Introduction: TLDR-
The best way to learn is to meet with all of your stakeholders.
80% of deals require five or more follow-ups after the initial meeting to close
Data is king. If you aren't updating your CRM when you meet with the clients, the odds that you are going to follow up effectively are low.
Speak to Your Customers!
As a founder, I'm applying the advice I often give to others starting new roles: Meet with as many customers and stakeholders as possible. My approach involves meeting with potential customers, understanding their issues, and figuring out solutions. This is the same advice I give to RevOps & Revenue Leaders where I recommend they shadow their team, speak with prospects, and learn from their customers.
One insight has emerged from these discussions. SaaS companies understand the importance of data and the need to keep their CRM up to date. They know their current and future value lies in their data. It's ingrained in their culture.
However, not all industries operate this way. I've seen that sectors like insurance, residential and retail real estate, construction, and cannabis often don't use a centralized database for managing customer communications.
Why are some people better than others at updating their CRM?
The answer is simple: some professionals spend most of their time at a desk, while others work in the field or their car.
Take a high-end residential real estate broker, for example, who hosts house viewings. If they meet 40 qualified buyers in two hours, remembering each interaction is critical. Personalized follow-up communication can maximize the sale price by attracting multiple bidders. Whether a buyer is interested in the current $2 million property or a future one, nurturing the relationship is key to staying top of mind when they're ready to purchase.
What are the benefits of an updated CRM
When closing a deal, timing is crucial. The first meeting might not be the right time, so consistent follow-ups and continuously adding value are necessary. On average, 80% of deals require five or more follow-ups after the initial meeting to close. If you're not nurturing your deals and prospects consistently, you're likely leaving 80% of revenue on the table. If contacts aren't in the CRM, the likelihood of follow-up decreases significantly.
Conclusion:
In conclusion, persistent follow-up and strategic use of data play pivotal roles in the success of sales processes. While many sectors have integrated robust data management through CRM systems, some industries still lag behind, impacting their ability to effectively nurture and close deals. This approach not only helps in building lasting relationships but also significantly boosts the chances of closing deals.
If you are looking to improve or automate CRM processes you should check out Leadbeam! For more insights on Outside Sales, CRMs, Data and Leadbeam- Check out my Newsletter.
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