Since growth is a key consideration of a business that wants to be make more money, the business owner should think strategically about the most cost-effective tools to help underpin the desired growth.
Outlined below are three such software tools to help businesses capitalize on current customers whilst simultaneously building their new client base (note that tools 1 and 2 are closely related).
1. Customer Relationship Management (CRM)
As businesses grow and expand, it’s crucial to keep track of the interactions you have with customers to spot patterns, identify trends and keep clients happy. Implementing CRM software allows businesses greater access to customer data, improves interaction tracking and, overall, provides better customer management. Key reasons a CRM system is an important business asset include:
- It maximizes financial opportunities by building relationships.
- It allows businesses access to customer information.
- It manages sales pipelines.
- It manages sales representatives.
- It analyses performance and business metrics for spotting patterns and trends.
2. E-mail Marketing Engine
Email marketing is not a new concept; however, it remains an extremely important and cost-effective tool for companies on the fast-growth path. By simply sending an email newsletter, you will update customers about promotions or daily deals or just share information that builds credibility. Email marketing allows companies to increase brand recognition, bring in new income streams and attract new clients while growing their networks. The best part about email marketing? It’s inexpensive and easy to set up. Companies lose nothing and gain significantly in return. Investing in a dedicated bulk email software is recommended. Note that some CRM systems include this function.
3. Business Intelligence (BI)
Small business owners need as much insight from data as they can grasp. Sure, spread-sheets are enough in the beginning to enter data and analyse for “big picture” solutions, but, as the company grows, so does the amount of data, and it’s no longer possible to understand the scope of information and make smart decisions about new opportunities or investments that support further growth. That’s where BI tools greatly improve the management and vision of an organization.
What is business intelligence? It is data gleaned from a combination of architectures, applications and databases. It enables the real-time, interactive access, analysis and manipulation of information, which provides the business community with easy access to business data. By offering this valuable insight, BI helps decision-makers make informed choices and supplies end-users with critical business data about their customers or partners, including behaviours and trends.
These tools will meet a variety of your business needs, from managing inventory to analysing past and current performance metrics; in turn, managers can make more informed decisions because they can see trends and predict challenges based on patterns. BI also makes it easy to share information across your organization, which is crucial as the company grows and everyone needs to stay up to date on information. BI also eliminates errors made when employees manually input data. Additionally, BI tools quickly generate reports for employees to study, resulting in a faster and more informed and integrated decision-making process.
The above three tools are simple enough that many businesses may overlook their importance. If you are looking to grow your business this year, don’t underestimate the value in sharing up-to-date information within your organization and with your customers. Doing so will allow your business to run more efficiently and open the door to growth and success.
Contact GT Business Solutions for more information on business building software