What is the purpose of a B2B CRM system?
Importance
B2B CRM can help B2B companies better understand their customers’ needs. Comprehension is essential in the B2B field, due to the complex nature of the customer relationship.
In both B2B and B2C sales cycles, the idea is to guide potential customers through a series of messages and (tailored) content that starts with generating brand awareness and leads – all being well – to a sale. If this sale is followed up with comprehensive customer care, it can also lead to repeat customers and brand advocacy.
The specific challenge of the B2B environment is that a business is much more complex and multifaceted than an individual customer (who already typically has a complex intersection of needs). Companies are likely to have multiple considerations and requirements at each touchpoint,which can make it difficult to figure out what they need and where. This is where the CRM system comes in.
By compiling the information mentioned above, the CRM system enables marketing and sales team to track individual leads in detail and figure out exactly how and when to influence them to move to the next stage of the funnel and also to automate specific tasks.
What role does a B2B CRM system play in a sales and marketing plan?
The functions of a B2B CRM system have a role to play in every stage of the sales process.
In order for the information to be as meaningful as possible, it should be mapped to your company’s individual sales cycle (also called the “sales funnel” or “sales pipeline”). Mapping these stages within your CRM system divides the cycle up into a number of distinct phases that enable easier tracking and measurement.
This allows you to track every potential customer through every stage of the funnel, helping you improve the way you address their needs while also highlighting the areas where they are slipping out of the funnel.
A typical B2B funnel might look something like this:
Lead generation
During this stage, your marketing teams strive to attract worthwhile leads using smart targeted marketing campaigns: email marketing, ads, events and more. They also focus on getting the customer to share their information.
Lead scoring and qualification
Here, the focus is on assessing the compatibility of leads and prioritising the most promising ones. For example, a lead might indicate their interest and suitability for further interaction by downloading a brochure and opting in for further communication.
Lead has initial consultation with sales
This gives you a chance to scope out the customer, show that you understand their pain points and explain how your product or service can solve them.
Lead is nurtured to prompt a request for a quote
The aim of this stage of the process is to keep the conversation going. Have your sales reps available to answer questions and deliver targeted multi-channel marketing that shows why your products or services are indispensable.
If you have managed to retain your lead in the funnel this far, the next step is for sales to prepare a quote. Remember that nowadays, it is more than likely that multiple people will be required to sign off on this. You need to transform your point of contact into an advocate and provide them with any necessary assistance to get you to the next stage.
Negotiation
Here, it’s about addressing the concerns of other decision makers and stakeholders. Prep your sales reps to handle objections and follow up regularly.
The sale is agreed
If all goes well, the process will end with a sale. However, it’s vital to follow this up with good customer service and ongoing support. Here, too, B2B CRM can help you manage the customer long-term and anticipate their needs at a given moment. Going above and beyond your promises will help cultivate future business, as customers become advocates for your brand.
The sales cycle will vary from business to business depending on the product and market. For example, a company selling management consulting services will have a more complex funnel than one selling PPE equipment. Other businesses might add an additional element at the lead generation stage, such as analysing a lead’s interaction with competitors. But the template above provides a broad representation.
Where does B2B CRM come into the sales process?
The role of CRM comes in right at the beginning, before the customer even has contact with sales reps. This is because CRM application data is one of the most effective tools for qualifying B2B leads, allowing promising ones to be prioritised for communication while preventing less-mature leads dropping out of the pipeline. This means fewer opportunities are lost.
If mapped accurately to the sales cycle, a B2B CRM system also allows sales teams to leverage customer analytics data for nurturing customer relationships. The detailed data helps sales and marketing teams anticipate customers’ needs, track conversations (ensuring a seamless customer experience) and build strong customer profiles for tailored content delivery.
Ultimately, the purpose of CRM is to help you nurture leads at each part of the sales funnel and gently ease their progression from one stage of the funnel to the next. It helps to work out where each of your prospects is located in the pipeline and whether this needs to be adapted for prospects with different characteristics. A well-integrated CRM system will also enable you to monitor the outcomes of B2B marketing efforts and determine where the best-qualified leads come from.
What are the benefits of using CRM in the B2B sales cycle- A CRM system gives teams far greater lead visibility, increases sales team efficiency, and helps foster data-driven decisions.