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5 Ways a Cannabis CRM Will Benefit Your Business
Customer Relationship Management is a critical part of a sales and marketing strategy. Find out what a Cannabis CRM can do for your business.
Ask any successful business owner how they sustain continuous growth, and they will undoubtedly accredit much of their success to customer relationship management (CRM). It can be B2B, B2C, or both—but the key to building a good reputation is by establishing and nurturing quality partnerships. This feels especially true in the cannabis industry, where so many new businesses are emerging, and market growth is accelerating quickly. To effectively and efficiently track and analyze this dynamic, a cannabis CRM is critical.
So, what exactly is a cannabis CRM, and how can it help you manage your business? Let’s look at the top 5 reasons why you need one and how to find the best CRM provider.
What Is a Cannabis CRM?
When we talk about customer relationship management, we typically refer to this technology as a system or a tool. For example, a CRM tool is a software application designed to help you manage your business relationships throughout the entire lifecycle of the customer. This means tracking and nurturing leads, analyzing marketing and sales initiatives, and improving the customer service experience.
According to Grand View Research, global spending on CRM software is expected to reach $157.6 billion by 2030. CRM technology is the fastest-growing (and largest) enterprise application software category. Employing this technology in a sales-oriented organization only works when you have employee adoption, but the positive results are undeniable.
- The average return on investment (ROI) for CRM is $8.71 for every dollar spent.
- Access to CRM data shortens the sales cycle by 8-14%.
- CRM industry polls report that CRM significantly improves customer retention and satisfaction.
- CRM tools can increase sales productivity up to 34%, and improve sales forecasting accuracy by 42%.
- Salespeople that use CRM tools see an increase in sales by up to 29%.
A cannabis CRM is specifically designed to understand the nuances of the cannabis industry. Mega players in the game like Salesforce and Oracle have created enterprise software that is widely adopted across the globe. Still, they are not yet well-versed in the demanding world of cannabis compliance and what it takes to buy and sell regulated marijuana. That’s why it’s so important to shop for a cannabis-specific CRM provider.
The bottom line is that not having a cannabis CRM can cost you money, even in the short term. If there is a technology that can improve the productivity of your sales team and increase the lifetime value of your customers, what’s not to love?
Top Benefits of Using a CRM
When you partner with a well-designed CRM provider, watch your team flourish and your sales statistics rise. When implemented as a part of your standard operating procedures, a CRM can produce many tangible results.
1. Convert More Leads
Marketing works hard to create more sales opportunities, otherwise known as lead generation. Yet, 79% of leads will not convert without using CRM tools. However, when you adopt the practice of lead management within a CRM, you can track, organize, and analyze your audience, allowing you to curate a customized lead nurturing plan for each segment of your target market, increasing your marketing ROI.
2. Access to Real-Time Data
Salespeople love numbers. Their entire drive is geared towards increasing sales and reaching quotas. A CRM sales dashboard tracks sales revenue with variables by the representative, region, product, service, or any number of criteria that is valuable to your organization. Real-time data drives decisions by letting stakeholders like executive staff and marketing teams monitor trends and revenue to measure against other vital factors affecting strategy.
3. Boost Sales Team Productivity
A CRM is a centralized hub for data storage, sales statistics, and customer analysis. Many companies ask their staff to use multiple tools, email, apps, and other channels to track sales and tackle internal and external communications. This cumbersome process usually leads to low adoptions rates, minimizing the expected result of using the tools in the first place. With a CRM, any and all relevant data that can improve productivity is found in one convenient location.
4. Improve Customer Service and Satisfaction
Customers are the heartbeat of any organization. What if you knew exactly what kind of experience your customers had the last time they interacted with your company? Would it help you navigate complex conversations and overcome common objections? Yep. This is the kind of valuable data you’ll find in a CRM. Details about what they like and dislike, any special offers or discounts they’ve been offered or have accepted, and any personal information to help you connect with your customers.
5. Leverage Data to Increase Marketing ROI
CRM tools often include automated marketing actions, like personalized communication via text or email. Usually, the software can also recommend the best time to send communications, taking the guesswork out of scheduling. Not only does this save you time, but the analytics tied to these channels provide marketers with valuable insights on the who, when, and where that ultimately help drive more conversions.
Shopping for Cannabis CRM ProvidersIf you work in a B2B or B2C cannabis business, you will benefit greatly from a cannabis CRM. The results-driven data is there. Now you just need to find the ideal partner for your specific business. This is where cannecht comes in.
The cannecht platform is designed to help licensed cannabis operators find the best service providers for their businesses. When you sign up with cannecht, our chatbot Ripley quickly guides you through a series of questions to help you refine your requirements. Then, we match you with the CRM provider you are seeking. Each service provider in the cannecht platform has the valuable cannabis industry experience you need when shopping for a cannabis CRM.
Are you a cannabis grower? Maybe you own and operate a retail dispensary? Or perhaps you manufacture or process cannabis in an extraction lab or kitchen. No matter what kind of business you operate, a cannabis CRM will improve your operation, and cannecht is here to help you find the right provider for your business. Learn more about us and what we do, or sign up today to join our beta program. Let’s cannecht.