One of the easiest ways to stop a cancel is predicting when it might happen.
While Inline CRM isn’t quite the same as a crystal ball, it might be the next best thing.
You can run a report in our system to see:
Average customer lifespans
Which policy type is canceled most
Common reason(s) for canceling
Pretty much anything else
Once you know what to expect, you’re prepared how act. And then you should…
Build a Cancel-Stopping Squad.
Some people are natural sellers. But when they get a call from a customer who wants to cancel, they lose their edge.
On the other hand, there are people who turn their charm up to 11 when dealing with even the most serious of cancel threats, even if they’ve never spoken to the customer and don’t offer any incentives to stick around.
It doesn’t matter who you pick to be your “stoppers.” It can be a dedicated inbound staff. You can outsource it or keep it with your sales reps. The important thing is this: Identifying roles and letting people know their responsibility.
So, now what?
Use Our Dashboard to Direct Your Efforts.
Your call center or sales team will see each day’s must-do tasks the millisecond they log in—and be able to record the outcome.
You can customize whatever information you want to appear—even cancel prevention tasks.
The data’s all there for you to follow through without pivoting or using outside clunky software.
And while they’re stopping cancels, remind them of this:
Customer Service is Your Secret Weapon.
Simply saying “We care about our customers” is easy.
Proving your promise is harder, but boy it’s worth the effort.
Here’s a mind-blowing image for proof:
Simply put: Companies that eat and sleep customer service see a 307% return on their efforts. That ROI is better than the S&P 500!
So, empathize with would-be cancelers. Be patient. And remember to smile, especially if they’re upset! Studies have shown that smiling when you speak on the phone makes customers happier. Using e-smiles or emojis in chat sessions even improves a customer’s perception!
Another way to become a next-level service leader?
Improve Your Onboarding Process.
Some companies might think the hard part is over when they make a sale.
They couldn’t be more wrong. The fact is, the moment you gain a new customer, the clock starts ticking on a potential cancel.
So, kick things off with better onboarding.
How? We’re glad you asked.
You can even identify customer milestones to send emails through our CRM. Once those rules are triggered, your customer gets some automatic love sent to their inbox!
A Final Piece of Advice.
We know that asking a rep not to sell is like asking a fish to breathe out of water.
But just because “The customer is always right” doesn’t necessarily mean that customer is right for you.
In other words, if you have data to show that someone is likely going to cancel as part of the sales process, do you really want them as a customer to begin with?
A surefire way to know a prospect probably won’t work out is if they’re on the “Known Litigator” list—and since our CRM integrates with DNC.com, you won’t have to worry about them becoming part of your churn problem.
You’d probably sell more policies if you had an infinite marketing budget.
But odds are you don’t have a money tree in your lobby.
In fact, the average business has a marketing budget of around 7% of their gross revenue, according to the Small Business Administration.
That’s why tracking your direct marketing campaigns is so important to your company’s finances: When you know who becomes a customer and how you hooked them, you’re positioning yourself for sustained revenue.
For example, it might be that people in Illinois respond well to direct mail for vehicle service contracts and websites make more sales in Colorado.
Advanced reporting in our direct marketing CRM can help you pinpoint the campaigns that won, lost or have real profit potential with the right tweaks.
Let’s cover some of the proven ways to put those analytics to use, broken down by media type:
Personalize Direct Mail
If you notice one of your direct mail campaigns didn’t generate the pull you expected, what should you do?
20 January 2022Justin WilkersonComments Off on Does Your Extended Warranty CRM Have These Features?Uncategorized
It seems like there’s a new CRM hitting the market every day. After all, 90% of businesses with more than 10 employees rely on a CRM, so there’s no shortage of need.
With so many options to choose from, how do you know your choice will work best for your business? What are the must-have factors and call center solutions your CRM should include?
Let’s find out!
You Can Customize It
Your competitors might sell the same things as you, but they aren’t the same as you. Your business will have different focuses, different goals or priorities—and you need a CRM (like ours!) that allows you to be as flexible as you like.
We find that customers who use custom fields, custom email templates and even custom queues of data can boost profits by as much as 95%! And our advanced API can also help you customize just about anything exactly how you want, especially your all-important dashboard.
You Can Integrate 3rd Parties
No CRM can do everything (but ours comes close). That’s why your CRM should be able to integrate software from other parties to keep your sales agents on top of their game. And since a sale doesn’t happen without communication, you should ideally be able to integrate:
Lead generation software to fill your prospect pipeline
Email platforms from Outlook to Gmail
Calendars, especially since 70% of adults rely on digital notifications to manage their life
When you have all the tools you need integrated in one location, you’ll be much more productive.
You Can Use It Anywhere
Can you believe some CRMs still require downloads and only operate offline? There’s no excuse for this, especially in 2022.
Old systems like those usually require an IT staff to maintain and run updates, not to mention their legacy infrastructure usually means they can’t adapt or integrate the applications mentioned three inches above.
New systems like ours are easily accessible wherever you have internet or data—even on mobile.
After all, you never know when or where you’ll need information to help seal a deal.
All-In-One Customer Profiles
Let’s pretend you have a customer who owns a home, a car, a motorcycle and an RV.
That could make for a pretty big extended warranty sale, right?
But if you’re using the wrong CRM, it could also lead to a pretty big headache. That’s because some CRMs (not ours!) will make you click around and around to get to the same customer profile. Wouldn’t it be easier if you could just sell that customer profile and manage those opportunities from a dropdown menu like this?
With Inline, you can!
Sure, you could work in some workarounds, but then everything wouldn’t be in the same workflow. And that seems like a lot of needless busywork.
Now you can assign certain leads to certain groups, know exactly when or how to follow up with a customer based on their place in the funnel and a lot, lot more.
With this functionality, who knows? Maybe your sales reps will be able to make 70 calls a day.
Automatic Commission and Cancel Calculations
There is an almost infinite amount of ways you could structure commissions and bonuses. By the number of policies sold. The amount of the policies. The type of policy. All of those conditions combined.
The list goes on and on.
That level of complexity could make even the most seasoned accountant feel dizzy.
With Inline we can help you code the precise commission payout based on whatever criteria you want, including cancellation rates.
And it happens automatically.
Simply put, you won’t find that functionality in any other industry CRM.
Okay, this bit of technology is a little analog.
Somewhere along the way, you’re going to have a question, an issue, or problem that needs to be taken care of right away.
Your sales reps deserve every last cent of commission they earned. But figuring out exactly how much commission they’ve earned can eat up a lot of time—literally days— if you’re not using the right software.
Did that client make their first monthly payment? Is the sales rep getting tiered or residual commissions? Did they hit a multiplier bonus?
Cutting a commission check shouldn’t be so confusing!
With Inline, it isn’t.
We can code every commission condition exactly the way you want for fast and accurate paydays. And happy sales reps are productive sales reps.
We can even code commission for your fronter, takeover, collection, and retention teams.
27 October 2021Justin WilkersonComments Off on 5 Warning Signs You Need a New CRMCRM
You know how lucrative the extended warranty business can be. In fact, the global market is worth more than $120 billion!
You also know the boost using a CRM can give your bottom line. Research shows a 29% sales increase thanks to CRMs.
With so much profit at stake, you should probably evaluate whether the tools your business uses are maximizing your money-making potential.
Here are some signs you should consider getting a different CRM:
1.) It Has Limited Functionality
Here’s an interesting stat: Only 11% of people will make lifestyle changes even if they are told they could reverse diabetes, restore their health or live longer.
Well, what does that have to do with changing CRM systems?
It shows how resistant we can be to change! Most people have used their existing software from 2-5 years. That’s practically a lifetime of fresh features and improvements they might be missing out on!
If it’s been a while since you considered switching, you owe it to yourself to find out what new functionality you can get (like built-in refund calculators).
2.) Extra Processes
Wondering if your CRM might be outdated?
Well, the average sales process has six steps from introduction to close. The proper tools should keep that number low, even lower wherever possible. So, if you’re making things more complex or constantly updating your processes, it might be time to move on.
After all, your CRM should accommodate you. Not the other way around.
3.) Working Around
If you’re adding more processes, those might lead to more workarounds. And that might lead to a workaround around a workaround to the point you can’t keep track of the extra processes you have in place because your extended warranty CRM doesn’t do what you want it to.
It can get confusing, just like that last sentence.
Looking to see what other options are on the market can save you time—not to mention some aspirin.
4.) It’s Not Cloud Compatible
Can you imagine doing your job without the internet? Probably not, especially when more than 45% of workers work remote at least part-time—and that number will only increase in the future.
That underscores the need for web-based, mobile CRMs.
With access to customer data anywhere, anytime, 65% of salespeople who use mobile CRMs met their sales quotas. Compare that to only 22% of salespeople who met sales goals without a mobile CRM and the math makes sense to move to an online CRM (like Inline!).
5.) You Have to Write Reports
You probably have a lot of different reports to make: Sales, payroll and maybe even the dreaded cancellation report.
Those reports can provide the insights to improve your business. But they can also take up time. Maybe too much time. It’s estimated that managers spend at least one working day each week on manual data tasks like reporting—hours that could be better spent doing just about anything else.
Upgrading to a CRM that creates the reports for you in a nice and tidy visual format, including custom query reports, can improve the way your business operates.