You want to get the most out of your business technology investments. But are you at risk of an epic digital fail? A recent CFO Magazine article focused on just that. The biggest reason for a digital fail: Companies neglect the very parts of their business that have the greatest impact on revenue generation — namely value creation and monetizing for that value. Instead, they focus on reducing costs, improving operations, or aggressive pricing to keep up with the competition.
Instead, CFO Magazine says, companies must focus on these three areas:
- Unlocking new value
- Building pricing power
- Improving customer segmentation and sales tactics
Let’s break it down and talk about how Microsoft Dynamics 365 for Sales can help in these three key areas:
1. Unlocking New Value to Reach More Consumers and Open New Markets
The CFO Magazine article says digitalization is not just an upgrade to maintain competitiveness or improve efficiency. Most companies overlook how digital technologies can be applied to reach more consumers and open new markets.
In a previous BLOG we talked about how LinkedIn Sales Navigator for Microsoft Dynamics 365 can be used to further relationship sales. Microsoft’s acquisition of LinkedIn has brought new and exciting integration and opportunities for the sales users within Dynamics 365 via Sales Navigator. Finding the people/firms that you want to do business with and effectively managing those opportunities within Dynamics 365 is within reach. You can utilize common contacts within LinkedIn to build better relationships with your prospects, and reach more potential prospects. Not only will Dynamics 365 allow you to build relationships, but you can manage relationships at scale without dropping the ball.
2. Building Pricing Power
Digitalization is often accompanied by more intense pricing pressure due to increased competition, price transparency, and customers’ power to negotiate. Companies must have the discipline to refrain from engaging in price wars, which has a detrimental effect on margins.
Don’t get into a price war with your competitors. Microsoft Dynamics 365 for Sales helps you competitively price your products with advanced algorithms, artificial and predictive intelligence, and bots. You can also increase sales by adding related products as suggestions for up-sell, cross-sell, accessories, or substitutes. You can define related products within Microsoft Dynamics 365 for Sales to help your sales agents with their recommendations to customers.
The related products are displayed as suggestions to your sales agents during opportunity or order management. These suggestions help your sales agents recommend related products and bundles/kits to the customers, and increase product sales.
3. Improving Segmentation and Sales Tactics
To stay competitive, companies must become customer-centric organizations and develop a multi-dimensional and sophisticated understanding of their customers’ needs, behaviors, and most importantly, their willingness-to-pay. More effort is needed to harness digital technologies and behavioral science to support advanced customer segmentation, personalization, and customer experiences that resonate.
Avoiding an epic digital fail is not out of reach.
Microsoft Dynamics 365 for Sales helps you segment customers and prospects to ensure that they receive the right communication from you at the right time. You can better understand the customer journey by composing role-specific visualizations that bring together customer profiles, interactions, metrics, inferences, and predictions.
Digitalization can free up the sales force and help them engage better with the right customers.
Microsoft Dynamics 365 for Sales lets you manage all your customers and deals right in Outlook. You can prioritize your daily activities and take the right steps to close more sales. Your team can follow up on leads and opportunities from anywhere using mobile apps.
Don’t let your technology projects become a big digital fail at the end of the day. Do you have more ideas about how to avoid an epic fail? Drop me a line on LinkedIn and let me know.
Director of Corporate Account Sales, Velosio
Joe Gulino has spent 30 years growing and running mid-sized ERP and CRM consulting organizations. Recently, he has focused his career on helping large and mid-sized services companies select, procure and implement ERP and CRM solutions. He has experience in several industries including manufacturing, distribution and professional services.
Today, Joe serves Velosio customers in his role as Director of Corporate Account Sales where he helps customers solve business problems using Microsoft Dynamics 365 technology. Joe holds a B.A. in Business Administration and Computer Science from Rosary College, and is based in Naperville, Illinois.