Wholesale companies are faced with a unique set of challenges that are handled with specialist software, including tracking opportunities in a long and complex sales cycle, and dealing with a constantly changing customer base. Though handling the logistics of distributing your goods to retailers, other wholesalers, dealers or professional business users is important, achieving this is moot if you can’t keep your customers satisfied. There are plenty of wholesale organisations with stellar customer satisfaction, so unless your business meets the same standard, you may find that your customer base will start to migrate to your competition. This article will demonstrate that there are plenty of benefits of CRM for wholesale companies.
CRM software has the capacity to transform your business in many ways, improving your business processes and your sales team, and keeping your customers happy. Once you have developed your operations and grown your organisation with CRM, you won’t be able to imagine your business without it. This article will demonstrate that there are plenty of benefits of CRM for wholesale companies.
Though sales teams involved in other B2B segments are concerned with finding and closing new business, wholesale companies are more focussed on retaining and developing their relationships with existing customers. This means that wholesale companies don’t often rely on a lot of the classic functions of CRM that sales teams need, such as tracking new opportunities in the sales cycle, analysis of interactions between the opportunity and sales team, and tracking the effectiveness of online marketing campaigns. Instead, the goal of CRM for wholesale companies is to manage customer contact information, record customer interactions, and compile sales reports.
What Features Should CRM for Wholesale Contain?
In order to satisfy these needs, a CRM should contain features like:
- Order history – allowing your customer orders to be transparent means that sales reps can quickly reference a customer’s most ordered items, upsell products especially tailored to them, and use this information to identify the most popular products to emphasise.
- Notes – CRM lets reps log their sales activities and document, review and share the information collected during meetings with customers. This information gives sales managers a better view of the sales process and its strengths and weaknesses, in order to give better and more immediate advice and make better informed decisions.
- Sales reporting – customer sales reporting can quickly flag up customer volume gaps and seasonality issues, reveal the most important meetings and calls to prioritise so that your team can respond to these accordingly.
What are the Benefits of CRM for Wholesale Companies?
The information that the system provides leads to many benefits of CRM for Wholesale Companies. CRM provides a 360° view of customers of all the services and transactions relating to them, all in one place. This gives a more accurate, holistic picture of the customer and their relationship with your business, which should be borne in mind for all transactions and communication with them.
Wholesale companies sell to different types of customers, each of which have various requirements and expectations. Treating them all the same means that you may not be unlocking your full business potential. CRM can help you accommodate to their buying preferences; the expectations of a retailer will be different to another wholesaler, and so sales activities such as offering promotions and sending email campaigns ought to be tailored to these diverse requirements.
Wholesalers need to keep customers happy by satisfying orders and adhering to agreements. This gets more difficult the bigger a wholesale company gets due to poor internal communication. The running of a business depends on clear communication, but messages and information can get lost or misinterpreted. CRM can improve communication across an organisation by displaying each interaction with a customer, what stage of the sales process they are engaged in and what actions might need to be taken. This allows your team to be clear as to what’s going on and where everyone’s at, work together as a cohesive whole, and improve customer service.
Your customer support stands to benefit from CRM as well. With CRM, you can find out what the most common requests are, which customers require more support, and keep track of all these interactions. Storing contacts is essential, as there will be contacts for every company you do business with. Storing these in a card index is much more cumbersome and difficult to search through than if they can all be retrieved from a standalone contacts database.
CRM provides the option for customers to provide customer service for themselves. Through a self-service portal, they can see their account balances, track open orders and contact support. This allows customers to make queries and transactions at any time, and frees up the amount of time your organisation spends dealing with customers. For a small to mid-size organisation, offering customer self-service could really set you apart from your competition.
Wholesale companies still rely on manual processes, paperwork and files to assist their customers. The automation that CRM provides means that these tasks can be accomplished quicker and easier. This saves your organisation time and increases productivity, as your team can work on more important tasks. Saving them from performing mundane operations improves the attitude and motivation of your workers.
A CRM helps you manage your customers and provide a comprehensive view of them. It also helps you manage your contacts and the communication you have with them. You can more easily market products/services and promotions to your customer base, and adapt them specifically to whoever they are being sent to. You can manage customer support more simply, and give your customers the option for self-service.
CRM software is an essential tool for managing your interactions with customers. However, there are so many solutions available that cater to a variety of industries. Spending time finding the right system for you can cost your business a significant amount of time and money, and runs the risk of you implementing a solution that isn’t ideal.
Software Advisory Service can help you find the right CRM for your needs. We offer expert, non-chargeable buying advice to help find the right system for you, and can provide a shortlist of potential vendors depending on your specific requirements. Complete the form here so that we can find the solution you need today!