CRM systems go stale even during prosperous times, but when facing economic change and uncertainty it’s critical your CRM is up to date.
If your company has customers in multiple sectors, it can be difficult to keep track of which clients are struggling, and which may bounce back more quickly. Data from McKinsey suggests it may take up to five years for the arts, entertainment and recreation industry to recover. We can’t assume all clients are reacting to the pandemic in the same way. Understanding which businesses are going through administration or are no longer viable prospects can help you protect your own organization.
McKinsey has also suggested there are regions that, while initially hit hard by the economic crisis, may emerge with more resilient, advanced economies. Indonesia is highlighted as one such country that may be able to harness this uncertainty to accelerate necessary development in areas such as digitization and medical device manufacturing. Discovering which companies in these regions are successfully pivoting their working model in response to the changing climate can create game-changing opportunities for your company.
To keep track of these global developments and target the best performing companies as prospects, huge amounts of entity data are required. Making the best use of your CRM system without technological support would require proactive, time-intensive research to discover the nature of each potential prospect’s business activity, details of its subsidiaries, its expansion plans and any management changes.
Updating your approach to CRM management using data tools presents a chance not only to catch up on neglected company research, but the capacity for you to stay ahead of the curve as your customers – both current and potential – undergo extensive changes.
A pro-active approach to CRM management will help identify valuable business leads, cross-selling opportunities and loyal customers.
Our powerful entity data tool Orbis can automatically add detailed, accurate information such as business activity information, group structure, growth plans and changes in management. This single-step process automatically and seamlessly updates from the initial assessment point onwards – leaving you and your business with more valuable time during this critical business period.
For further information, watch our video about Orbis for business development