How the Check-in Check-out feature can monitor attendance/work hours
Using Dashlets, Smart Views, and Reports to get user productivity insights
How can Automations help in times of escalations and delayed tasks
Safeguarding data while WFH: Security measures you can take
Simple ways you can track meetings held over the phone
Poor internet connectivity at home? We’ve got you covered
Have updates for all users? Communicate them with LeadSquared
Suhas Shenoy Senior Director – Professional Services, LeadSquared
Suhas has extensively worked with customers across industries, to make their businesses succeed, overseeing implementation and complex business use cases. He has been working with CRM consultants for over a decade. He has personally overseen over 50 implementations of CRM and marketing automation, across various industries and directly contributed to hundreds of business proposals. Prior to LeadSquared, Suhas worked with Talisma Corporation, where he led solution consultants and developers to meet sales and revenue targets.
Let’s be honest here. This is a crisis of unprecedented levels.
Business is slow and you may have to revisit your forecasts and projections to take into account this pandemic. These are certainly testing times for all of us. But one thing’s for certain; it will get better.
With the current work-from-home (WFH) mandate implemented across almost all organizations, you need to ensure your teams continue to perform at their highest levels so you are well equipped to nail that pipeline once things return to normalcy. We spoke to a host of our customers to try and understand how they’re handling this sudden change and it all essentially boils down to four lessons :
Monitor your remote teams
Ensure right communication within the team and with prospects and customers
Motivate your sales folks
Empower them to upsell and cross-sell
Monitoring remote teams
“One of the biggest challenges we’re seeing with asking our team to work-from-home is the mind shift. Being able to monitor their productivity in terms of – what the performance was last week vs their performance this week is crucial. In a regular setup this is done real-time and handled face-to-face. But to handle this remote situation, what we’re doing is automating productivity reports which are auto-sent to managers every couple of hours. Based on this we are trying to intervene with trainings and help them resolve their queries through collaboration.”
– Parth Pande, Co-founder and Director, Finance Buddha.
Everybody is going to react differently, and you need to be equipped to monitor and identify drops in productivity levels. This is purely a function of building transparency at every level so you can track and monitor all the activities of every member of your team.
Is your FOS team equipped to deal with the move from face-to-face sales to dial-out model?
Is your tele sales rep available and handling all the incoming inquiries?
Is your Rockstar salesman keeping those enterprise leads engaged?
Is your team onboarding your users as expected?
Make sure you have your CRM set up to track all activities like calls and emails. You can then identify the slow-adaptors and help get them up to speed. This is when a secret tool most users don’t know about their CRM/LMS comes in handy
Automations to proactively identify red flags and intervene.
Your sales reps not making in time for that call or meeting? – Send them a notification/ email.
Is someone missing too many tasks? – Notify the manager and the user.
Identify your success metrics and break these down into simple tasks and actions. Monitor these tasks and intervene when necessary
No matter what business you’re in, your pipeline is your baby. Ensure there is minimum leakage due to negligence and poor hygiene habits by your team.
With your team working remotely, ensuring the right communication with the right person at the right time is imperative.
Is the new guy in your inside sales team making the right pitch?
Are customer queries being handled effectively?
Is that email follow up your rep sent, costing you a potential deal?
Ensuring the quality of all interactions remains top-notch is crucial.
Monitor these interactions and intervene again at the right time.
At this point in time, beyond simply customer acquisition, ensuring customer success is paramount.
A drop in quality of the customer success team or account management can come back to haunt you because right now when new customer acquisition seems dismal, customer retention becomes more important than ever.
If you cannot service your customers when they need you, you will see those churn rates climb.
Make sure your mobile CRM is integrated to capture emails, call recordings and logs. You can periodically monitor these to ensure there is no drop in the quality of interactions.
In business environments with a high sales velocity, a lead can often be passed on to multiple reps/teams depending on the stage of the sales cycle.
Define and automate handoffs of the lead to the right person who can pick it up immediately with his next set of tasks. In cases where multiple teams are engaged at the same time for one lead, they can all track and update activities to stay in the loop.
Help your team stay motivated
The novelty of remote working wears off pretty quickly. Working from the confines of one’s home can get boring real fast, and staying motivated to perform at the highest levels is not going to come easy.
Help your team stay motivated by letting them track their performance and acknowledging and rewarding smaller milestones.
Halfway through today’s quota? Trigger an automated personalized message to congratulate them. Send them a progress report end-of-theday every day so they know how they’re doing.
“It’s a difficult time, but we have got to keep going. This is also the time that will differentiate just another manager from a real leader. A leader will find a solution to motivate the team in whatever small way they can. Not by making 10 calls a day to each rep and micromanaging them, but by coaching them and helping identify and rectify mistakes. The lead inflow is low and will get even lower in the coming time. The only thing you can do is to treat each lead as an opportunity, work on it like your life depends on it, and try and close it whichever way you can.”
While new customer acquisition can be harder for certain verticals at this time, what you can do is leverage your relationships with existing customers and try to upsell and cross-sell. This can help you balance out a lack of new revenue by increasing revenue from existing customers.
Identify what additional service or feature you have that can most benefit your customers at this time?
What about that module or customization your customer wanted but kept putting on the back seat?
Remember, this is probably not the greatest time for your customers either. Empathize with them and understand what their grievances are currently. Is what you’re pitching, genuinely useful?
For e.g., with more time on their hands, that extra course and additional tests could help students prepare better for their delayed tests.
With markets at all-time lows, can you convince your insurance customer to open an SIP account?
Now, would be a good time to consider how to package your products differently, to suit the needs of the time.
These are our two cents on how to manage remote teams to drive maximum productivity and reduce leakage as much as possible.
Connect with us to know how LeadSquared can help you manage your remote workforce.
Sales strategies of the healthcare industry follow a dynamic approach. However, the healthcare sales process remains more or less the same.
Businesses in the healthcare industry
generally have a well-defined sales process. Statistics also show companies
with a set sales process achieve 18% more growth on average compared
to those who don’t.
Today, we will explore the healthcare sales process so that you can implement the steps in your business.
Identifying and Prioritizing
Before you can sell, you need to identify your target customer profile and potential buyers. Who is going to buy from you? Will it be doctors or patients? Or, are you selling to hospitals and clinics?
Healthcare businesses spend considerable time developing buyer personas. It helps them understand the customer and their potential pain points. Profiling is really necessary, as you might end up trying to sell to the wrong people.
A look at your past clients can give you an
idea about the type of customers you need to sell. You can also check out the
customer profiles of your competitors to develop insight.
Finding the decision-maker is easy when you
are selling to a doctor or small clinic. But hospitals and large medical
institutions have multiple decision-makers involved in the process.
According to Harvard Business Review, B2B sales at least has 6 stakeholders. The number of decision-makers is generally more in case of healthcare sales.
Medical businesses often visit a
prospective organization several times to land up appointments with actual
decision-makers. For this reason, you should know the decision-making hierarchy
of the organization you are targeting.
Only then can you convince the right people
and make a sale.
Healthcare businesses start the process of
discovery once they get a meeting with the decision-maker. During the meeting,
the sales rep will try to assess the specific and unique pain points of the
prospect and problems he is facing.
Identifying the pain points helps the rep
make out if his product or service is suitable for the client. He can also use
his reasoning and logical capabilities to align the benefits of his product
with the needs of the client.
The deal can push through once the product
or solution matches customer needs.
Customers today have all the information on
their fingertips. However, they are not so sure when it comes to buying complex
products like medical equipment. Here, the rep needs to create client awareness
and push for his solution using a specific rationale.
According to Harvard Business Review, this technique of selling is known as prescriptive selling and increases the buying ease by 86%.
A healthcare sales rep may use various resources from healthcare marketing strategies like infographics, videos, and data to sell prescriptively.
Healthcare sales generally take a lot of
meetings. Customers need time to make their decisions and may need extra
convincing from the sales rep. Healthcare businesses should put an effort to
establish credibility with the prospective client on every opportunity. They
should work to gain the personal trust of the client through constant
You may need to give more presentations or
send over more material to encourage your prospective customer to make the
purchasing decision. If the client has unique problems, you might need t to
create custom presentations to win him over.
Each meeting with the client generally ends
with an agreement on the next steps. Sales reps need to follow-up on every
client and do the needful so the next meeting can proceed effectively.
Follow-ups may not always mean physical visits but also phone calls, emails, or
It’s really crucial for healthcare businesses to follow-up on prospects. Otherwise, a potential deal may go down the drain for the lack of communication. Healthcare businesses often use healthcare CRM to segment their clients and keep updated on follow-ups. CRMs also send auto-reminders to reps when the date and time of follow-up draw near, so that you can capitalize on every opportunity.
Closing the Deal
If everything goes according to plans, the
last stage of the healthcare sales process is closing the deal. Here, the
customer finally agrees to buy your product or solution. The sales rep should
promptly place an order with the sales department and set up the client for
The above seven steps make up the
healthcare sales process. However, there is one important task that all medical
and healthcare businesses do.
Mapping the Customer Journey
The customer journey covers all the touchpoints a customer accesses during the buying process. For instance, the patient flow in your clinics or hospital might be through your Google ad, call, chat on your website, and finally send an email to set up a meeting.
A healthcare business should map the whole customer journey to grow and improve its sales cycle. Documenting the customer journey also enables companies to discover customer pain points and find out what works best. The process also helps businesses streamline the healthcare sales strategy and make sales cycle shorter.
You can create an accurate customer journey
by gathering customer feedback. It’s also beneficial to discuss things with
your sales reps, other employees, and customer service. The more insights you
have, the more accurate will be your mapping.
Ultimately, consider using a CRM to map and track your patient journey through every stage of the sales funnel. CRM also cuts down manual labor and automates repetitive processes to help you save time and money.
Not all healthcare businesses will have the exact same sales process we discussed. The best sales process is what works for you and your customers and brings more business. However, the steps we discussed still form the foundation of a healthcare sales process and can help you define your own sales process for growth and more revenues. Also, choose a reliable HIPAA compliant healthcare CRM like LeadSquared to make the most of your sales process.
https://www.leadsquared.com/wp-content/uploads/2021/11/healthcare-sales-process.jpg4501000Harshit Jainhttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngHarshit Jain2020-03-23 18:40:222022-09-07 00:12:28Healthcare Sales Process for High-Return Success
In this LeadSquared webinar, Umar Razzaq, Marketing & Recruitment professional, currently heading Recruitment Team at University of Southampton (Malaysia Campus) highlights the importance of balancing both digital and non-digital strategies for your institution.
Key Discussion Points:
The most effective digital and non-digital strategies to increase your enrolments.
Understanding the regions: South Asia, South East Asia, Sub Sahara, Middle East, Central Asia etc.
Balancing factors for colleges and universities: Technology, expertise, budgets, accessibility, content.
Umar Razzaq Marketing & Recruitment Manager, University of Southampton
A keen observer of the latest trends In Education, Digital Marketing, and Training & Development, Umar has established himself as a renowned figure in his circle of influence and presence. Good at listening and even better at saying, Umar can be a team player and a leader in any environment, any given day, twice on Sundays.
https://www.leadsquared.com/wp-content/uploads/2021/11/MicrosoftTeams-image-35.jpg5001000Shibani Royhttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngShibani Roy2020-03-19 11:07:002022-06-01 15:49:51[Webinar] Digital v/s Non-Digital Strategies in Education: Finding the right balance
When you venture out into the strange and ever-changing jungle of financial services, there’s only two things that determine the fate of your business: speed and efficiency. Whether it is hunting prey in the wild, or chasing a lead with a notoriously short life cycle, tremendous speed and unerring efficiency are what can help you the most. In other words, there are just two simple rules for capturing your lead and converting them into a customer:
a) Are you quicker than your competition? Does your organization have instant access and ready responses for every lead checking you out?
b) Are the right people reaching out to every single lead? Would you be willing to lose a deal because a low performing sales rep is talking to a HNI with high intent to buy?
Of course, there are other things to consider like the product, rates, ease of onboarding, etc, but all things equal, if you get the first 2 things wrong, your valuable finance lead has already slipped away.
Here are tried and tested ways to make sure that you are not just quick but efficient as well in boosting your sales.
The first step in ensuring right conversations with the right leads, is the process of identifying “where your leads are coming from”. Being able to attribute every single finance lead to its source of origin is essential. This is not just true for financial services, but any marketing team that does not have its attribution nailed down is just shooting in the dark.
Understanding not only if it’s a PPC campaign or a Feet-On-Street (FOS) generated lead, but being able to attribute it to the type of campaign or location that it was generated from is imperative to understand the quality of the finance lead. For example, a first time user visits a bank’s website from Mumbai. The location of the user can be identified from her IP address. Using this information, the bank can leverage its efforts to show personalized messages in real-time based on the user’s location. To put it simply, ensure that every lead is tagged appropriately.
Lead Qualification & Prioritisation
The first step for getting ahead of the competition curve is identifying the most promising leads. Specifically, which ones to invest time on, and which ones to let go of. This necessary step is termed lead qualification. One way to effectively ascertain the quality of a prospect is analyzing where they have come from. A lead coming in from banking relations has a different level of need than that of an online lead. As a result, it has to be handled differently.
In other words, a message needs to be personalized to be effective. The conversations have to be right. With today’s technology, we can effortlessly determine different leads’ willingness (or lack thereof) to take the next necessary steps.
And the conversations we need to prioritize first.
Here’s how focusing on the core principle of personalization changed the financial marketing landscape in India.
According to SEBI reports the penetration of mutual funds was pretty low in August of FY2013, but it has since seen an increase as of Jan 2020. Mutual fund AUM as a percentage of GDP rose from 6.8% in 2012 to 12.8% in 2018.
One reason cited for the increase in penetration of mutual funds in Indian markets are the awareness campaigns run by various firms on the efficacy of SIPs and mutual funds. The interesting thing about these advertising campaigns was how they were often set in the backdrop of normal Indian life. They were designed to appeal to average middle-class households.
In other words, these were targeted campaigns that proved to be enormously effective. Reportedly they brought in over 50 lakhs more investors for mutual funds, thereby proving that the strategy paid off handsomely. They found out which potential demographic could be affected by marketing using available data and focused on them and pursued them with an appropriate strategy. This principle can be applied right down to FOS leads.
FOS (Feet on Street) Leads – A lead coming in from your FOS who’s trying to push credit cards in a mall to an unwilling customer is much less likely to convert. But a lead from the same FOS at a tech park or a college with prospects who have a highly expendable income might be slightly better. Here again, we can dig deeper and capture details to try and segregate them according to their activities.
Prioritize and pre-screen leads
A problem that people often face is that there are way too many channels from where leads come in. Focusing on so many different things at once kills your ability to measure the effectiveness of any one of those channels. To avoid that it is essential to improve the quality of leads entering the funnel. There are a few ways you could improve the funnel quality of your sales process.:
a) Improving sales metrics: It’s hard enough as it is to get actually interested people on board. To have a system that uses faulty metrics just adds to the problem. It is essential that marketing and sales teams are on the same page for leads to be viable. For example, one metric that helps synergize the efforts of sales and marketing teams is Marketing Qualified Leads to Opportunity Ratio. This metric enables one to effectively track and demonstrate Marketing’s contribution to the pipeline.
Transform how you sell your financial products
Take a personalised demo to learn how
b) Incorporating better quality criteria: Leads abandoning the sign up on the last page for Demat account registration are more likely to be better prospects than leads leaving after filling the first one. When thousands of people log on at the same time, it’s simply impossible to classify people as required manually. Fortunately, with the help of available technology, we can differentiate efficaciously and instantly if we have adopted the right criteria.
c) Listening to data: Someone rightly said, “In God we trust, everyone else must show data”. Only data tells the truth about what’s working and what’s not. The progression of revenues with rapid advancement in data collection and analytics is not a coincidence. If there is anything that the digital revolution has taught us, it’s this: Algorithms combined with the right amount of data can figure out people’s needs better. Here’s how it can help us: 91% of genX and 97% of millennials use mobile banking and 61% of them would be unwilling to open a bank account without proper mobile banking capabilities. It’d be a good idea to use this fact when designing marketing campaigns for student loans.
Lead segmentation & distribution
Not every conversation can be fruitful, especially not when the wrong person is involved. What is required is ensuring the leads are mapped to the right person at the right time. Here’s how you can do that:
Segment and distribute the leads as soon as they come in according to some parameters like:
a) Sources: A lead is generated generally from four sources: a) Banking Relations b) FOS c) Online d) Referrals. These leads are all different from each other in several unique ways . Thereby making it essential to have a different approach to deal with each one. For instance, a guy looking to open a mutual fund account is to be handled extremely differently than a FOS prospect considering credit card membership.
b) Location: Research has shown that many people seem to be unwilling to complete a lengthy task in one go. This is why we see the incredible abandonment rate of Demat account sign up pages. There is often a need to engage prospects that have come halfway through the sign-up process. It is of great help if the document verification part (which in most cases is the chief reason for abandonment rate) is handled vis-à-vis. For that, it is necessary to segment leads according to their Location. Undoubtedly, there is always a need to make sure that leads are assigned to FOS nearby the prospective.
c) Language: There are few things more personal to people than their own language. People like to be addressed in their own mother tongue. People segmented based on the language they are comfortable in and communicated in that language is always a win.
d) Users: Every call for a conversion of a prospect is a battle all in itself. And specific battles need specific strategies. There is a requirement to cater to the needs of different people differently. To assign the right people for a job is a challenge in itself. The task only becomes easier if leads are already segmented according to their specific demands and needs. This saves time and increases productivity. For instance, recently SIPs are once again seeing an upward trend. One reason for this being a renewed interest among younger investors in mutual funds. It’d be a good idea to inform these young users about existing plans regarding SIPs and mutual funds. It is always helpful if your existing users are segmented automatically so that you can engage with them with the right content.
e) Time of inquiry: The market never sleeps, sales executives have to. But, to satisfy competently the needs of different people, it is necessary to reach out to them as soon as possible.
We can only do this if we position ourselves as capable of knowing the time of inquiry of different people and having specific people reach out to them. The working hours of industrious insurance agents, call center employees, and sales agents are limited. Their productivity doesn’t have to be. Have them bring their A-game by reminding them of customers that may have called in late. At the same time effectively have them prioritized without much effort using predefined metrics.
f) Salespeople: To make and enforce a good and effective marketing strategy takes an extreme amount of synergized effort, dedicated people and money. When it finally pays off and outreach gets a good response, it could still potentially result in underwhelming conversions. This is why it is essential to have the right people to contact valuable leads.
This could get a bit tricky in situations where a good lead is assigned to an above-average but overworked employee. Or when someone’s current performance is degrading at a greater than average rate due to unfortunate circumstances. Once again we turn to technology, with which it is now possible to easily overcome such problems.
Lead Distribution logics
For instance, several firms now use CRMs that have an inbuilt capping logic and leave calendar that facilitates better distribution of leads. With capping logic, you can make sure a sales rep is not overworked by limiting the maximum number of leads they can be assigned. Take into account the availability and presence of sales reps by using a pre-configured leave calendar and shift timings.
For instance: You won’t give a high-value lead to a poor-performing salesperson.
One other added benefit from using segmentation is it aids in reviving leads via automation. The process allows us to attain higher specificity while targeting prospectives and ultimately helps in triggering the right automated responses. Automation has proved to be highly beneficial for firms such as Finance Buddha. For instance, with automated loan processing and improved customer experience, the inside sales conversions have improved by 25% reducing the time taken for loan processing. The customers are gaining from not having to wait long for approvals, which in some cases is almost instantaneous.
Reporting and Feedback
Of all the things that are almost universally viscerally hated, negative feedback would probably be near the top of the list.
It would also be among the top in the ‘most important things for improvement’ list.
Just as a viable lead turns cold in the wrong hands, a potentially great employee turns mediocre due to a lack of appropriate and necessary feedback. It is, therefore, a necessity to have a feedback mechanism installed in the process. It is absolutely critical that competent people handle viable leads. Regular reporting enables you to do that efficiently. Assessment of performance while the distribution of leads helps both the leads and firms.
Although it would be a mistake to limit the feedback process to sales representatives alone. We need to look further, which campaign strategies bombed? Which lead acquisition method has become outdated? In essence, are the changes happening in the finance sector outpacing our strategies? A great feedback mechanism helps answer all these questions and more.
https://www.leadsquared.com/wp-content/uploads/2021/11/Lending-CRM-paper-less-collections.png522685Kartik Anandhttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngKartik Anand2020-03-17 14:48:142021-07-05 17:58:25How to Convert Financial Leads Better Than Your Competition?
To organize qualified prospects according to where they are in your sales cycle, you need an efficient sales pipeline management.
Sales pipeline management is done with data that you can track with the help of a CRM tool. A deeper level of analysis of the sales pipeline backed by data will help you spot bottlenecks at every level and optimize your sales process.
What is a Sales Pipeline?
A sales pipeline is a visual representation of the sales process, divided into stages. It’s designed to help sales reps and teams manage the often complex processes that drive deals towards closer.
Sales reps and managers forecast revenue and predict sales by looking at the leads position in the pipeline, in the given timeframe.
Every opportunity moves at a different rate through the pipeline depending on their level of interest, urgency, or how much research they’ve already done.
Certain leads may even skip stages in the pipeline – for example, if a buyer proactively introduces you to his boss before you’ve asked, you’d move the deal straight from “initial connect” to “meeting with the decision-maker.”
A firm grasp of the sales pipeline is essential to keep track of the lead’s progress and behavior. Effective sales pipeline management will keep you informed about what actions to take at each point in the sales cycle.
What is Sales Pipeline Management?
Sales pipeline management is the act of monitoring why leads succeed or fail in passing through the sales funnel before closing the deal. This analysis is done with critical metrics that are tracked with the help of a CRM tool.
For B2B sales, in particular, having a maintained sales pipeline will:
Improve the sales process.
Forecast future results.
Analyze different sales strategies.
Allocate resources according to the upcoming sales.
Review progress for the current financial year.
Let you track your targets.
Analysis of these factors plays a vital role both in closing more sales deals and indicating the overall health and future direction of your company.
What’s the Need of Sales Pipeline Management?
Staying on top of the game will need some severe sales efforts, starting with an analysis of your sales pipeline. Studying past trends will help you with predictions for plans and strategies to close the loopholes.
Before adopting any method of Sales Pipeline Management, you first need to know why it is crucial to have one.
If your sales reports are incomplete, inaccurate, or just plain wrong, the outcome is simple. It will misguide you and your lead to ineffective selling. Misleading data of your sales pipeline will create havoc in analyzing the reports generated.
The tools that make up a sales technology plays an essential role in the accuracy of your sales reports.
In this increasingly competitive sales environment, most organizations are turning to a data-driven sales strategy. This essentially means entire departments rely on data and reporting to inform every sales decision.
As a result, it’s never been more critical to have access to accurate sales reports, which is the base of your pipeline analysis.
Little mistakes will slip through the cracks, but a little thought and communication, to avoid mistakes will be beneficial to make your analysis hold.