 Prioritising Budgets for Technology - The Venturer Magazine: It’s that time of year again when many of us review the previous year’s costs and performance, and for some, look to secure funding for the new fiscal year.
An upgrade here or there never hurt the balance sheet especially when you can claim back 50% via Capital Allowances in the first year and even 100% against corporation tax if you lease new systems. However what should you prioritise for the next twelve months; a faster, slicker machine or Blackberrys for everyone? It can be a difficult decision especially with so much choice.
As technology systems become more and more integrated, maybe it’s time to review exactly what your current technology is doing for you instead of what you can do for the technology sales teams!
We have a saying, “if it’s not making you money, it must be called furniture!” This means that any item of capital equipment must be instrumental in generating revenue for your company. This must be the only pre-requisite for acquiring new technology.
Most people are aware of the old adage that “time is money” but the reasons to upgrade your technology have to be based upon sound principles and you may want to carry out the following exercise before making any decisions:
- Establish that your current costs are as low as they can be
- Identify the business focus for the oncoming fiscal year (Business Plan)
- Ensure your marketing plan is in place
- Look to invest in the technology necessary to achieve your sales targets as specified in your Business Plan.
Current Costs
Securing a budget for a given department or business plan can be a much sweeter “pill to swallow” if you have been able to save costs in other areas. Before you embark upon any changes, it’s a good idea to ensure that your existing costs are at a minimum. Identifying savings to your phone bill, for example should be a relatively easy exercise.
However irrespective of the size of business or the funding required, any expenditure required must be cost justified, not only in terms of whether you can afford it but also in terms of the additional financial reward to be gained.
Business PlanAttempting to secure a larger market share cannot be achieved without a sound business plan. If you determine what you want to achieve then the acquisition of new technology will be far easier and more logical.
Marketing Plan
To achieve the goals set out in your business plan, you must have a method to get your message out to prospective customers. The tools required to carry out your marketing plan should be the focus of your prioritisation for budgeting. There is no point replacing a server if you intend to spend the next twelve months ramping up a telesales campaign or recruiting new sales people. To start at the beginning, your Marketing Activities will probably consist of the following:
- Email Marketing & Newsletters
- Flyers, Brochures & Advertising
- Web Site Development (ensuring customer attraction)
- Structured & consistent PR
The above activities will/should be focused towards the existing and prospective customers you hold on file.
Technology Budgeting
In order to efficiently manage your marketing activities, a CRM Database should be used such as GoldMine, Salesforce, Act! etc. They are not just address books; these packages can help structure your business processes in order that you can standardise repetitive tasks such as sending out letters and automating tasks for new customers. E.g. if you have a process whereby a new prospect is sent a series of documents over a period of time, CRM packages can automate these tasks leaving both marketing and sales departments to concentrate on serving new customers whilst the technology can be left to do the “donkey work”.
Implementing CRM may mean that you need to review your server and/or some of your workstations. Depending on how your workforce is deployed, e.g. field-based, you may need to consider a CRM solution that can operate via the internet (e.g. on any browser in an internet café) so your team can also access the information via their laptops, wirelessly. Therefore, you may need to consider upgrading in order to allow for wireless access to your internal network and external access to WiFi hot spots depending on how you want to structure access to the CRM software. On the subject of laptops and remote workers, if your business model allows for team members to work from home or away from the office, they can stay connected via VoIP. This means that telephone calls from your office telephone system can be transferred over the internet to extensions connected to the laptop/PC. According to Cisco, home working can generate efficiency gains of at least 20 per cent for small businesses; however, the main concern for a home worker is staying part of the team. That’s where VoIP comes in to its own as each remote worker’s laptop or home PC can be set up as an extension off the main office telephone system. Whenever they are connected to the internet they can be connected, as a live extension, as if they were sitting at a desk back at the office. This means that all inbound and outbound calls are routed via company’s call provider and as with internal extension to extension calls are free. Using the same broadband connection, the ability to use video conferencing technology will also benefit businesses, as employees can interact with colleagues or clients "face-to-face". Users of video conferencing have increased by 200% since 2005 and with prices starting from as little as £50.00 for a webcam, entry level costs are minimal.
Depending on the sophistication of your telephone system, it may already have the ability to connect to a CRM database via your network making dialling the customers by the click of a mouse simple (please check with your current supplier/maintainer). This is computer telephony integration (or CTI) and uses a common program called TAPI (telephony application programming interface). These two elements, whilst inexpensive, can pave the way for integrating your whole communications infrastructure. Once your salespeople are on the telephone, the next phase is to ensure that they are actually giving your prospective customers the right information and that they are presenting your company in your preferred format.
Call Recording is one of the most effective tools available. Consider this; every member of staff involved in any form of telephone contact with the customer can be recorded and assessed.
This has three distinct advantages. Firstly you’re able to coach each member of staff in handling customer contact and secondly, each member of staff can hear what they sound like and can be helped to understand specific areas for improvement. The third advantage is dispute resolution. As all your calls are recorded, the customers queries or complaints can be handled easily and efficiently to everyone’s benefit.
Raising the bar! Now that you have your team(s) working efficiently on the telephone, the next process to establish is how many telephone calls each salesperson is making. With Automated Progressive Dialling; the time wasted organising data, creating call lists, skipping records etc can be eliminated. Valuable time is maximised making calls. Calls are automatically allocated to users and management information is provided on their performance. These software packages work best in conjunction with CRM databases and can be purchased by single user and not by site. If you only have a few high users of the telephone you can budget accordingly.
Depending on your marketplace, if high users of mobile phones are part of your business demographic, then a simple software package and a GSM modem can provide your business with SMS Text Messaging from your desktop PC. Uses for this marketing medium are cropping up all the time e.g. the local restaurant with a promotion or estate agents promoting new instructions. The scope is as wide as your imagination. Now that you have increased the output of your business and your sales teams are firing on all four cylinders there is now the question of the increased calls you’re receiving for customer support and from new business enquiries. If you begin to view your activities in terms of communications “flow”, marketing and sales creates an increase in outbound flow which has a balancing inbound flow. This simply needs to be managed. Whilst the description Contact Centre conjures up visions of rows of staff using headsets, the reality is that we all run a contact centre of one type or another. The difference is how we manage it. Depending on volume, the easiest structure is to ensure that the staff answering the calls can handle the enquiries quickly and efficiently. This will entail structuring ringing groups and skills-based routing (making sure that the people capable of handling queries do just that!) A variety of features are available which range from detailed information being displayed on users PC’s to reports that indicate the telephone numbers of missed callers who have not been called back. The scale of contact centre working depends on the importance of the calls you need to handle and not necessarily the quantity.
As your customer attraction activities increase, there is now an additional facility which can prove extremely beneficial to both customers and businesses which is called Web Chat. This functionality enables customers, when they are visiting your web site, to place a query message, the same as MSN. You can either communication on line or the browser can request that you call them back. In addition to web chat, Email Management is becoming increasingly popular, i.e. emails which have been directed at a general email box, to be handled by a group of people in a similar way to receiving a telephone call directed to a hunt group. This means that each member of staff handles a fair share of emails. To bring these facilities in to one process, Contact Centre software can funnel all the above activities into one solution, blending phone calls, web chat and email to create your inbound communications flow handled by your designated team of staff. The key to prioritising your budget for the new fiscal year is to only spend money on items that will make money in order that you can profit from technology.
Some interesting statistics:Voice Recording and Evaluation Software
- Maximising return on investment in productivity & staff training 100%+
- Source: www.etalk.com
Integrated CRM Databases
Automated Dialling
Contact Centre Software
The above statistical claims are made by manufacturers when their products are used in isolation; the overall increase in productivity will be significantly higher if they are used together. This may help to justify an investigation into the feasibility of such a structure for your business. |
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Written by Nigel Maine
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Business Matters Magazine - January 2008: Do you need more staff to increase turnover or is there an alternative? Given the right circumstances, most companies would relish the opportunity to increase their sales to such an extent that they only needed to concentrate on the administration. Even with the best will in the world forecasting sales is not a science, it’s more like science fiction and is more likely to cause stress through incorrect or misleading data than any other aspect of business. Unlike other areas of your business, sales can be the least quantifiable as invariably, the act of selling happens away from the manager who needs to monitor the activity and performance. Yet from new business sales all else flows. When manufacturing a product there is a process; the raw material goes in at one end and the finished product comes out at the other end. Every process within this is planned, managed and monitored to ensure consistent quality. The raw material required in the production of sales is your staff and they need to be quality managed and monitored just as much, if not more so, then your product or service if you are to achieve the level of sales you desire.
The first part of the process is the telephone call. Whether your telesales team sells products direct or if they make appointments for field sales executives to sell face-to-face, the telephone is the single most important tool that your team has to use, yet it is the least managed and monitored. This is because, for the most part, you can only hear one side of the conversation.
Sales on the other hand can have an off day – or two! Poor sales performance is often attributed to a downturn in the market or to ‘the customer’s simply not buying at the moment’ or to a host of other well-worn excuses.
The solution: listen, coach and automate.
Technology continues to play an enormous role in the development of businesses however to succeed in this arena a director needs to have a creative awareness of what is achievable with the technology available in order to instruct an IT department or supplier.
By combining the functionality of commonly used systems it is possible to create a structure that can assist in accurately forecasting and maintaining your team’s performance like never before. Identifying where a sales person is having difficulty with their delivery or close can also become far easier and quicker. This is the only strategy that can guarantee consistency without stripping away valuable management time.
The objective is to focus on the end result, i.e. the sale, and work back from there.
Components Required
Some of the components required you may already have, but here’s the complete list:
- Telephone System
- Computer Telephony Integration
- Voice Recording & Evaluation Software
- CRM Software
- Automated Dialling Software
- Contact Centre Management Software
Most modern telephone systems offer significant functionality, however, no matter how intelligent the telephone system is, it is the people using it that count. The cost of running a business is illustrated on the profit and loss account. It is the responsibility of a director to manage the costs, not simply to keep them to a minimum, but ensuring the business gets value from money. Recruitment can run into thousands of pounds, not only in agency costs but also in the time spent interviewing and training new staff. Creating your own golden goose is always desirable but rarely achievable. This structured solution can ensure consistency in output, consistency in training and instant identification of existing or potential problems that can be rectified quickly through coaching.
Telephone System
Every business has a telephone system, however to ensure connectivity to other products the telephone system needs to have the facility for computer telephony integration. If your telephone system does not have this at present, it may be upgradeable.
Voice Recording
Some businesses use voice recording for dispute resolution so that if and when disputes occur businesses can resolve them quickly and effectively. This is a typical scenario within the financial services industry.
Call centres are also high users of voice recording; you may well have heard adverts that say “calls may be recorded for quality and training purposes”.
However for typical sales companies with say five plus sales executives, voice recording is not normally considered as it is thought of a being too expensive. Fortunately the cost of this equipment has reduced dramatically over the past few years and in some cases is as little as £200 per user.
CRM Software
Nowadays most sales departments operate using a database in one form or another, from simple Microsoft Access databases through to off-the-shelf products like ACT!, Goldmine and Microsoft CRM. Once implemented these software packages can provide a sales team with all the sales tools necessary - as long as the customisation matches the business process. this is key.
By integrating a database with voice recording, it is possible to insert every conversation with every customer in the respective customer's history. This enhances your level of customer service by all staff being aware of previous conversations.
Automated Dialling
In conjunction with a customer database automated dialling software uses the common data, i.e. the company name and telephone number in order to produce a call list. The dialling software maps the call against the original database record simplifying the activity for the sales team and massively increasing productivity by as much as 100%!
Inbound Contact Solutions
With an increase in outbound activity it stands to reason that eventually the number of inbound communications received from your customers will also increase.
With so many options available to your customers to contact you it is essential to structure all inbound activity in the same way.
Typically a business will receive communication in the following forms - telephone, e-mail, web chat, fax or SMS text messaging. It is possible to manage and distribute the flow of inbound communication to identified staff to maintain a high degree of customer service, customer response and most importantly, customer retention.
Statistics
Voice Recording and Evaluation Software - Maximising return on investment in productivity & staff training 100%+
Source: www.etalk.com
Integrated CRM Databases - Increase in productivity 41%+ - Return on Investment 16% - 1000%
Source: www.searchcrm.techtarget.com
Automated Dialling - Increase from 20 minutes to 45 minutes talk time per hour 100%
Source: www.nms-adaptive.com
Contact Centre Software - Return on Investment up to 300%
Source: www.nucleusresearch.com
The above statistical claims are made by manufacturers when their products are used in isolation; the overall increase in productivity will be significantly higher if they are used together. This may help to justify an investigation into the feasibility of such a structure for your business.
Conclusion
Before you take the plunge and employ more people to increase your sales take a moment to consider what technology can bring to your business; it is one-off cost, it rarely goes sick, it never needs a holiday and it won’t want a pension.
This technology takes the guess work out of forecasting and enables you to plan your future in the knowledge that the targets are achievable based upon tangible management information.
For more information, you can begin by asking your telephone system supplier or IT provider.
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Written by Nigel Maine
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Customer Magazine - April 2008: Do you need more staff to increase turnover or is there an alternative?
Given the right circumstances, most companies would relish the opportunity to increase their sales to such an extent that they only needed to concentrate on the administration.
Even with the best will in the world forecasting sales is not a science, it’s more like science fiction and is more likely to cause stress through incorrect or misleading data than any other aspect of business.
Unlike other areas of your business, sales can be the least quantifiable as invariably, the act of selling happens away from the manager who needs to monitor the activity and performance. Yet from new business sales all else flows.
When manufacturing a product there is a process; the raw material goes in at one end and the finished product comes out at the other end. Every process within this is planned, managed and monitored to ensure consistent quality.
The raw material required in the production of sales is your staff and they need to be quality managed and monitored just as much, if not more so, then your product or service if you are to achieve the level of sales you desire.
The first part of the process is the telephone call. Whether your telesales team sells products direct or if they make appointments for field sales executives to sell face-to-face, the telephone is the single most important tool that your team has to use, yet it is the least managed and monitored. This is because, for the most part, you can only hear one side of the conversation.
Sales on the other hand can have an off day – or two! Poor sales performance is often attributed to a downturn in the market or to ‘the customer’s simply not buying at the moment’ or to a host of other well-worn excuses.
The solution: listen, coach and automate.
Technology continues to play an enormous role in the development of businesses however to succeed in this arena a director needs to have a creative awareness of what is achievable with the technology available in order to instruct an IT department or supplier.
By combining the functionality of commonly used systems it is possible to create a structure that can assist in accurately forecasting and maintaining your team’s performance like never before. Identifying where a sales person is having difficulty with their delivery or close can also become far easier and quicker. This is the only strategy that can guarantee consistency without stripping away valuable management time.
The objective is to focus on the end result, i.e. the sale, and work back from there.
Components Required
Some of the components required you may already have, but here’s the complete list:
- Telephone System
- Computer Telephony Integration
- Voice Recording & Evaluation Software
- CRM Software
- Automated Dialling Software
- Contact Centre Management Software
Most modern telephone systems offer significant functionality, however, no matter how intelligent the telephone system is, it is the people using it that count.
The cost of running a business is illustrated on the profit and loss account. It is the responsibility of a director to manage the costs, not simply to keep them to a minimum, but ensuring the business gets value from money. Recruitment can run into thousands of pounds, not only in agency costs but also in the time spent interviewing and training new staff. Creating your own golden goose is always desirable but rarely achievable. This structured solution can ensure consistency in output, consistency in training and instant identification of existing or potential problems that can be rectified quickly through coaching. Telephone SystemEvery business has a telephone system, however to ensure connectivity to other products the telephone system needs to have the facility for computer telephony integration. If your telephone system does not have this at present, it may be upgradeable. Voice RecordingSome businesses use voice recording for dispute resolution so that if and when disputes occur businesses can resolve them quickly and effectively. This is a typical scenario within the financial services industry. Call centres are also high users of voice recording; you may well have heard adverts that say “calls may be recorded for quality and training purposes”. However for typical sales companies with say five plus sales executives, voice recording is not normally considered as it is thought of a being too expensive. Fortunately the cost of this equipment has reduced dramatically over the past few years and in some cases is as little as £200 per user.
CRM Software
Nowadays most sales departments operate using a database in one form or another, from simple Microsoft Access databases through to off-the-shelf products like ACT!, Goldmine and Microsoft CRM. Once implemented these software packages can provide a sales team with all the sales tools necessary - as long as the customisation matches the business process. this is key.
By integrating a database with voice recording, it is possible to insert every conversation with every customer in the respective customer's history. This enhances your level of customer service by all staff being aware of previous conversations.
Automated Dialling
In conjunction with a customer database automated dialling software uses the common data, i.e. the company name and telephone number in order to produce a call list. The dialling software maps the call against the original database record simplifying the activity for the sales team and massively increasing productivity by as much as 100%!
Inbound Contact Solutions
With an increase in outbound activity it stands to reason that eventually the number of inbound communications received from your customers will also increase.
With so many options available to your customers to contact you it is essential to structure all inbound activity in the same way.
Typically a business will receive communication in the following forms - telephone, e-mail, web chat, fax or SMS text messaging. It is possible to manage and distribute the flow of inbound communication to identified staff to maintain a high degree of customer service, customer response and most importantly, customer retention.
Statistics
Voice Recording and Evaluation Software - Maximising return on investment in productivity & staff training 100%+
Source: www.etalk.com
Integrated CRM Databases - Increase in productivity 41%+ - Return on Investment 16% - 1000%
Source: www.searchcrm.techtarget.com
Automated Dialling - Increase from 20 minutes to 45 minutes talk time per hour 100%
Source: www.nms-adaptive.com
Contact Centre Software - Return on Investment up to 300%
Source: www.nucleusresearch.com
The above statistical claims are made by manufacturers when their products are used in isolation; the overall increase in productivity will be significantly higher if they are used together. This may help to justify an investigation into the feasibility of such a structure for your business.
Conclusion
Before you take the plunge and employ more people to increase your sales take a moment to consider what technology can bring to your business; it is one-off cost, it rarely goes sick, it never needs a holiday and it won’t want a pension.
This technology takes the guess work out of forecasting and enables you to plan your future in the knowledge that the targets are achievable based upon tangible management information.
For more information, you can begin by asking your telephone system supplier or IT provider.
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