Revenue generation is the foundation on which a business operates. A business model is structured and developed on the basis of how profitable it can be. Installing a good CRM system like Microsoft Dynamics CRM is essential creating a base for better revenue generation.
A good CRM platform with updated customer data can be leveraged for tracking revenue and building revenue generation strategies. Revenue is calculated on the successful lead conversion. The MS Dynamics is known to boost lead conversion and in turn boost revenue.
How revenue generation works
Organisations can utilise the MS Dynamics CRM to formulate efficacious strategies and streamlining the methods used for revenue generation. Various marketing tactics include shortlisting potential leads online based on a person’s interest in a similar product. Social media and search engines are a big giveaway. These programs reveal specific personal data about people which can be quite helpful to organisations for marketing purposes. These spying techniques are now quite apparent and used largely for commercialisation. Approaching a person who has an interest in your product is more fruitful than random advertising and waiting for customers to approach on their own accord. Targeting specific customers yields superior results. The MS Dynamics CRM provides the facility to track online activities of customers.
- Spending pattern: The Dynamics CRM enables an organisation to gather information about customer’s online product interests. Items purchased, items viewed or researched, pages liked and so on. This vital information can be capitalised on to promote products in related categories. This technology can also be used as a gauge for judging the spending capacity of a person.
- Upselling to customers who have products that are more than a few years old is a key to increasing sales. The Microsoft Dynamics CRM can list customers who have older products and might like to upgrade.
- Existing customers: Some customers have constant problems with their product. They are frequently calling the customer care. These are potential customers for new products. Getting rid of a troublesome product in exchange for the latest model product can be quite tempting. A large number of sales can be conducted within the existing customer base itself.
Strategizing revenue generation
The constant pressure to increase sales and raise profit margins never ends. Each month the targets get higher as companies push for better performance. A sale team needs a working model approach to follow. Some key aspects when strategizing revenue generation are:
- Setting a goal: To begin with the goal should be achievable. This will help to boost the team morale. Over the passage of time the target can be increased. This allows the team to get familiarised with the technique and use it to their advantage. This approach uses the “small-steps” method which ultimately leads to the top with a steady growth graph.
- Success indicators: Defining success indicators is vital for the organisation. It helps the management to appreciate the effort and achievements of the sales team.
- Reporting: The key in every strategy is reporting. This is the one aspect that ensures the implementation of the strategy and the methods followed are in accordance to the company norms and practices. Reporting also helps to streamline the activity and addresses any unforeseen problems encountered along the way.
The marketing and sales support offered by the Dynamics CRM goes a long way in raising the benchmark for the organisations growth. It increases accountability and yields immense results with long term prospects.