Digitalization has uniquely defined modern business practices and evolved productivity. As a result, artificial intelligence(AI) is involved in many of our day-to-day activities, and tech assistance is a must to execute any business operation.
Businesses rely on their customers and sales for their existence in the community or market. It helps to build a trustworthy image of the company. Therefore, they define the rank of the organization. Trade policies vary from organization to organization.
What Is Sales Automation, And How Does It Work?
Sales automation is a process using a digital system to streamline the activities and aim to gain hyper-efficiency. In the modern world, where every organization craves for higher trade rate and profit competing with numerous other companies, process automation can be helpful to set the specified organization unique from others.
Automated systems assist the sales team in different activities as follows:
- Lead generation and management
- Prospecting of sales
- Efficient marketing
- Assignment of tasks
- Mechanization of repetitive tasks
Such systems generate leads from the web in many ways, manage administrative tasks, measure KPIs, execute marketing practices effectively, and perform repetitive tasks automatically.
Talking about the automation process, the digital system guides the sales team and reminds them about the essential tasks/events. Lead management helps executives to filter the leads and get more curated results. It analyzes the characteristics and behavior of the generated leads by including click rates, searches, and emails. The software quickly explores people's web searches and social media preferences and finds out relevant prospects for the business. As a result, it brings numerous high-quality sales opportunities. All the data is stored in a centralized database, so sales representatives or authorized persons can quickly access the necessary information.
Digital communication with customers is a significant element of the automation process. Automated emails, pre-recorded voicemails for different situations/functions, appointment schedule tools, and email sequences.
After the communication procedure, when the lead converts into a customer, a person consumes much time and effort. Still, modern systems auto-fill the data of product details, price, and customer contact. Thus, it saves a lot of time for the sales representative.
Computerized records of activities can help the sales managers or other executives to track one representative’s involvement in the process. The feature includes recording emails, calls, and in-person visits in real-time. In addition, administrators can also keep track of the sales cycle and strategy.
Part In Decreasing The Churn Rate
Every business measures its success in sales strategy with KPIs. It contains two parts as follows:
- How many customers help to create sales every month or become a member?
- How many customers are leaving the business each month?
The latter mentioned factor matters a lot for managers to get a view of what their business is offering and the customer experience. The churn rate helps an entrepreneur or the management of a company to know where the business is heading. The common reason for customers’ discontinuation with the organization is lack of satisfaction.
The churn rate formula is easy to understand and quick to calculate:
- Churn rate(%)= No. of lost customers during the month ÷ total no. of customers at the beginning × 100
Customers leave the organization in many ways, such as cancellation of subscription, account closure, agreement non-renewal, or choosing competitors’ products.
Imagine working for a large organization and manually managing the sales team, losing customers due to improper product explanation, interaction issues, problem-solving, and competitor intervention. A Digital system can be an effective solution to eliminate these troubles and increase sales differently.
Customers prefer personalized communication and assistance, which the traditional approach cannot provide. The same pitch and deals are delivered to customers in the manual process. At the same time, the automated system helps to offer personalized customer experience and assistance, the latest deals, and quick access to the sales team.
According to research and a survey by Kolsky, 67% of consumers' churn ratio can be eliminated by solving their concerns during the first interaction and successfully reaching their expectations with the business. In addition, the automation of sales activities helps executives focus on customers and their needs rather than maintaining documents, bills, or improving strategy. The modern systems also assist in building an effective sales strategy to implement.
Ways To Reduce The Churn With Automated Systems
Acknowledge the churn rate reasons, and the digital solution is one thing, and applying it efficiently is a whole different matter. Here are some popular ways to break down the churn ratio increasing into the sales cycle:
Personalized Customer Experience
As discussed earlier, the automated software delivers a personalized experience to customers and increases their satisfaction. Businesses should make sure that each customer feels special and unique for themselves in the communication process. The sales team should deal with the consumers in a specific and preferable way. Here are some essential tips for companies to consider:
- Arrange different stages and milestones for consumers when they get entangled in the process. This includes various recognition levels to track where they are in terms of their purchase.
- Organizations should try referral programs as they are the critical elements of marketing. New clients can be obtained with the recommendations created by old customers about the service/product, and this makes them feel more involved in the business and increases their satisfaction.
- When an incomplete action or unprocessed cart takes place on the product page by a customer, then an email regarding the product details and offers should be sent to the particular consumer.
- Birthday or anniversary greetings should be a part of the email process so the customers feel special and involved in the company. In addition, discounts or gift cards can be offered to them.
- Notify customers whenever the company launches any new product or upgrades the existing product, or sends emails in advance about upcoming events. This way, they feel like they are sitting on the front line in the company’s list of consumers, and it provides them a sense of encouragement.
Social media presence still doesn’t matter for some companies, but it holds much importance in modern times, especially when an organization is dealing with Gen Z and Gen Y customers. Some users may experience excellent service, but the value may decrease if the company fails to provide the product details on popular social media platforms. Notable tips for social media automation are stated here:
- The social media handle of the business should be user-friendly and not only contain marketing elements.
- The software helps the sales team to create easily targeted posts and increases customer reach.
Segmentation Of Customers
Not all customers think in the same way, and therefore, planning the same strategy and approach for the entire consumer community is not a good investment. Traditionally, investing means generating a profit, with savvy investors building their portfolios around the companies with the best financial performance to maximize their return on investment. So, investing responsibly in any assets, holdings, or stocks will help to get benefits from it in the long term.
However, the more specific approach toward the customers, the more results can be obtained from the process. An automatic software helps the sales team to categorize the customers according to their likes, dislikes, and budget. Here are some tips noted that can be taken into consideration:
- Regardless of the channel, communicators should always classify the customers as per their needs, preferences, and budget to direct them towards the specified product or information.
- Digital ads can also help to offer particular products/services to customers according to their liking.
Every business wants its name to be word of mouth for people so that they stay in every person’s mind. Therefore, if a person visits the site once or leaves the business, then they should be retargeted to bring them back to the company. Digital systems help track churned or new customers and make retargeting quicker. Below stated are some tips to consider while retargeting:
- Retargeting holds an essential scope in web searches and social media, so the software discovers the users and retargets in just minutes.
- The organization should make sure that they are maintaining a position of authority by portraying impactful ads to the users.
Every time there is communication with a customer, it is a chance for further involvement. Make sure there is always a follow-up to customer service interactions. You definitely want to know what your customers think about how they were treated and whether their problem was resolved. If there is a negative feeling after the interaction, offer a pathway to resolve the matter further.
The Future Of Digital Sales
Digital technologies evolve business practices by making them faster, efficient, and cost-friendly. As a result, the sales approach of organizations has become more data-driven and strategic than before.
We all imagine drone deliveries, space tours, VR birthday parties, etc. But have you ever thought about the future of sales?
We can say that the CRM platforms will help sales teams to deliver a more personalized experience with excellent efficiency. AI will take care of every business’s needs and notify managers whenever the raw material requirement arises. As a result, virtual sales will take the development path, and its market size will grow unexpectedly.
Tech-savviness will define the jobs; technical skills will be important with communication skills in sales jobs. In addition, sales analytics provided by digital systems will hold critical data such as lead conversion rates, product performance, Cannibalization rate, sales overall growth, and revenue from sales.
In A Nutshell
Maintaining sales and eliminating the churn rate is an essential function for organizations. We went through the sales automation, meaning it's part in decreasing the churn rate and its future predictions; businesses can take it as a reference.
Results first, payment later.