If you fail to understand buyers’ needs, you will fail to convert leads to customers during the prospecting phase. Compounding this challenge: A sales pitch that works for one prospect may not work for another.
Some of the key challenges your sales reps face when meeting buyers include:
- Assessing lead requirements: Sales reps may struggle to differentiate the unique needs of buyers and understand how the product addresses their requirements or provides specific advantages for their situation.
- Communicating the value proposition: Matching the value proposition of the product or service to the lead’s business requirements is often overlooked as sales reps are tasked on sales campaigns that focus on one product or service targeting a narrow audience.
Sales reps who employ a “one-size-fits-all strategy” during the sales management process and focus on selling, rather than helping prospects solve problems will fail to convert high-priority deals and lose potential customers. These failures will ultimately hurt the brand.
“The customer is always right!”
You may have heard this refrain many times before, but is your customer relationship management (CRM) tool right for engaging your customers?
If you’re a small business owner or IT professional preparing to deploy or upgrade a CRM solution, choosing a feature-specific tool with the right mix of features for your customer-centric processes remains a key challenge. Even more so if you’re operating on a tight budget.
That’s why you must clearly differentiate between the core features of CRM software and features that are nice to have or optional before you purchase a solution.
Data is no longer the “new oil.”
Though parallels have been drawn between the current data boom and the oil boom of a century ago, data has become a huge opportunity for growth that small businesses need to cash into.
Unlike oil, data is an infinite and all-encompassing ubiquitous concept that has become an invaluable “natural resource.” Therefore, data is no longer the new oil; rather, it’s the lifeblood for the likes of Facebook, Google, and Amazon, which capitalize on 2.5 quintillion bytes of data generated in a day by mobile devices, the internet of things (IoT), and other large data platforms, such as social media.
NOTE: This article is intended to inform our readers about business-related concerns in the United States. It is in no way intended to provide financial advice or to endorse a specific course of action. For advice on your specific situation, consult your accountant or financial consultant.
“Cash is king” is a mantra that resonates with small business owners, who often struggle to find funding during the early stages of their business. However—despite the fact that a steady cash flow is one of the most critical aspects of small business success—82 percent of small businesses fail because of poor cash flow management strategy.
Invoice management is at the core of accounts payable (AP) for small businesses.
However, adopting electronic invoicing (e-invoicing) has become one of the top challenges that small businesses face while processing high volume invoice transactions from their suppliers or trading partners. (more…)
Picture this: You have a pile of invoices and expense receipts that need to be recorded in your accounting software’s general ledger before the fiscal year ends.
You could hire contract or freelance workers to help speed up the data entry, but that’s going to be expensive, and you’ll also have to invest some time for training. One way to boost your financial data management would be to automate the process, but that sounds complicated—and expensive.
Automation technologies, such as robotic process automation (RPA), can help you transfer financial data from primary data sources such as emails and spreadsheets into your database with great accuracy and speed without the need to hire more employees.
NOTE: This article is intended to help readers understand the impact of the Tax Cuts and Jobs Act on small businesses in 2018 and does not provide financial advice. For in-depth tax advice, please consult your accountant or financial consultant.
The burden of federal taxes on small businesses is very real. But, it turns out the amount of taxes they owe isn’t as big a drain as the amount of time and money they’re spending just to get their taxes filed. And, to make things more complex, in 2018, small businesses must adapt to an entirely new tax code.
Are your customers bored with your cookie cutter loyalty points program? Do your employees—especially millennials—think leaderboards are so 2010? If so, you might be in danger of losing the engagement game!
Do you have a pile of invoices and receipts that seems to grow faster than you can process them?
Generating expense reports and invoices, creating billing reports, filing tax documents, and monitoring constant changes in banking and finance compliance standards such as Sarbanes Oxley and GAAP (generally accepted accounting principles) are just some of the unique business challenges that accountants and finance managers must deal with.
However, there is some cutting edge technology on the horizon that will help small businesses meet these accounting challenges over the next couple of years.
If your CRM isn’t taking advantage of social media, you (and your business) are going to be left behind.
Ever since the introduction of ComcastCares (a legacy CRM application that took into account customer interactions and ushered a new era of social CRM) a decade ago, social platforms like Facebook, LinkedIn, and Twitter continue to change the dynamics of social CRM every year. From providing customer sentiment analysis to reputation management, social media has proven to be a key platform for small businesses to integrate with their CRM in the past few years.