Technology drives innovation and brings new changes. Enhancing Customer Relationship Management (CRM) systems with detailed product and pricing data can revolutionise the way businesses operate.
This article delves into the business automation that can be achieved once every sale is captured in detail against the customer record in CRM.
Let’s get started.
The benefits of adding products and pricing to CRM
Managing your cost sheets, minimising your labour and material costs, and effectively managing your resources is key to ensuring your business is financially sustainable. This is just a starting point for effective pricing management.
Adding this data into your CRM takes your business to the next level. Imagine a world where you can report on what was sold in infinite detail simply and easily from CRM. You will clearly understand which products make the greatest contribution to your profitability allowing you to better focus and allocate your resources.
ProductEngine – Designed to improve business process
ProductEngine is designed to manage product and pricing data. The software allows you to import your supplier pricing and internal costs, create your sell prices and then share securely with your staff, systems and customers. To get started you can easily import your existing pricing spreadsheet and map it to your CRM such as Salesforce easily and quickly. . Of course you can start with your costs and add your margins and charges in a system that understands these pricing calculations with specific functions like ADD MARGIN and PROFIT. Another helpful function you can explore is ADD MARKUP, which will help you generate the sell price automatically from the cost price as well as the markup percentage that you’d like to feed in. Review all our functions to understand all that ProductEngine can do for your business and your team.
Maximising CRM with Product Engine
Customer Relationship Management is designed to store and manage customer interactions and data generated in the customer life cycle, and is a key tool to store your leads to help develop long term and sustainable relationships with customers who matter to your business. With the addition of product and pricing data attached to each deal (or opportunity depending on flavour of CRM) you have the ability to expand your CRM to operations and support teams while providing meaningful information to make their lives easier. Importantly, you can track deliveries and billing to ensure you are billing for all sales. Post sale you will have all the data needed to manage warranties, resign, build initiatives to grow customer loyalty, maintain ongoing contact with your customers when you launch new products, sales, initiatives etc.
While a CRM captures all the leads, prospects, pipeline and customer information, coupling it with detailed product and pricing data will greatly enhance its effectiveness as this supercharges your data to set your business up for long term success.
In summary, using ProductEngine in conjunction with CRM will make the output all the more powerful and relevant. Of course you can just upload product and pricing data from a spreadsheet to your CRM, but if you have tried this you understand the time this takes and risks of significant error. ProductEngine saves you time, delivers 100% accuracy and connects to all your other systems as well. You no longer have to go back and forth with various stakeholders in the business with a new version of the price list, and you can make sure the ‘right’ version is what they always have access to. With these innovations, tasks related to pricing management become an absolute breeze!
For any queries or assistance on this, reach us here. There are a few things you can do to get to know more about Product Engine. Watch our explainer video on the website, or book a demo to find out more.