Step 2 – REACT
Step 4 – NURTURE
Step 3 - MANAGE
With a word as broad as manage, you may be wondering how, exactly, PRM can possibly cover all the bases. But managing your prospects is a vital part of the process. It’s also where you can see where PRM fits into the wider world of CRM.
Why Use PRM?
Simply put, managing your prospects using the PRM approach means keeping an eye on the individuals you’re nurturing. This is both on a macro level and a zoomed-in level. By having all your prospects in one place, you can fine-tune your responses to each and every prospect. In addition, you can include them in your marketing campaigns that will interest them.
Shouting Into The Crowd
As mentioned in the previous step, React, you can find your audience by sustaining conversations on your social media platforms. You should be aiming to direct your efforts towards the people that readily engage and interact with you multiple times.
But, using the party analogy again, there’s too many people and too much noise. Not every engagement or interaction with a lead is progress to the next step. You need to sort the wheat from the chaff. You can read some tips on how to do that in our previous section.
So after identifying your prospects, you can now make your attempts at nurturing your prospects much more refined.
This is where your software comes in. I say this with certainty, because having a system that can perform your customer relationship management is worth your time. On average, your typical business can lose £72,000 a year in lost sales and missed opportunities. Subsequently, this is what CRMs aim to prevent by presenting all your data in one place for you to manage. If you needed any more convincing: businesses that use sales pipelines in a CRM can yield a 47% profit margin.
With all the necessary information in your software, you now have the power to segment and contact your prospects accordingly. You’ll need patience and frequent testing and measuring, but you can now gauge where a prospect is in the customer buying cycle.
But don’t forget the PRM approach. Remember, this is about your relationship with your prospects: who they are, not just what they are. You’ve learnt about your prospects—now is the time to use all that information you found in the React stage.
Firstly, you should organise your sales pipelines and segment them into the right categories. By keeping notes on what they’ve expressed interests in, you can personalise your responses further. As such, on popcorn you can add customisable tags to each individual’s contact information, and filter by these tags later. For example, you might want to send an email marketing campaign about social media. You can send it to the contacts you know have a relevant tag, knowing they’re likely to be interested.
Fine-Tuned and Perfect For You
But having any old CRM won’t work—you have to make it work for you. Having too complicated a CRM will cause potential sales to slip through the cracks; working with too simple a system will make you work more than you need to. It’s about getting the right balance for your business.
Ask yourself: what marketing tools do you need? Similarly, are there any tools you’ve seen advertised that you know you can avoid? Research what works best for you right now. 72% of businesses say they would switch to a simpler CRM if it only had the tools they need. Find what works best for you, and then you won’t need to think about switching.
Having a CRM that you understand and can use well is the first step. The second is using the tools you need. Sales pipelines are a foundational aspect of PRM: you need to monitor and progress these individuals. Luckily, sales pipelines give you the freedom to organise and visualise exactly where your prospects are. The aim is to watch them eventually become a viable customer.
In your sales pipeline, for example, you can gauge how ‘warm’ your prospects are and move them as you nurture them. You can also set up steps in the pipeline to contact individuals in the future; your software might have a system built-in to remind you when to contact them again, as popcorn’s does.
To conclude, having this centralisation of your contacts will turbocharge your nurturing efforts—which you can read about here.
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