and that’s it. 

  1. Be ears to the customer feedback: Customer feedback is invaluable! Knowing your customers’ thoughts, suggestions, and complaints helps identify improvement areas and lead to 100%customer satisfaction. Encourage them to share their experiences through surveys, social media, or review platforms.
  1. Educate & empower your customer facing team: Give your customer service team the authority and resources they need to handle inquiries and resolve issues effectively. It helps them with decision-making power, access to relevant information, and unwavering support. This empowerment leads to faster resolutions and happier customers.
  1. Provide timely and accurate information: Customers value quick, reliable, and accurate information. Ensure your customer service representatives are well-informed about your products, services, and policies to deliver clear answers. Establish guidelines for prompt responses across all communication channels. The faster your response rate, the better your customer experience.
  1. Implement a CRM software: A robust tracking system is crucial for managing customer interactions and monitoring performance. Utilize CRM software to keep track of customer interactions, ensuring nothing falls through the cracks. This enables seamless communication, easy access to customer history, and more efficient problem-solving.
  1. Encourage research and development: Prioritize training and development for your team to keep them knowledgeable and ready to impress. Regular programs will keep them updated on industry trends, product updates, and best practices, enhancing their skills and job satisfaction. The result? Improved customer experiences and a cohesive team.

Your customer-facing team should practice these on a daily basis to excel in  Customer Service Management. Thankfully, at ConvergeHub, we recognize this and make solutions for exceptional customer service. 

Decoding Customer Needs

The needs of customers are constantly changing, and these changes are particularly influenced by the stages customers go through in their relationship with your company.

Most customers who reach out to you would have already conducted some research.They are already aware of the product features, what you do and have fundamental understanding. However, you may also encounter customers who are specifically seeking a particular feature or functionality. For instance, a furniture buyer might be interested in chairs with a specialized type of back support or cushioning.

Customer service teams must possess a thorough comprehension of the various products or services offered by their company. In this way, they can help customers find the product they would need but unfortunately they were indecisive.  Additionally, they should be knowledgeable about the offerings of their competitors and be capable of justifying their pricing.

How Customer Service is  Perceived by the  Managers

Managers these days have already understood the lifetime value of customer relationships. This entails cultivating loyalty, promoting customer retention, cross-selling complementary products and services, and expanding their offerings to meet a wider range of customer needs. These strategies collectively contribute to the overall customer equity. In fact, considering the  substantial expenses associated with acquiring new customers is often higher than the costs of retaining existing ones. At this phase, companies rely most on  customer service, so that they can develop a loyal customer base who become your brand  advocates. 

Proactive Customer Service Leads to the Growing Marketing Opportunities 

Honestly, customer service is the most effective yet affordable investment for your business. Proactive customer service  goes much  beyond merely solving customer issues.  Instead the approach should be more about taking initiative to reach out to them even before they are aware of any problems. This way you may show your clients that you are committed to removing any barriers that might interfere with their ability to use your services.

Proactive customer service, however, serves a broader purpose beyond customer satisfaction. Additionally, it can be used as a potent marketing tool to introduce and advertise fresh goods and services. For instance, your customer support team can alert customers in advance if you create a new feature that fixes a prevalent issue with your product. It’s like  staying connected with  your customers through thick and thin.  

Using your All in One CRM or ticketing system, they can identify customers who have previously encountered this issue, communicate with them through the service ticket, and introduce the new feature along with its benefits. This approach is undoubtedly more impactful than a traditional sales pitch. In this  approach, your customers get the feeling that your service representative is someone they can relate to when it comes to understanding their problems. They are not just  troubleshooting assistants for the customers.

Wrapping Up

Recent data highlights the increasing importance of proactive customer service. In today’s fast-paced digital era, customers across all industries have become accustomed to swift resolutions and now expect customer service teams to be prompt in addressing their concerns.

A staggering 90% of customers consider an “immediate” response as important or very important when they have a customer service inquiry. Furthermore, 60% of customers define “immediate” as a response within 10 minutes or less.

There is no denying the transformative power of a  customer service team is shaping your company into its finest form. Their adeptness in direct communication with customers has the potential to revolutionize your business and expand your loyal customer community.

All about CRM for Equipment Leasing Business

For the equipment leasing business, the biggest challenge is to deal with customers and keeping a track of the entire transaction. But, before implementing an enterprise CRM solution, it’s important to understand the business model of equipment  leasing.

The Equipment Leasing Business operates on the basis of renting out the expensive equipment to the companies. Exorbitant costs are associated with equipment acquisition and maintenance. Moreover, with the rapid pace of technological advancements, equipment becomes outdated or inferior shortly after being acquired.

 Recognizing these challenges, many small business owners choose the alternative of leasing equipment. Leasing allows them to avoid substantial upfront costs and the burden of ongoing maintenance expenses. By opting for equipment leasing, businesses can access the latest technology without the risk of obsolescence, ensuring they stay competitive in their respective industries.

Leasing provides several advantages over buying or purchasing  equipment. One of the biggest achievements is to lower monthly payments that are spread out over an extended period, as opposed to a large upfront payment. Additionally, commercial equipment leases often include service agreements or add-ons, alleviating concerns for business users and eliminating the requirement for in-house technicians. These service provisions ensure peace of mind and enable businesses to focus on their core operations without the added responsibilities and costs of equipment maintenance and repair.

How CRM arrives as a viable solution 

The usage of a CRM Software in the  equipment business streamlines a lot of administrative tasks that help in day-to-day operations of equipment leasing. 

  1. Streamlining Reservation and Pricing Models: Efficiently managing complex reservations and pricing models is crucial. A well-implemented CRM software helps equipment leasing businesses streamline these processes, ensuring accurate reservations, dynamic pricing, and transparent quoting for customers.
  1. Monitoring Equipment Availability: Tracking equipment availability in real-time is essential to avoid conflicts and ensure efficient scheduling. CRM software provides a centralized platform where leasing professionals can manage and update equipment availability, allowing for seamless coordination and preventing double bookings or delays.
  2. Facilitating Equipment Returns: Managing equipment returns can be a complex process, involving inspection, documentation, and inventory updates. CRM software simplifies this process by providing a structured framework to manage returns, track return dates, assess equipment condition, and handle necessary paperwork.
  1. Maintaining Equipment Maintenance History: Keeping track of equipment maintenance history is crucial for optimal performance and customer satisfaction. CRM software enables equipment leasing companies to maintain comprehensive maintenance records, including service dates, repairs, and any warranty information. This helps in proactive maintenance planning, ensuring equipment reliability and minimizing downtime.
  1. Tracking Equipment Utilization: Understanding how equipment is being utilized is vital for making informed business decisions. CRM software offers tools to track and analyze equipment utilization rates, providing insights into usage patterns, peak periods, and opportunities for optimizing equipment allocation and pricing strategies.
  1. Delivering Consistent Customer Service: Providing excellent customer service consistently is a key differentiator in the equipment leasing industry. CRM software facilitates effective customer service management by storing customer information, communication logs, and preferences in a centralized database. This enables leasing professionals to deliver personalized service, track customer interactions, and promptly address inquiries or issues, resulting in enhanced customer satisfaction.

Enterprise CRM Solutions Accommodate Shifting Customers  Trends

Adapting to evolving customer demands is crucial to maintaining a competitive edge in the equipment leasing industry. As market dynamics and customer goals change, it becomes imperative to stay ahead of the competition.

The importance of staying ahead is even more pronounced in the current landscape, as the leasing market continues to gain popularity. It is no longer just established competitors that pose a threat; smaller companies can emerge with innovative approaches to equipment rental and leasing. These newcomers might entice your customers with fresh rental models, potentially diverting their attention away from your business.

As you know the market is evolving rapidly and so are the purchase behaviors, it is essential to proactively monitor it. This helps you anticipate customer needs, and embrace innovation. By keeping a pulse on industry developments and leveraging customer feedback, you can identify emerging opportunities and swiftly adapt your leasing strategies. This might involve exploring new rental options, improving service offerings, or leveraging technology to enhance the customer experience.

However, a proactive mindset is required to keep up with the growing market trends. There must be an willingness to embrace change, and a commitment to delivering exceptional value to your customers. By continually evaluating and evolving your approach, you can not only retain existing customers but also attract new ones by offering unique and tailored solutions that set you apart from the competition.

ConvergeHub Equipment Leasing CRM features 

  • Seamless ACH Payment Processing

Effortlessly process borrower payments by utilizing the integrated ACH processing feature directly within the CRM platform.

  • Syndication Partners with a Reporting Portal for Deal Tracking

Enable syndication partners to have convenient access to a dedicated reporting portal that allows them to track their participation in deals.

  • Efficient Commission Tracking

Effectively monitor and manage commissions for various stakeholders, including sales professionals, brokers, lenders, syndicators, and other relevant parties.

  • Efficiently Manage Brokers, ISOs, Lenders, Syndicators, and More

Effectively oversee multiple brands, ISOs, brokers, lenders, syndicators, and other relevant entities with streamlined management capabilities.

Transforming Equipment Leasing Business with a CRM Business 

Lead Management

Efficiently managing leads is crucial for equipment leasing companies to stay competitive and close deals effectively. A All-in-one-CRM software provides robust lead management functionalities. It enables businesses to track, organize, and prioritize leads, ensuring that no opportunities fall through the cracks. Your equipment leasing  team can assign leads to the appropriate representatives, set follow-up tasks, and monitor progress at each stage of the leasing process. This leads to converting leads into successful leasing agreements.

Centralized Customer Data Management 

In equipment leasing, building and maintaining strong relationships with customers is vital. A CRM software enables equipment leasing businesses to store and manage customer data in a centralized database. This includes contact details, leasing history, preferences, communication logs, and more. By having a comprehensive view of each customer, leasing professionals can better understand their needs, preferences, and pain points. This valuable information empowers the teams of equipment leasing businesses to deliver personalized services, tailor leasing proposals, and provide a superior customer experience. Additionally, a centralized database ensures that customer information is easily accessible to all relevant team members, fostering collaboration and consistency in customer interactions.

Automated Workflows and Task Management

CRM software offers powerful automation capabilities that streamline equipment leasing workflows and task management. Leasing companies can automate repetitive and time-consuming tasks, such as sending reminders for lease renewals, generating quotes and proposals, scheduling follow-up calls, and tracking document signing. 

Automation reduces manual effort, improves efficiency, and minimizes the chances of missing critical deadlines or tasks. Furthermore, CRM systems can trigger workflow sequences based on specific conditions, such as notifying leasing representatives when a lease reaches its expiration date or sending automated emails to nurture leads. By automating routine tasks, leasing professionals can focus on high-value activities such as building customer relationships, negotiating lease terms, and identifying new business opportunities.

Smart Communication  Removing Silos 

Smooth communication and collaboration are essential for seamless operations in equipment leasing. A CRM system serves as a centralized hub where leasing professionals can access customer information, share notes, and collaborate on deals. This ensures that team members are well-informed about customer interactions, lease details, and progress. With easy access to customer data and communication history, leasing professionals can provide consistent and personalized service, regardless of who handles the customer’s inquiries or requests. Collaboration features in CRM software also enable teams to share documents, track deal status, and assign tasks, fostering effective teamwork and eliminating information silos.

Reporting and Analytics 

Data-driven insights are invaluable for equipment leasing businesses to make informed decisions and optimize their operations. CRM software provides robust reporting and analytics capabilities, allowing companies to generate comprehensive reports on key performance indicators (KPIs), lease pipeline, revenue projections, customer satisfaction, and more. 

Leasing professionals can analyze data trends, identify patterns, and gain a deeper understanding of their leasing business. These insights help management measure team performance, track sales effectiveness, and identify areas for improvement. For instance, analytics can highlight bottlenecks in the leasing process or uncover opportunities for cross-selling or upselling to existing customers. By leveraging CRM analytics, equipment leasing companies can refine their strategies, enhance customer experiences, and maximize profitability.

Wrapping Up

CRM software has become an indispensable asset for equipment leasing businesses seeking to optimize their operations and maximize customer satisfaction. Effective CRM software empowers the leasing companies to deliver exceptional service, close deals efficiently, and nurture long-term customer relationships. In an increasingly competitive landscape, leveraging CRM technology is essential for equipment leasing companies to stay ahead, drive growth, and achieve sustainable success in the industry.

The competitive landscape of the equipment leasing industry necessitates the utilization of CRM systems to stay ahead of the competition. Having a data-backed report about your business gives you detailed insights into customer preferences, shopping patterns and more. Thus, you can always deliver personalized services and exceed customer expectations. Streamlining lead management processes ensures that no opportunity is missed and allows for efficient tracking and follow-up, leading to higher conversion rates.

great questions

If you are a leader in your organization, it’s easy to assume that people look to you for answers… that you should have all the answers… and having all the answers is the only way to build people’s trust in your competence.

But in this day and age, when the world is changing so fast and so much is uncertain… having all the answers is absolutely impossible… and pretending do so fools no one and completely erodes trust…

I think in today’s world it is not necessary for leaders to have all the answers.
Instead, it is necessary for leaders to ask great questions.

Leaders today should ask bold inspiring questions.
Then convey that they don’t have all the answers.
And ask for help to find the right answers.

Asking these kinds of questions means admitting that you don’t know everything.

And that can make you feel vulnerable.

But that is exactly what makes people trust you and connect with you.

If done right, this can spark innovative thinking within the organization.

So, what makes a great question?

Well, that’s a great question 😊

Here are some characteristics of great questions:

  1. Broad and Bold – Broad questions about new opportunities or emerging technologies or customer’s unmet needs communicate a sense of ambition and long-term thinking which bolsters confidence in the organization.
  2. Involves others – Bold futuristic questions invite collaboration within the company, and often with customers and partners. It also inspires people to reach out for help when they need it.
  3. Encourages exploration – Instead of expecting full-formed complete answers, the question should encourage exploration and insights. These small moves build excitement as people begin to see progress.
  4. Contributes to learning – As early answers emerge, they should be shared and discussed. The purpose of these types of questions is not to find ground-breaking world-changing answers, but to make progress and generate new insights. This helps foster a culture of learning.

If you would like to know more about how ConvergeHub can help you drive innovation in your organization by tracking the right data and asking the right questions, talk to us.

Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.

Using BEANs to drive Innovation

How does innovation work in your company? Is there a set budget for it? Are there guidelines and projects and status meetings around it? How about results?

If your organization has spent a mini fortune on innovation and has seen zero results… well, you are not alone.

Across industries, one survey after another has found the same thing: Despite all their spending on innovation, businesses just aren’t getting the impact they want.

Why?

It’s mostly because every organization has certain day-to-day routines. And usually, these small routines and rituals stifle innovation.

This is a major challenge in most organizations, and BEANs are one way to hack this problem.

What’s a BEAN?

According to the Harvard Business Review article ‘Breaking Down the Barriers to Innovation’, a BEAN is shorthand for behavior enablers, artifacts, and nudges.

Basically, BEANs are tools, processes and interventions that help people change their behavior and reinforce new behaviors.

So, if your organization is struggling with innovation, change or digital transformation, try creating these little interventions or BEANs that will serve as constant reminders to implement the desired behavior.

Successful BEANs typically are:

  1. Simple – behaviors that are easy to adopt
  2. Trackable – can be monitored and measured
  3. Practical – doesn’t require major changes
  4. Reinforced – has reminders built in
  5. Fun – if it is engaging socially, people are more likely to do it
  6. Consistent – should be in tune with organization’s goals

In the coming weeks, we will continue discussing innovation and behaviors that encourage innovation in the organization.

Meanwhile, if you would like to know more about how ConvergeHub can help you drive innovation in your organization without increasing the cost,talk to us.

Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.

What is CRM Integration? Tools and Examples for your Business

As an entrepreneur you must have dreams to scale up. With technology advancement, SMEs are looking forward to embracing the technology and reaching new heights. If you are also on the same track and  planning on your business growth strategy, it is now possible through CRM integration. It helps enable seamless collaboration among all your applications to achieve a comprehensive customer perspective.

Does CRM Integration Scale Up Your Business?

Integrating a CRM (Customer Relationship Management) system is a strategic move for  companies across diverse industries. By leveraging this power packed platform, businesses gain deeper insights into their customers and their interactions. However, to maximize the benefits of CRM, seamless integration with the rest of your technology stack is the need of the hour.

According to HubSpot, a smart CRM integration helps in frictionless connection between all the software products you use. Also, it facilitates automated actions to empower your CRM software with enhanced capabilities. In the process, it eliminates the hassle of switching between different systems.

Does CRM Integration Strengthens Your Business?

An effective CRM system thrives on a sophisticated integration framework known as “Smart Integration.” By implementing Smart Integration, organizations can ensure the availability of accurate data at the right moment, while enabling automation and streamlined processes across ERP, social media, telephone systems, reporting software, mobile devices, calendars, and e-commerce platforms. This integration offers more than  mere connectivity and at the same time helps  enhance employee productivity and elevates the overall customer experience.

With Smart Integration, cohesive connections can be established between the CRM application and other peripheral systems like ERP or other cutting-edge applications. As a result, it is easier to get a holistic view of your business data leading to more optimized productivity.

CRM Integration Tool: What it Brings

A recent report by MuleSoft reveals that there are thousands of applications used by entrepreneurs. Starting from CMS and payment applications to marketing tools and ERP, the CRM platform of ConvergeHub can be well-integrated with everything. Moreover,these Software products are well accessible through various mediums, including on-premise hardware or software, as well as cloud-based applications.

ConvergeHub’s integrated platform brings an array of pre-built connectors for the most popular applications that can be connected with the CRM system. In addition, it also offers pre-built APIs and automated process integrations with zero coding requirements. The integration of the CRM platform can also serve as a workflow engine, serving as the primary controller or governor orchestrating workflows that are resident in ERP, CRM, and other systems.

Core areas of CRM Integrations to Bring Results

CRM integration results in significant business  benefits. But, it is crucial  to  do the integration with the right  platform to make the most of it.  Here’s a look at the finest CRM integrations and how it impacts your business.  Access, control, and gain visibility of your entire business process as well as your customer interactions  using the integrated CRM platform of ConvergeHub.  

CRM & Phone integration

CRM integration with the phone system helps capturing call details and contact information. In real-time they are stored in the CRM system for future reference and visibility. The integration provides caller ID and automatic querying of customer records directly within the CRM application. This makes the process more simplified and hassle-free  As a result, the CRM becomes a central hub for managing phone communications, ensuring seamless access to relevant customer information during calls.

CRM & Email Integration

Integrating the email system (such as Outlook or Gmail) with the CRM application enables seamless access to the internal email client UI. This integration empowers salespeople, as they can conveniently utilize email as their primary communication method directly within the CRM. By doing so, they have instant access to the relevant contact and account data, eliminating the need to log into multiple systems. Additionally, sales communication is made more efficient and productive with access to shared templates and sequences.

CRM Integrated with AI Chatbots

The prominence of chat capability continues to grow. By integrating the CRM with a chat program or embedding a chat feature on corporate websites or mobile applications, businesses can leverage chatbots to automatically generate leads from visitors or users. Integrating these chat communications results in prompt follow-up by real individuals, ensuring a swift response to customer inquiries and interactions.

CRM integration with Accounting Software

The seamless connection of the CRM with Accounting software results in effortless management of tracking and managing customer financial transactions. Moreover, the bidirectional data transfer helps entrepreneurs keep a tab on the customer interactions over financial transactions. It’s extremely beneficial for the sales and customer service department to primarily access financial data in real time during transaction, enabling them to make informed decisions and provide better support to customers. This integration also facilitates accurate revenue forecasting, financial reporting, and analysis by leveraging up-to-date customer and transaction data.

Business Benefits of Effective CRM Integration

  • It boost your customer relationship management capabilities

Forward-thinking organizations recognize that they operate within the realm of customer experience. They understand that it is no more about what you deliver to your customers but also how you deliver it. Marketers strive to place the customer at the heart of the business and concentrate on enhancing their overall experience.

Delivering a satisfactory customer experience may be relatively simple for a newly established business. However, as consumer interest expands and inquiries multiply, keeping up with the growing demand becomes challenging. Instances of missed orders, neglected phone calls, and billing confusion become more frequent. As your team expands, coordinating their efforts becomes increasingly difficult, compromising the quality of service for everyone involved. For the majority of businesses, integrated websites are essential to meet the expectations and deliver the necessary levels of customer experience.

  • Helps in perfect customer profiling

One of the major challenges in customer experience marketing is the lack of deep understanding about customers, which hinders the ability to provide relevant offers and personalized experiences. To overcome this hurdle, it is crucial to obtain a comprehensive and individualized view of customers. This requires breaking down data silos and ensuring that customer data is not limited to a single channel but encompasses information from various sources, including social media and other channels.

A smart CRM integration will result in getting a comprehensive and detailed understanding of your customers’ interactions with your organization. This includes tracking their journey from the initial inquiry stage to sales, communications, and ultimately their feedback. Such integration provides you with access to reliable and consistent information, enhancing your knowledge about your customers. Furthermore, it grants you improved visibility into their behaviors and buying patterns, enabling you to make more informed business decisions.

  • Lower Customer Churn

According to statistics, 68% of customers decide to discontinue their relationship with a business due to what is perceived as indifference. This happens, when you do not provide the much needed support to the customers- something that your customers deserve at any point of time. 

Monitoring customer satisfaction is the key component to nurture your customers and propel them up to the loyalty ladder. By closely tracking their satisfaction levels, you can actively guide them towards becoming devoted customers who consistently make purchases from your brand and enthusiastically advocate for your business through positive word-of-mouth.

  • Increased productivity at every stage

With a well-integrated CRM platform, you can get rid of the manual tasks of data entry. Gone are the days of exporting data from websites and importing it into the CRM, or the tedious process of manually copying and pasting information. The worst-case scenario of failing to capture data in your CRM altogether can also be avoided. A seamless integration results in bidirectional data flow, thus saving you valuable time which you can invest in core responsibilities.

By choosing an automated integration between the two systems, you can significantly reduce administrative overhead. The laborious tasks of manual copy and paste or exporting and importing data are eliminated, resulting in increased productivity. This streamlined integration allows your marketing and sales teams to allocate their time and efforts to more important activities, enhancing overall efficiency and enabling them to focus on other crucial tasks.

  • CRM integration results in consistent information

According to a recent research report by Ascend2, marketing influencers were asked about the most crucial objectives of a marketing data strategy. The top priority, with 62% of the respondents, was improving the quality of marketing data. Identifying such loopholes is  crucial as inaccurate data results in poor decision-making.

Integrating your website and CRM can greatly contribute to achieving your marketing objectives. Apart from reducing the time spent on entering basic data into the CRM, integration eliminates the risk of human error. Many small businesses initially rely on a mix of open-source tools for various activities, only to later face the need for a complex, error-prone, and time-consuming strategy involving manual data transfers between systems.

However, there is no need to endure such cumbersome processes when integration solutions are available for most popular CRM, ERP, and other tools. Additionally, you have the option to request customized integration that seamlessly connects your internal systems.

Final Takeaway

Smart CRM integration not only helps you enhance your productivity level, but also facilitates better customer relationship management at every touchpoint. Every action you take will be data-backed, which always leads to better customer relationship management with zero hassles.

6 Reasons for Implementing an Accounting CRM

The accounting responsibilities for your small business can quickly evolve into a complex and time-consuming endeavor. As your business expands, the intricacy of your accounting tasks increases. Tasks such as generating invoices, recording journal entries, preparing financial statements, and more become necessary.

Implementing accounting CRM has become quite popular in recent times. But an accounting CRM empowers you with  far more capabilities. According to a recent report by Mordor Intelligence, “the accounting CRM market is expected to reach $19.59 billion by 2026”. By employing Accounting CRM software, you can automate various stages of the accounting cycle, freeing up your time to focus on what truly counts- business growth.

A well-executed Customer Relationship Management (CRM) software effectively consolidates all your financial and accounting data. It also unifies all stakeholders of your organization, including clients, external collaborators, vendors, and suppliers. The outcome is simplified management of your relationships and interactions.

The Role of Accounting CRM Software in Business

Accounting CRM software serves as a valuable tool for accountants, bookkeepers, and business owners and the CPA firms, thus facilitating the management and automation of accounting transactions and business accounts.

The sole objective of an accounting CRM is to streamline various tasks within the premises of finance  and  accounting  transactions. For instance, it enables the automation of journal entries whenever a payment is made through the business account. Additionally, generating financial statements becomes effortless with a simple click, a task that could otherwise consume hours when using spreadsheets. According to a Sage Report, more than  45% of accountants adopt a CRM software for  automating repetitive, time-consuming accounting tasks, such as data entry and number-crunching.

While there are many different advantages of using an enterprise CRM, we will be talking about ten benefits of  implementing it. That’s how ConvergeHub empowers growing entrepreneurs in  the finance sector.  

  1. Access to Accounting & Financial Data Simplified

Cloud CRM software like ConvergeHub comes with enterprise-grade features that offers a clear advantage over traditional accounting systems, primarily due to its ability to provide access to data anytime and from any device.

With cloud CRM, you can conveniently implement  it on your desktop, laptop, tablet, or mobile phone. Through a cloud delivery model, you can  access  accounting data, no matter where it is located. All you need is a device with steady internet connection.

This feature offers numerous benefits for businesses, irrespective of their sizes. From drafting and sending out invoices directly to the stakeholders to checking the day-to-day transactions, everything is sorted with a cloud platform. Similarly, generating, viewing, and downloading financial statements and reports is a breeze with just a few clicks.

Gone are the days of requesting your accountant to prepare reports in advance. Simply log onto the platform, navigate to the Financial Reports section, and download the required financial statement hassle-free.

  1. Collaboration Becomes a Breeze with an Accounting CRM

Back then, users needed to make changes to a spreadsheet, save it on a USB drive, and distribute to the stakeholders. Later on, you personally need to ensure that your members are aware about the most up-to-date financial statements. Today, the scenario is different.

Accounting CRM software provides real-time access to accounting and financial data for all users. Simply by logging into the platform, users ( team members, vendors and the customers) can easily execute their tasks without any bottlenecks or wasted time.

The biggest advantage of the accounting CRM is  that  multiple users can simultaneously work on the same data on the same platform and in real-time. Plus, nobody will be interfering in each others’ tasks. This makes the entire workflow more process-oriented and streamlied.

Moreover, online accounting software allows you to grant different access levels to different users. This feature enables you to customize permissions based on specific accounting or bookkeeping functions that each user needs to perform, ensuring appropriate data security and streamlined collaboration.

  1. Simplified Client Data Processing

The process of “data collection” often comes with a massive influx of information, which can be overwhelming even for experienced accounting professionals. However, an accounting CRM system proves to be invaluable in such scenarios. It saves a significant amount of time by eliminating the need for extensive document searches or sifting through numerous columns in Excel spreadsheets to locate the required information.

An accounting CRM system enhances the efficiency of certified professional accountants (CPAs) through various automated workflows, including:

  • Providing a comprehensive view of all client information.
  • Automatically removing duplicated information.
  • Standardizing low-value processes for clients.
  • Eliminating repetitive tasks.
  • Implementing automated reminders.
  • Automatically populating known customer information in the system.

By employing these automation and data centralization mechanisms, you can leverage your data more effectively. It allows you to gain insights into your client base, improve your strategies, maintain seamless client follow-up, and have a holistic view of all your activities. These features are incredibly valuable for accounting professionals.

  1. Accounting CRM Makes Marketing Simple

Marketing and accounting often require access to the same information in order to enhance efficiency. By implementing an accounting CRM, these two departments can seamlessly collaborate on various sales, marketing, and management activities, among other tasks. ConvergeHub’s intuitive platform helps implement deep interconnections between these crucial business functions.

Let’s explore some examples of how marketing activities can be significantly improved through the use of robust and easily accessible accounting data:

  • Targeting and segmenting clients: Utilize accounting data to identify specific client groups and tailor marketing campaigns accordingly.
  • Integration of clients into the CRM: Seamlessly bring client information into the CRM system, allowing for personalized marketing efforts.
  • Analyzing advertising campaigns and generating reports: Leverage accounting data to evaluate the effectiveness of advertising efforts and generate comprehensive reports.
  • Automating marketing follow-ups: With accounting data readily available, automate marketing follow-ups to nurture leads and drive conversions.
  • Facilitating communication and coordination: Share availability, schedule meetings, and set reminders to ensure alignment and meet growth objectives.

Equipped with the necessary accounting information, marketing experts can more effectively assess the efficiency of implemented strategies. They can leverage improved key performance indicators (KPIs), create insightful dashboards, and enhance the return on investment of online marketing initiatives. Accessing the right numbers becomes effortless with just a few clicks!

Moreover, with a CRM in place, accounting professionals serving multiple clients can deliver superior service and foster customer loyalty. Automated features such as newsletter distribution and timely responses enhance the client experience. Accountants can promote their services effectively and elevate the satisfaction levels of the businesses that engage their services.

  1.  Time Optimization with Automation

Believe it or not, with an accounting CRM,  accountants and bookkeepers can reduce the majority of the manual and repetitive work. Because things are automated, hence time is optimized. Implementing a CRM software in your CPA firms can help automate invoice creation for each sale, tracking transactions and generating corresponding journal entries, and sending late payment reminders to clients. The pattern becomes extremely clear – many steps in the accounting cycle can be automated, and that’s where online accounting software truly shines.

To begin with, you can streamline the creation of journal entries by integrating your bank directly with your accounting software. This integration enables automatic generation of journal entries whenever a payment is made or received, ensuring proper mapping to the appropriate accounts.

ConvergeHub is empowered with  exceptional reporting features that help in in-depth financial reporting from start to finish (for example, generating a report on a specific day of the month) or setting up automated vendor payments.

However, at the same time it’s  pretty clear that all CRM software does not offer the same level of automation. If you are seeking accounting software that excels in automation capabilities, we recommend giving ConvergeHub a try. 

  1.  Superb Accuracy Level in Every Transaction

In the financial  transaction, maintaining accuracy is the biggest challenge. With an accounting CRM, you can get your accounting records consistently organized in a precise and meticulous manner. 

Remember those frustrating moments when you would spend hours trying to identify why the balance sheet failed to balance? Well, say goodbye to those exasperating times.

With cloud accounting software, any newly created journal entries that don’t reconcile will prompt immediate notification and highlight potential errors. This proactive approach alerts you to the issue before you even commit to it by clicking the submit button.

This simple example exemplifies how accounting software can immensely assist in maintaining accurate accounting and financial data for your business.

Another common accounting error that can be eradicated through the use of accounting software relates to data freshness. Picture a scenario where you are editing a spreadsheet or table that has already been updated, but you haven’t received the latest version. The task of merging changes from two separate files can be time-consuming and arduous. However, with online accounting software, such predicaments become obsolete, as all data is synchronized in the cloud.

Ultimately, the adoption of online accounting software ensures that your accounting records are impeccably organized and accurately maintained. Consequently, your financial reports will exhibit greater precision, enabling your team to make faster decisions and prioritize effectively.

The Takeaway Point

The exponentially growing data in the premises of the accounting and financial sector has made the requirement of an organized tool a business imperative. This surge in demand has fueled the need for enterprise tools such as CRMs and other BI tools. Statista reveals, revenue generated by an accounting CRM software is projected to experience a compound annual growth rate (CAGR) of 10.68% from 2023 to 2028. No doubt, it reflects the growing recognition of the value these CRM tools offer. Also, they made data available and relevant to drive business success.

Numerous startups and small businesses often shy away from utilizing CRM tools due to concerns about the associated expenses. This may include subscription fees, setup costs, training expenses, configuration requirements, and customer support charges. However, it’s important to recognize that leveraging a CRM effectively can actually lead to substantial cost reductions in client acquisition, customer retention, and support processes. By optimizing the use of a CRM, businesses can streamline their operations, enhance efficiency, and ultimately achieve significant savings in various areas of their customer management endeavors.

Xero & CRM Integrations That Are Popular in 2023

Gartner reveals that by 2025, more than 80% of the accounting firms will rely on an integrated ecosystem of Xero and CRM to  manage their day-to-day operations.

Are you also following the same path? Great , that you have made this decision. Because, that’s what can help you do away with the accounting roadblocks on a daily basis. 

Now, the question is why Xero and not something else. There are several products in the market with great features. Why does Xero stand out?

Xero stands as a highly sought-after accounting software solution for businesses, offering a range of impressive features like real-time transactions and customizable reports. However, imagine if you could elevate your Xero workflows and transform it into a comprehensive all-in-one system for your business.

The integration of Xero and CRM is a game-changer that enhances Xero’s functionalities, enabling you to achieve greater heights. In this insightful piece, we will delve into the ways in which the best CRM for xero integrations empower every business to accomplish more than ever before. Additionally, we’ll unveil the top Xero CRM integrations, providing you with a comprehensive overview of the most valuable options available.

1. Xero + ConvergeHub

One of the best CRM for xero integrations is ConvergeHub and it is undeniably at the top of our list, and for all the right reasons. In a recent announcement by Software Reviews, ConvergeHub was hailed as the most preferred CRM software, thanks to its exceptional functionalities, with integration to Xero accounting software being one of its highlights.

ConvergeHub stands out for its ease of use and scalability. It seamlessly grows with your business, amplifying the capabilities of Xero. ConvergeHub’s comprehensive CRM software is designed to streamline sales, marketing, invoicing, billing, and customer service, all within a single platform.

ConvergeHub boasts an array of impressive features that make it an outstanding choice:

  1. Built-in contact management tool: Effortlessly organize and manage your contacts in one centralized location.
  2. Sales pipeline management: Visualize and track your sales pipeline, empowering your team with effective sales strategies.
  3. Sales forecasting: Leverage data analysis and predictive tools to make accurate sales forecasts, optimizing your business strategies.
  4. Customization capabilities: Tailor ConvergeHub to suit your specific business requirements and branding, creating a personalized CRM experience.

Pros:

  • Exceptional user support: ConvergeHub offers high-quality customer support to ensure a smooth and efficient user experience.
  • Lead capture from emails and forms: Effortlessly import leads from emails and forms, saving time and improving lead management.
  • Advanced customization: Enjoy advanced customization options, allowing you to adapt ConvergeHub to your unique business processes.
  • Automatic email capture: Seamlessly capture emails and correspondence within the CRM, promoting efficient communication tracking.
  • Automatic tracking: Track various activities and interactions with contacts automatically, reducing manual data entry.
  • Mobile App: Access ConvergeHub’s features and functionalities on the go with their user-friendly mobile application.

ConvergeHub offers a free trial version, but the subscription plans are also quite affordable. Also, customizable plans are available for your requirements.

2. Xero + Salesforce CRM

Let’s move on to Salesforce, a powerful solution that effectively consolidates your company’s workflows to optimize sales and marketing processes. Leveraging cloud technology, Salesforce efficiently manages your customers, leads, vendors, and more, fostering streamlined operations. Salesforce and XERO together make one of the best CRM for xero integrations.

Salesforce empowers you to:

  1. Track customer activity: Gain valuable insights into customer interactions and behaviors, enabling personalized engagement and informed decision-making.
  2. View reports and analytics: Access comprehensive reports and analytics that provide a clear understanding of your sales and marketing performance, facilitating data-driven strategies.
  3. Sort potential customers: Categorize and segment potential customers based on various criteria, allowing targeted marketing efforts and enhanced lead management.
  4. Market to customers through automated emails: Utilize automated email campaigns to efficiently engage with customers, nurturing relationships and driving conversions.

Advantages 

  • Several integrations: Salesforce seamlessly integrates with numerous third-party applications, enabling enhanced functionality and expanding your business ecosystem.
  • Advanced marketing and sales automation: Benefit from sophisticated automation capabilities that streamline marketing and sales processes, saving time and increasing efficiency.
  • Extensive reporting features: Salesforce offers a wealth of reporting features, providing detailed insights into key performance metrics and facilitating data analysis.
  • Support forums and a large customer community: Access support forums and join a thriving customer community, fostering knowledge sharing, problem-solving, and collaboration.

Shortfalls:

  • Salesforce’s comprehensive features and capabilities come at a higher price point, making it a significant investment for businesses with budget constraints.
  • Salesforce has complex functionalities Customizing Salesforce to suit specific business needs often necessitates the assistance of a Salesforce representative, potentially adding complexity and time to the process.

Salesforce stands as a robust solution that unifies your company’s workflows, optimizing sales and marketing processes. With its ability to track customer activity, provide in-depth analytics, segment potential customers, and automate marketing campaigns, Salesforce empowers businesses to drive growth and achieve success. While it offers extensive integrations, advanced automation, and comprehensive reporting features, its higher price point and customization requirements may present challenges for some businesses.

3. Xero+Method CRM

This is among one of the best CRM for Xero integrations in recent times. Designed exclusively for SMBs seeking seamless integration, this is preferred for an exceptional two-way Xero sync capability. Experience the convenience of updating information in Xero, effortlessly reflecting those changes in Method’s CRM platform, and vice versa, eliminating the hassle of redundant data entry.

But Method’s features go beyond a typical CRM. It revolutionizes your workflows by automating processes, empowering your sales team, and equipping you with powerful tools for delivering exceptional customer service. Some notable functionalities include lead generation forms, payment gateways, online customer portals, and seamless third-party integrations.

What makes Method:CRM truly remarkable is its high degree of customization. Tailor this Xero CRM to perfectly align with your business requirements. Whether you prefer to customize it yourself or enlist the expertise of Method’s customization specialists, the solution adapts to your unique needs.

Advantages

  1. Bidirectional sync seamless data integration.
  2. Unlimited customization options for a personalized experience.
  3. Utilize reusable email, report, and transaction templates.
  4. Effortlessly convert estimates into invoices with just a few clicks.
  5. Enjoy third-party integrations, with Zapier, Gmail and Outlook.

Shortfalls

  1. Currently, Method CRM can be integrated only with QuickBooks and Xero.
  2. Not available for anyone other than Eng;lish speaking users. 

The best part is no credit card is required for a free trial.

4. Xero+Freshsales

Freshsales is a widely popular name. Powered by Freshworks, Freshsales and Xero integration leads to streamline your sales processes, which results in seamless and early closing of deals. Simultaneously, you can get enhanced customer insights with Freshsales’ remarkable features, including:

  1. A world of customization options, allowing you to tailor the CRM to your unique business needs.
  2. Activity timelines that provide a comprehensive overview of customer interactions and engagements.
  3. An AI-powered contact scoring system, enabling you to prioritize leads and focus on high-potential opportunities.

Advantages

  1. Enjoy an intuitive and customizable interface that adapts to your workflow seamlessly.
  2. Stay connected on the go with the mobile app, which offers convenient voice notes functionality.
  3. Leverage AI forecasting capabilities to make data-driven sales predictions and optimize your strategies.
  4. Choose from a range of currencies and languages, ensuring flexibility for businesses operating globally.

Shortfalls

The bad news! That exclusive lead generation tool ( most talked about gesture of Freshsales)  not available in anything other than Enterprise plan.

You can  opt for a trial version to  check out if this would help your business steer towards greater success.

5. Xero+ Copper

Copper is another excellent Xero CRM option tailored for businesses utilizing Google Workspace as their operational platform. Copper offers a range of impressive features, including:

  1. Contact list manager: Effectively organize and manage your contacts within Copper’s intuitive interface, ensuring seamless communication and engagement.
  2. Integrations with social media platforms: Integrate Copper with popular social media platforms, enabling you to leverage social interactions for effective customer relationship management.
  3. Pre-built email templates: Save time and streamline your communication efforts with Copper’s library of pre-built email templates, allowing you to easily create professional and personalized emails.

Advantages:

  • Good integration with Google Workspace: Copper seamlessly integrates with Google Workspace, maximizing efficiency and productivity for businesses relying on Google’s suite of tools.
  • Industry-specific solutions: Copper offers tailored solutions for various industries, ensuring that businesses from different sectors can optimize their CRM processes effectively.
  • The ability to set up recurring tasks: Streamline your workflow by setting up recurring tasks within Copper, ensuring important activities are never overlooked.

Shortfalls:

  • Lacks native integrations for email automation: Copper’s CRM solution does not provide native integrations for email automation, which may require additional tools or manual processes for businesses seeking automated email workflows.

No doubt, Copper is one of the  favorable CRM software for Xero users who rely on Google Workspace. With its contact list management, social media integrations, and pre-built email templates, Copper facilitates efficient customer relationship management. Its strong integration with Google Workspace, industry-specific solutions, and support for recurring tasks make it a compelling choice. However, businesses in need of native integrations for email automation may need to explore additional options or find workarounds to meet their specific requirements.

The Final Takeaway

So, if you are looking to invest in an integrated CRM ecosystem to converge your business process and accounting needs, here are the options. Depending on your business needs you can check out what suits you best. 

How to Fix Damaged Customer Relationships

In my last post, we had discussed about the dilemma that most businesses have to go through at some stage of their lifecycle…

The dilemma between customer satisfaction and cost efficiency.

Spend too much… and it leads to reduced profitability.

Spend too little… and it leads to low satisfaction and the risk of customer loss.

Often this boils down to Scale vs. Service dilemma.

To grow a business needs to adopt customer service that is scalable, but that may result in losing the personal touch which is the real competitive advantage.

Although each organization needs to solve this dilemma in its own unique way, here are a few strategies that can be adopted:

  • Understand who you are to your customers – Get clear about who you want to be to your customers. This will help you create a strategy where proactive attention meets automated efficiency.
  • Understand customer’s paint points – What are your customers looking for? Different customers may be looking for different types of service. Some may need hand-holding whereas others may be happy with self-service. It would be better to meet them at their channel of choice and offer them what they are looking for.
  • Understand and use Technology – Technology today is transforming Customer Relationship Management. Used well, technology can give an organization the edge they need by giving deeper customer insights to improve customer loyalty and lifetime value.

If you would like to know more about how ConvergeHub can help you get closer to your customers without increasing the cost, talk to us.

Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.

ConvergeHub Ranked #1 For its Unparalleled Customer Relationship Management, Says Software Reviews

Leading technology product review website Software Reviews has ranked ConvergeHub #1 for its unparalleled customer relationship management. Over the past couple of years enterprise-grade CRM product ConvergeHub with integrated sales enablement and marketing automation is the preferred choice of the CRM users across the USA.

Leading technology product review website Software Reviews has ranked ConvergeHub #1 for its unparalleled customer relationship management. Over the past couple of years enterprise-grade CRM product ConvergeHub with integrated sales enablement and marketing automation is the preferred choice of the CRM users across the USA. “This all-in-one CRM product” , according to the users “has taken communications and collaboration to the next level.”

“Customer Care Management is critical for business operations,” said Shampa Bagchi, the CEO of ConvergeHub. “We provide top-tier support to our customers to help them grow their businesses faster”, she added.

ConvergeHub offers a wide array of exciting features, including lead prioritization, pipeline management, and powerful segmentation and reporting tools. These tools help businesses and sales teams identify their most promising prospects, understand their leads’ unique needs, and improve their customer retention rates. The software also incorporates exceptional integration with telephony partner RingCentral which streamlines collaboration through phone call or text message.

The CEO has stated that they have created a cutting-edge CRM tool through innovative techniques and real-time analysis. It provides a fine blend of sales, marketing and support to help businesses achieve a synchronization across departments. She has also added that the brand will keep improving observability technologies for easy-to-use, automated monitoring and problem-solving solutions.

The Software Reviews report is based on the authentic voice of the business professionals who are the leading players in the midmarket premises. These rankings are done based on the user reviews. Potential CRM buyers can find these reviews and rank insightful while selecting CRM software because these speak of authenticity.

“Shampa Bagchi, the company’s CEO, has stated “Through consistent dedication and support, we have achieved the highest position in terms of Quality of Features, Ease of implementation and customization, as well as the highest Emotional Footprint among all other CRMs in mid-market category.” She continued to add, “We are privileged to get this award and promise to keep improving ConvergeHub so that it can help our customers scale up and grow their businesses.”

Here’s a glance of what makes ConvergeHub the #1 name in the Customer Relationship Management in CRM marketplace.

  • Robust Customer Support Module: ConvergeHub comes with a robust customer support module that enables users to get started without much difficulty. Organizations nowadays are embracing digital transformation to reach new heights. It not only helps them deal with increasing customer demands, but also facilitates cost optimization and plans for business growth.
  • User-friendly Implementation: To enable the ConvergeHub users to run the product on a daily basis, the brand has developed a strong customer support plan. Right from the implementation, be it an on-premise installation or on Cloud, ConvergeHub support team helps users to get started with the product. From building custom fields, capturing data to using them for business insights, the team helps users perform the job seamlessly.
  • Extremely streamlined process: With automated workflows and streamlined processes, a CRM product can help businesses save time and reduce manual efforts, leading to improved efficiency and productivity.
  • Better collaboration: A CRM product can centralize customer data, making it easier for teams across the organization to access and share information, collaborate on customer issues, and communicate more effectively.

“Their after sales support is superb”, says ConvergeHub users. Whether it is chat communication or telephonic support, ConvergeHub supports agents who take good care of understanding customer sentiment and are using appropriate language and brand voice, all while giving management visibility into 100% of customer messages. No doubt it helps improve customer satisfaction and lifetime value.”

“Our software offers a lot of value for a relatively low price, and we offer an excellent support service because we want our customers to succeed, quotes ConvergeHub CEO Shampa Bagchi.

For more information on how individuals, teams, and agencies can use ConvergeHub, visit https://www.convergehub.com.

About the Company

ConvergeHub has been in the scene since the past decade. Today, it’s a well-known name in the CRM marketplace with a strong customer base across the USA and Canada. ConvergeHub is a cloud-based CRM (customer relationship management) software that provides a complete suite of sales, marketing, and customer support tools to help businesses manage their customer relationships more efficiently.

Plagiarism Scan Report

Using BEANs to drive Innovation

Have you noticed that customers are getting angrier?

The world itself seems to have become more uncivil, and customers are much more dissatisfied.

That is actually putting it mildly. Customers are not just dissatisfied… they are plain angry.

In a recent study by Arizona State University W.P. Carey School of Business survey of customer rage found that last year 74% of customers said that they have experienced problems with a product or a service. And they are definitely not shy about expressing their rage.

What were their main frustrations?

In most studies the top frustration is not being able to talk to a person when they have a problem.

The second most common complaint is that they can’t find out how to contact the company.

Technically, these are not difficult problems to fix.

So, it’s easy to blame the organization.

Organizations just don’t care, right?

But there’s a flip side to the coin.

When it comes to serving customers, companies have to do a balancing act between quality of service and its cost.

Spending too much on customer service might lead to reduced profitability, especially if it doesn’t lead to the customer loyalty that the business is looking for.

On the other hand, spending too little on customer service leads to low customer satisfaction and the risk of losing them in the long run.

So how do companies resolve this dilemma between customer satisfaction and cost efficiency?

Let’s talk about it in my next post.

Meanwhile, if you would like to know more about how ConvergeHub can help you get closer to your customers without increasing the cost, talk to us.

Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.

What is a Business Lead and Why are They Important?

Leads are the nectar to any business. The potential leads in your sales funnel are most likely to convert and become top-performing revenue sources over the time. No doubt, lead management plays a key part in your business growth strategy and taking it to the next level. 

But, before you take it forward and delve deeper on this topic, let’s find out who your business leads are. What’s their role in your business and why are they relevant?

Basically business leads are the user groups who are interested to explore your products and services. But, what if they never become your customers? Yes, there are chances that your lead does not convert. After all, being interested does not mean that you will be always interested to make a purchase. 

So, ideally speaking when you get a lead or an interested user, it makes your first stage of the sales funnel successful. They are aware of your brand. But, keep in mind that all leads are not created equal; several things make some leads more valuable than others and the job of a marketer is only to push those leads so that they can convert.

Being interested means your first level of the sales funnel is successful

A lead is someone who has expressed interest in your business. This could be an individual, or it could be a group of people who have all expressed interest in the same thing. In the B2B SaaS space, when you are trying to get your target audience to get interested in product buying, maybe you did not find enough takers (and no one has responded). Interested users who have inquired about your product after you make a campaign are your leads and they have the potential to convert soon, though they have not made any purchase decision yet. 

Leads are also referred to as “prospects” or “potential customers.” They may not even know they are on your list until they have seen something about what type of services/products/etc., etc., something else related; so don’t assume anything about whether or not someone’s interested in working with you just because they said hello once at an event (or maybe even twice).

Business leads are a valuable resource for your business

Your business leads are a valuable resource for your company. They are an important part of your business and provide you with revenue, new customers, and even referrals, when nurtured over a period of time. 

Business lead generation is an important part of any B2B or B2C business. From generating leads to acquiring the qualified ones to managing them over a period of time- everything is a long drawn process walks an extra mile to align with your long-term business goals. This entire workflow forms an essential component to create more sales opportunities for your company. Read on to explore how to generate more business leads through diverse marketing strategies like blogging or social media marketing campaigns!

The primary job role of a sales rep is to convert leads

Lead generation and management is a skill that you should work on as a sales representative. When you work with a CRM software , it is easy to capture the leads that are coming your way. However, it’s important to develop an emotional connection with your leads when it comes to converting them. That builds your customers’ trust as well as the credibility of a company, which in the long run helps companies grow and make a strong foothold in the business

How Lead Management Works

Lead management is a business process that involves not just selling products but also converting those leads into customers by providing them with the right information and coming up with creative solutions to their problems or concerns. In other words, lead management means knowing how to deal with people at all stages of their purchase process—from initial contact through follow-up calls and emails after they’ve made their decision on who they’re going to buy from (or even why).

Lead management isn’t just about doing legwork; it includes everything from coming up with ideas for new products based on customer feedback during an interview session through developing relationships with vendors who sell similar products so that if there are any issues comes up during delivery time frame or within the due date.

Strategies to Get Business Leads

While the marketing department in every company is responsible for generating leads, the process involves several processes- lead magnet creation, content marketing, paid advertisements, and other content targeted for attracting leads. This is a comprehensive process- once done and it is sent to the sales team to take further action on it.

Here’s a quick look at the stages and strategies through which business leads emerge. 

Email Marketing

Email marketing is the top-notch lead nurturing channel for any business- be it in the B2B or B2C space. Creating the lead magnets is fine but unless you use this to build your email list or ideally to connect with people ( note: the interested group who has already crossed the awareness stage), it won’t bring results. When your marketing campaigns get you a business lead, it’s your turn to start with a conversation and need an easy way to continue the conversation. Remember, sending out email is not expensive but it can generate several dollars revenue.

Social media

For lead generation, social media platforms are no less than a gold mine. That’s why it is often the preferred choice of marketers when it comes to doing lead generation. From organic campaigns to paid advertising on various social media channels including instagram, a marketer can personalize the experience of the potential leads. In the process, you create an image of your brand. Popular social media channels like LinkedIn ads, Facebook ads and instagram ads are great for lead generation. 

Paid Ads

The efficiency of paid ads in generating leads is undeniable. According to a study, every company that uses Adwords generates 100% revenue on every dollar spent. No doubt, this is a great way to keep your sales funnel updated throughout. Marketers often set their own budget and keep a track of the converts in exchange for every penny you spend.

Content

Blogs, case studies, infographics, and webinars make an amazing lead content strategy. A highly effective content should be informative and educational enough to solve problems that the SMBs are most likely to solve.

Retargeting

Retargeting is one of the tried and tested lead generation campaigns. It is targeting those users who have earlier visited your website but did not make any purchase. You can keep them on your radar, nurture them through various modes , so that you stand a better chance to connect with them again and convert them.

Is the lead worth pursuing?

A lead is worth pursuing if it meets the following criteria:

  • You want to pursue the lead because of its potential fit with your business. If you’re selling a product or service, this will be obvious. For example, if a prospect has expressed interest in your product but isn’t ready or willing to make a purchase right now, then you might want to keep him as an active lead until he’s ready and willing to buy. Or perhaps they’ve expressed interest in purchasing multiple products from you—but not necessarily at once? In this case, it would make sense for them not only being considered as potential customers but also potential leads for future sales campaigns!
  • The prospect provides some value beyond simply wanting something from us (which might not always be true). This could mean providing feedback about something else related specifically back towards our company; such as giving feedback about another competitor’s pricing strategy so you can adjust yours accordingly.

Keep your eyes on the prize!

Lead generation is something that involves a lot of trial and error methods. You’re going to have opportunities that come up, but there are no guarantees that they will work out for you or even make sense in the long run. You have to be willing to take risks and put yourself out there because every time we do something new or different, it’s scary at first—and sometimes we need help getting over that fear of failure or rejection (or whatever negative feelings come up).

The Final Takeaway

When it comes to lead generation, a lot of things come into play. Since marketing does not follow any rule, it’s true that lead generation won’t follow any. In fact, the most experimental part of the marketing is lead generation. But, leads are a valuable resource for your business. You may not be able to convert them into customers right away, but if they are going to be useful to you they need to have their own buying process or at least some sort of plan in place on how they would like to buy from you (or what steps they will follow before making a purchase decision). To do this effectively, you simply need to know exactly how much time each lead takes up before even reaching out. 

What is Marketing? Definition and Guide

Businesses rely on sales and revenue. True. But, what works from behind to trigger sales and take it to the next level is Marketing. No wonder, businesses, both in the B2B and B2C space, focus so much on the Marketing Department. According to a recent BCG study, Marketing demands 70% of total focus, whether in terms of financial investment or heads. Because it’s the fundamental that creates the base of your business. 

The basics of marketing start with identifying customer needs. Because that’s what helps you craft your product and services. No matter what business you are in without knowing customer needs you will never be able to reach out to them. Whether you are a marketing guy or an owner yourself, being aware of the customer needs helps you build a trust connection between you two. This sense of trust is going to pay you in the long run, because your customer will remember you as a brand that resonates with their needs. 

Does the customer trust your product? Enter Marketing

Ever wondered why most of your customers talk about how you make them feel? They talk about the problems, they talk about customer service ( both excellent and poor), and sometimes how the brand has improved over time or been downgraded eventually. Precisely, everything boils down to how you make your customers feel. That’s what is marketing. It creates awareness, builds a brand experience, and lets your customers build a perception of your brand. Thus, marketing is a crucial segment in any business and makes sure that the customers are aware of your brand, stay engaged, and make a buying decision every time you launch something.

What’s a Marketing Plan

 A marketing plan is a small but crucial segment of a business plan that facilitates creating and maintaining demand, reputation, relevance, competition, etc. Marketing is pivotal both in B2B and B2C space and without an in-depth knowledge of this, it is a little too challenging to manage and run a profitable business in today’s world.

Marketing is a continuous effort to create, communicate, and deliver value to your audience. This includes the creation, distribution, and management of messages that reach consumers with those messages using various channels including advertising, public relations, sales promotion (push), direct mail and online communications (pull). Takeaway: Marketing is not just advertising – it’s also customer relationship management (CRM).

Marketing is about finding new customers, not just selling to existing ones

Marketing is all about understanding your customers and their needs so you can create value for them—and make more money in the process.

A well-strategized marketing plan aims at creating value for your audience. It’s not always easy, but it’s worth doing because:

  • You don’t need to sell as much if you have a large customer base that wants what you offer
  • You will have less competition from other brands trying to sell the same thing (or even something similar) as yours

Marketing moves the buyer into action – from awareness to understanding through to the purchase and use of a product or service. As already mentioned it’s about understanding their needs and wants, desires and dreams. It’s about what they fear or desire, what makes them happy or sad. From moving from awareness to understanding through to purchase and use of a product or service- the entire buying journey is impacted by various levels of marketing. A well-strategized marketing plan helps in making a strong impact of a product in the customer’s mind, who eventually makes a purchase decision. Precisely, marketing is a strategy to make a place in your customers’ hearts, so that they do not forget you once the purchase is done.

Marketing is much beyond advertising!

A well-defined marketing plan aims at nurturing your customer base without even expecting them to make a purchase. It comes with a long-term goal and makes sure that your brand creates a loyal customer base over time. It helps in crafting stronger brand advocacy which pays off eventually. 

What’s marketing automation and why it is relevant

Marketing automation is a powerful tool for improving your customer experience and generating leads. It helps marketers to create personalized and automated campaigns, run those, and get accurate reporting about the campaign performance in a superb short time. Simultaneously, it helps them improve the overall performance of your business and helps increase engagement with existing customers as well as attract new ones through targeted marketing campaigns.

CRM software with marketing automation features comes with an array of tools and functionalities. It aims at streamlining processes throughout the buying journey. You can automate the process of marketing, including the creation, distribution, and management of content.

Marketing automation helps optimize your time spent on marketing activities by automating repetitive tasks so you can focus on the things that matter most. These tools take care of things like scheduling emails or sending out social media updates based on historical performance data so they’re more accurate than ever before.

By automating repetitive tasks like email writing and campaign creation, your team members can dedicate more time to high-value activities such as developing new products/services and analyzing customer feedback data. This continuous improvement leads to better business outcomes over time. Additionally, automated workflows such as lead scoring algorithms provide companies with greater control over customer conversion after sign-up. This reduces the risk of trying new tactics and justifies investing in this technology now rather than later when costs may increase significantly.

The evolution of the marketing automation

Over time marketing automation has undergone several alterations, modifications ad more. This marketing automation, as of now, is one of the most crucial features of CRM Software that’s extremely powerful for improving your customer experience and generating leads. It’s basically a super effective technology that automates the marketing process, thus freeing up enough time to focus on key jobs, such as creating engaging content, sending out emails, setting up landing pages, and others which in the long run helps develop an impact of your brand on the people’s mind.

Marketing automation is nowadays being used widely by a lot of business owners or managers looking to do better with their marketing efforts. Since the objective of marketing is to deliver value to your audience, your aim should be to do it through various channels, including online and offline channels such as email marketing, social media posts and word-of-mouth recommendations, and more. With effective automation features, each of these things is automated and in line, where neither customers nor the marketer suffer from delayed conversations or so. 

 Marketing automation and B2B SaaS: How connected they are.

Marketing automation features aim at enhancing your customer experience and getting you a steady channel to get you leads. It allows you to automate marketing campaigns. This way, you can save a good deal of time in work and invest more time like creating great content or designing compelling landing pages. In recent times, , marketing automation has become a key part of B2B SaaS businesses because it helps companies grow their sales while reducing costs significantly.

Marketing automation is the use of technology to automate repetitive tasks in your marketing processes. It helps you to improve the efficiency and effectiveness of your marketing efforts by automating many tasks that are traditionally done manually, such as emailing or calling customers.

How Marketing automation impacts your ROI

The focus of marketing automation is to deliver a superb experience to your customers by automating key sales activities always on time. As a result, it increases customer lifetime value (CLV), which means it increases the probability for your customers to spend more time with your brand. The more time your customers spend with you, the more they drive your revenue growth. And, at the same time, you get enough time for cross-selling and upselling, thus bringing home more revenue at the end of the financial year. In addition, it also helps reduce churn rates so that new customers are more likely to stick around longer than they would have been before using CRM/marketing automation software.

Funnel Making & Making Customized Campaigns are Easier with Marketing Automation

The latest concept of sales and marketing campaign design is not unknown to you. Especially if you are a marketing guy, you already know how important is data for funnel marketing. In fact, a data-backed marketing funnel is more realistic and eventually drives more results that can be used to market your brand more effectively. But, creating funnels is not everything. With Marketing automation, things are triggered automatically, whenever someone purchases something or signs up for an email list. What’s more! With appropriately done marketing automation software you can create and send emails based on specific criteria such as time of day or location of the recipient. And that too with zero manual involvement on your part.

The Final Takeaway

The emergence of marketing automation is quite a game changer in B2B SaaS. It takes marketing to a new height by introducing automation in the process. As a result, marketers are now more open to creating better customer experiences which further impacts CLV and sales. Today, marketing automation is not just an illusion, but an excellent way to build your brand and generate more leads, which is essential in today’s competitive market.