Posted by Commence on May 5, 2010 under CEO Corner | 
As the CEO of a technology company that provides Customer Management software to small and mid-size companies, I spend a good part of my day talking with other executives about the challenges they face in their business. What’s interesting is that for the most part, these challenges fall into three categories. The most common one is data consolidation. At each of these companies information is streaming into their business every day via the telephone, fax e-mail and the web. What happens to this information is the problem. More often then not vital customer information simply falls through the cracks causing inefficiencies within their organization and keeping them from improving how they sell and provide service to their customers. This is the first challenge.
The second challenge companies face is improving their brand recognition. Every executive wants to improve their visibility in the market they serve so that they can generate new leads and turn those leads into new sales opportunities, but most do not have a marketing department or the tools to create consistent and effective marketing programs. They also need to efficiently manage the sales process by utilizing a structured approach that enables them to manage each phase of the sales cycle from introduction to closure. Implementing a structured sales methodology or process in an organization that does not currently have one can be an enormous task and one they should not take on alone. This is challenge number two.
Lastly, these businesses are working hard to meet customer expectations. Customer retention is mission critical to the health of their business and they need to be certain that they can provide a level of service that drives customer loyalty. This can be a difficult task if the support staff does not have access to customer profiles and history. This is challenge number three.
So what are companies doing to meet these challenges? Many are struggling to address these requirements using a contact manager or an Excel spreadsheet, while others have run out and selected a popular CRM system with all the bells and whistles and are struggling just the same.
So what’s the answer?
It starts by spending the time to really understand your business and taking a hard look at where you are today and where you want to be in the future. Some businesses are simply more mature than others and have well defined internal business processes, state of the art back-office systems and computer savvy employees that can quickly adopt to change. Other businesses do not.
What I continue to find disturbing in the CRM sector is that recent industry statistics have shown that 73% of companies that have purchased CRM software have not utilized the majority of the functionality they have purchased. The industry continues to blame the software providers for making these systems too hard to use, but the real problem lies within the companies themselves and the process they used to select the CRM applications.
Small to mid-size companies have a tendency to approach the selection process the same way. They start out with a feature list that only an enterprise company can deploy then determine who can offer that level of functionality for the lowest cost.
This process is flawed because it fails to take into consideration whether the company and its staff will be able to adopt the new technology.
At Commence Corporation we have taken a different approach to positioning our sales, marketing and customer service solutions by asking customers as series of questions about their business, their internal systems and their people. These questions help us to better understand how well defined their internal business processes are, whether they are currently automated, and how well positioned they are for managing change.
Business Maturity Levels
| LEVEL 1 |
Loosely defined processes that are ad-hoc or unstructured, limited to no automation – using email and Excel spreadsheets |
| LEVEL 2 |
Some defined processes — using contact management software, no marketing or service automation |
| LEVEL 3 |
Structured internal processes with disparate departmental automation (silos of information) |
| LEVEL 4 |
Well defined internal processes –fully automated & integrated systems |
Based on what we’ve learned, we then recommend only the software components that we believe the company can quickly adopt and master, so that they realize the maximum value from our CRM software. This approach has helped customers to put down the feature function list for a minute and realize that CRM software does not run their business, people do. If you’re a level 3 company with mature processes, systems and people, then you are most likely well equipped to implement a robust CRM solution across multiple departments, but if you’re a level one company, then start with the basics and focus on fixing one problem at a time.
We recommend that you begin by addressing the first challenge data consolidation, then move on once you are comfortable. This approach will guarantee that you will realize a return on your investment.
About the author: Larry Caretsky is the CEO of Commence Corporation, a leading provider of CRM software which can be deployed in a web-based, cloud-computing environment or on premise. Caretsky is considered an expert in Customer Relationship Management and has written numerous white papers on the subject, which may be accessed via the company’s web site at www.commence.com.
Posted by Commence on April 21, 2010 under Commence News |
I started my career in the Mortgage industry selling re-financing services. The job was quite structured: call fifty people each day, document my discussions then follow-up with those that were interested as well as any I was unable to reach. The company had no automation, but people learned to manage their daily business using a spiral notebook or a Microsoft Excel spreadsheet. At the time I had no problem with this because I had a limited perspective on the most efficient ways to capture information, follow-up with potential prospects and keep my product and service in front of prospective buyers. While I was one of the more successful sales people I was beginning to have difficulty organizing customer files, finding information about past telephone conversations, knowing which documents I sent people or didn’t send and following up with those people that asked me to contact them at a later date. I found myself staying in the office later and later each night trying to get myself organized and keeping things from falling through the cracks, but it became an exercise in futility.
This all changed for me a few years later when I joined Commence Corporation, a provider of Customer Relationship Management software. At Commence, I was forced to trade in my spiral notebook and for a sales automation tool and while I was a bit dubious that a sales automation system would help me, after a few weeks of use I thought I had died and gone to heaven. I began capturing every customer and prospect interaction from basic telephone calls, quotes and documents I had sent to e-mail correspondence. I learned to enter follow-up activities on my calendar and set alerts that reminded me to contact people on the dates and times I committed to. Each day new leads with contact information were dispatched to me electronically and an automated sales methodology helped me to manage each opportunity through a structures sales cycle. Best of all, with the simple click of a button I had the ability to view a complete 360 degree view of all current and historical information about my customers and prospects. This was truly unbelievable. I even learned that I could integrate a Smart Phone so that I could have contact information at my disposal and have also begun to utilize the systems mass e-mail feature to help generate more business. I had never imagined that I would attain so much value from this tool.
The CRM system has impacted me both personally and professionally. On a personal level I am more productive than ever. I have access to customer and prospect information anytime and anywhere and I am confident that things are no longer falling through the cracks. On a professional level I have become almost fanatical about the product, which has helped me to serve potential customers more effectively. I continue to utilize my past experience as a vehicle for delivering a powerful testimonial of how CRM software has helped me better manage the sales cycle and improve sales execution. It’s a well known fact that prospects are more likely to buy from someone who believes whole heartedly in the product or service they are selling and my newly found enthusiasm for CRM software has enabled me to gain credibility with potential buyers.
As I talk with new prospects each day I understand and appreciate the reluctance they may have in implementing a Customer Relationship Management solution. I’ve learned that It’s a lot easier to understand their concerns and provide valuable assistance if you have been in a similar position, so I tell my story. Their interest level grows and often turns into a new sale. If you are considering a CRM system give me a call. I am confident that I can help you consolidate data, and improve sales execution so that your team and sell more and sell more easily.
About the author: Steve Fischkin is an Account Manager at Commence Corporation, a leading provider of CRM software which can be deployed in a web-based, cloud-computing environment or on premise. For more information about Commence visit www.commence.com or e-mail Steve at s.fischkin@commence.com
Posted by Commence on February 17, 2010 under CEO Corner |
A lot has changed in the past 24 months. Companies have been forced to reduce expenditures; place purchases on hold or buy from a competitor that came in with a better deal. But despite increased competition, reduced budgets and a more stringent buying process, decisions are still being made to purchase products and services. What’s changed is a shift in buying behavior. Decisions that had been traditionally made by middle management or a committee now require approval by a senior executive. Most sales people perceive this as a negative and if you’re team is thinking this way, they may need an attitude adjustment. Here’s why.
Every sales person has experienced how difficult it is to get to the economic buyer. He or she is traditionally buffered by administrators, gatekeepers or committees of people that block your path to the decision maker’s office. The fact that executive management is now engaged in the decision process is the best thing that has happened to sales people in years. It opens up an incredible opportunity for sales professionals to state their case directly to the person who will be making the decision. Not only does this shorten the sales cycle, but it gives them the opportunity to layout the key selling points of your product or service in terms of ROI, which is how executives think.
The Key to Winning More Deals
Selling to an executive can be intimidating and they will expect a lot from you which means you must sell value. They will expect you to take the time to understand their challenges and recommend solutions that will significantly impact their business. Executives look for solutions, not features, and they will respond to sales professionals that can solve their problem. Here are 4 tips for selling to the executive level:
- Let the executive do most of the talking – the more you learn about the prospect’s pain points the better you’ll be prepared to recommend a solution.
- Use examples of how your product or service has addressed similar challenges in the industry. This will demonstrate that you understand the problem and have a solid recommendation or solution.
- Show enthusiasm – if an executive senses your excitement about addressing their problem they will be much more receptive to working with and buying from you.
- Be persistent — it will pay off. Executives of small to mid-size businesses are often crisis managers and can be pulled in several directions. Don’t let them off the hook. Once you’re engaged, get to a decision one way or another.
About the author: Larry Caretsky is the CEO of Commence Corporation , a leading provider of Customer Manager and sales process automation software for small to mid-size businesses. Caretsky has authored several white papers on the subject of sales process management, lead scoring and using CRM software to improve sales execution. For more information see www.commence.com or call 1-877-COMMENCE.
Posted by Commence on January 8, 2010 under CEO Corner |
Sure it’s tough out there. There is no doubt about it. In today’s environment no matter what you are selling there are dozens of competitors calling on your prospects and making similar claims. So how can you differentiate yourself from the pack? I have some recommendations.
As an executive of a Customer Relationship Management (CRM) software firm I understand competition. There are literally hundreds of CRM vendors from contact management software and sales force automation software providers to vertically based CRM providers all pitching their solution as the best, the easiest and the cheapest. Some make claims that their product is better than ours, others are offering lower prices and some will do almost anything to win business. Yet despite all of this, our sales team is winning more business based on a few simple tips that may help you.
Lets assume for a moment that you have a new qualified opportunity:
- The prospect has a need for your company’s product or service,
- They have a short decision timeframe,
- There is a budget in place,
- You are dealing with a decision maker.
Life is good! Now let’s go and win this business:
Tip 1. Preparation: Schedule a pre-approach appointment for the sole purpose of finding out the critical business issues in advance of your next call or appointment. This is the time to learn about their challenges and show them you are committed to understanding their business requirements and helping to address them. Too many sales people make the mistake of asking questions during their presentation or demonstration, which often frustrates the prospect and reduces the effectiveness of the call.
Tip 2. Research: The prospect has told you their needs, but before you make that next call to schedule your presentation or demonstrate your product, do some research about the company to learn about their specific industry and any critical business issues that affect companies just like theirs. This will help you to develop a flow for how you wish to present or demonstrate your product or service as an effective solution for their business. It’s also important to remember that any intelligent prospect will know if you have really taken the time to understand their business challenges or not.
Tip 3. The Presentation/Demonstration: Focus on their critical business issues right away with specific examples of how your product or service will address them. That’s what the prospect is interested in and if you wait too long, you run the risk of losing their attention and the potential for their business.
Tip 4. Sell Value but Know When to Stop: You probably have a lot of things about your product or service that will provide additional value to your prospect, but if you have successfully addressed their core business requirements then it’s time to stop selling. Sales representatives all too often frustrate or irritate prospects by over selling. Your product or service does not have to do twenty different things. It just has to solve one or two critical needs.
Tip 5. Know Your Competition: You know the prospect is shopping around and there is nothing you can do about it — or is there? Very often there will be a bottleneck in a competitive product that your solution addresses very well, but if you are unaware of this you will lose the opportunity to gain a competitive edge. In the famous book The Art of War, written by Sun Tzu, he states, “know they enemy and you shall not fear the outcome of any battle”.
