5 NetSuite CRM Features that Drive Your Sales and Satisfy Your Customers
5 NetSuite CRM Features that Drive Your Sales
Managing customer relationships effectively is critical for any business to generate sales. And NetSuite CRM is a treasure trove for facilitating excellent customer services. Such services improve the relationships of organizations with customers, thereby increasing revenues.
Businesses succeed by standing on the platform of valuable services to customers. And, when a solution like NetSuite CRM helps you achieve it, you must make it a part of your organization. NetSuite CRM is not just a solution but a business strategy that can increase your profitability.
We know it is a significant investment for any company to implement the NetSuite CRM solution. But consider the fact that it addresses some critical issues that can make your processes smoother and customers happier. This article provides five reasons to consider NetSuite CRM for your business.
1. NetSuite CRM Gives a Boost to Your Sales Performance
Without a CRM solution, you have to do calculations manually. You need to keep track of various taxes, charges, or applicable discounts before making the sale. It may lead to errors in sales quotes.
Also, collecting all customer and sales data and analyzing it further is a challenge. In such cases, you cannot generate more insights into customer activity, leading to less visibility of your marketing campaigns, customers, and sales. You are unable to generate updated reports to help you in decision-making.
NetSuite CRM resolves these problems with its capability of sales force automation. It has the following features:
- You can manage all sales opportunities well because of a complete view of all leads categorized by status, revenues, etc.
- The NetSuite CRM solution also gives an insight into customers’ buying patterns, which you can analyze further to convert quotes into sales orders.
- You can generate real-time, accurate sales forecasts and categorize them as opportunities, quotes, and estimates to make them more predictable.
- NetSuite CRM allows you to create various commission plans based on quantity, incentives, product type, quota, and other factors.
- You can improve the incentive compensation management with complete visibility of calculations, splitting the amount in case of joint work on a transaction, and calculating indirect commissions.
- NetSuite CRM can automate your contract renewal process and give you real-time visibility into renewal revenues.
All of the above features make customer account management a more manageable process with a view of every activity in the dashboard. Also, the central shared database improves collaboration between teams and reduces data inaccuracies. Thus, you can improve your relationships with customers and achieve higher productivity.
2. Product Pricing Becomes Accurate and Reliable with NetSuite CRM
When you manually quote and price products, there are higher chances of errors. Also, when you have to consider multiple pricing elements, the calculation is time-consuming. Your effort increases due to the requirement of double-checking each pricing calculation and reworking them in case of errors.
Similar problems occur when you have discounts or offers on products. Errors in these calculations may lead to margin loss and profit inaccuracies.
The solution to the pricing problem is NetSuite CRM, which has the functionality of ‘configure, price, and quote’. It allows customers and sales executives to select the features they desire in the products and obtain the correct configuration. With this option, your work becomes more manageable, saving time and money.
Since the product or service is already configured in the system, you have to apply rules-based pricing. The rules are already fed into the NetSuite CRM system. Based on the features selected, you can calculate the price and complete the transaction.
The live quotes feature of NetSuite CRM makes your quoting process more effortless. You just have to click on it, and the quote and email are ready and sent to the customer. When customers respond with a yes to the quote, the sales executive receives an alert and can do the remaining job.
You can also create proposals with the help of customizable templates. With the help of rules entered in the NetSuite CRM system, you can make the bills of materials and routings. These features improve the efficiency in operations, and thus, reduce your manufacturing costs.
You can also improve your selling process by creating 3D product visualizations, which attract customers. There is also a series of questions and answers to understand the customers’ needs better to let you show them the recommended products and services. Thus, your sales executives get comprehensive guidance in the selling process, contributing to higher sales.
Thus, NetSuite CRM automates your quotation, ordering, and production processes, leading to efficiencies. It also improves your sales executives’ productivity across all sales channels.
3. NetSuite CRM Maximizes Your ROI with Targeted Marketing Campaigns
With existing systems, you can generate leads. But the process of converting leads to customers is inefficient. The inefficiency results from using unsuitable customized marketing campaigns to target the leads.
Not all marketing campaigns work for all kinds of target audiences. You need to customize them according to demographics, shopping behavior, and product types. That is why you need to route the leads to the right campaign and sales executive for effective conversion.
It is also essential to make accurate calculations of commissions and bonuses of sales executives. You must base them on the performance of marketing campaigns and facilitate automatic allocation.
The solution to these problems is marketing automation, made possible by NetSuite CRM. It automates the marketing process and aligns it with the sales goals.
When you have these sales goals in mind, you can create targeted marketing campaigns. These campaigns are personalized based on the customer data you have collected. The data points include demographics, shopping behavior, marketing channels, and response trends.
You can execute these campaigns automatically through multiple channels such as emails, events, etc. NetSuite CRM allows you to measure the performance of each marketing campaign. You can set performance metrics and track them simultaneously to make relevant changes for improvement.
Thus, you have a well-defined workflow of prospects converted to leads and targeted personally to result in sales. The alignment between the sales and marketing teams allows you to track a customer’s journey from a prospect to the final order. Also, data collection with varied data points and regular updating makes your response to customers faster, improving your conversion rates.
NetSuite CRM also gives you visibility into all these activities in your marketing and sales teams. You can track your marketing efforts and segregate them by different factors. You can measure the ROI of each campaign and track other statistics.
4. NetSuite CRM Improves Your Customer Retention and Loyalty
To improve customer services, you need excellent coordination between different departments – order fulfillment, sales, and support. Such coordination is challenging when these departments have separate repositories of customer information. Also, data is updated in some while some remain the same, affecting data quality and reliability.
With no shared repository, it becomes impossible to get complete insights into customer complaints’ status. You are unaware when the case is closed, escalated, or still in process. Such inaccuracies lead to poor tracking of returns and exchanges and customer complaints.
NetSuite CRM comes to your rescue in this case. With this solution, you can have a single, shared repository of customer information for all the related teams. Sales, support, and order fulfillment teams can access the data in real time.
Also, you can get a complete view of all the activities in any customer account. Thus, you know if the complaint is resolved, if you can upsell or cross-sell, if the customer has sent feedback, etc. All these updates help you and your employees improve customer services at reduced costs.
The NetSuite CRM platform has a self-service portal for customers. Your customers can use it to search for any information on products or resolve some common problems. They can route their product returns through this portal or view invoices.
For non-standard complaints, they can put up a complaint separately for extra attention. The NetSuite CRM solution allows you to manage the complaint allocation, routing, and management process through different channels. As a result, you can resolve them rapidly and track them by any criteria for future analysis.
You can also track the metrics of these customer service actions, such as resolution time, satisfaction level, call volumes, etc. Such intense monitoring helps you improve customer services, increasing satisfaction, retention, and loyalty. Also, cross-functional insights into customers lead to a rise in revenues and customer satisfaction, and a drop in customer service costs.
5. Joint Selling and Demand Generation Becomes Possible with NetSuite CRM
It is an excellent strategy to form partnerships with other individuals and organizations to drive joint marketing and sales activities. But having a single application to track metrics is a big challenge. Also, sharing marketing resources and sales tools becomes a problem with accessibility and authorization restrictions.
Control over marketing campaigns, lead management, order fulfillment, and payment of commissions becomes difficult. This affects the coordination and collaboration between partners. As a result of disjointed efforts, customer satisfaction suffers.
The following features of NetSuite CRM make it a savior in partner management:
- It gives complete visibility of the ordering and sales process to everyone involved.
- With visibility on the role of each partner in the sale, you can maintain transparency in the commissions paid to partners and employees.
- You can monitor sales activity for every lead (generated by a NetSuite partner or an employee).
- NetSuite CRM lets you measure conversion rates, acquisition costs, and ROI of campaigns.
- You can also forecast sales and compare them with actual sales to generate insights.
- NetSuite CRM allows you to base your commissions on any factor – volume, each sale, profits generated, or other factors.
- Automatic calculation of commissions saves time and leads to accurate results.
- You can empower your partners by sharing your marketing assets, leading to more sales.
When it comes to providing implementation, integration, and customization services for NetSuite CRM, Cloudiotech is the top-tier vendor. Our NetSuite Customization Experts can help you with all kinds of support for NetSuite CRM to address your needs. You can give us a call or shoot an email to explore our services or ask for NetSuite implementation services.
See how NetSuite CRM can work wonders for your business.
Contact the Cloudiotech team here.