Sales automation is a series of actions that eliminate the manual process of moving deals through a sales pipeline. It’s used by salespeople to save time and focus efforts on activities that drive relationships like conversations and appointments. Sales automation software ranges from full-featured CRMs with email campaigns, to workflow tools that connect different software….
All What is Articles - Page 28
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CRM vs CMS: Definitions, Comparisons & Which is Best 2019
Customer relationship management (CRM) tools and content management systems (CMS) are two types of software used for sales and marketing. CRMs help manage contacts and sales opportunities while CMS software is used to create and publish content on a website. Businesses use each for different aspects of marketing their business and selling products and services….
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How to Calculate & Increase Your Customer Retention Rate
Customer retention is the ability of a business to keep its current customers. Customer retention rates are measured by looking at how many customers are lost over a specific period of time. Customer retention is important because higher retention rates are an indicator of customer satisfaction, which typically leads to better sales. Having the right…
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What Is the CRM Process: Definition, Cost, Features & Providers
The customer relationship management (CRM) process represents the series of activities that businesses use to organize and engage with current customers, nurture new prospects, and pursue sales opportunities. All businesses typically have some form of a CRM process, and when creating your own, it’s important to implement five key components to effectively manage customer relationships….
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Products-Completed Operations Coverage: What It Is & Who Needs It
Products-completed operations coverage pays for injuries and property damage caused by a business’ products or operations. This coverage is included in standard general liability insurance and is essential for contractors, service providers, and businesses that manufacture, distribute, or sell goods. Products-completed operations coverage usually costs from $400 to $600 annually as part of a general…
Restaurant Profit Margin: Definition and Tips to Improve It
Restaurant profit margin is the percentage of annual sales revenue a business has left over after subtracting all expenses, including utilities, lease or mortgage, payroll, taxes, and insurance, from gross revenue. To determine gross revenue, subtract costs of goods sold (COGS) from total sales. Average profit margins for restaurants are typically between 3% to 6%….
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CRM Analytics: Definition & the Best Tools to Track
CRM analytics are statistics or metrics that offer insights into areas like sales performance or customer service that show how a business is performing. These insights help companies make decisions to better serve customers, improve relationships, and increase sales. Full-featured CRMs offer automated CRM analytics tools that aggregate data into meaningful reports versus using spreadsheets….
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What Is Live Chat Software: The Ultimate Guide
Live chat software allows a company’s service and sales teams to connect with website visitors in real time, providing an easy way to answer questions quickly. It is a relatively affordable technology investment—$15 to $80/user per month—that can help improve customer service response time and satisfaction and increase sales opportunities. If you’re looking for a…
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Cafeteria Plan (Section 125): Features, Costs & Providers
A section 125 cafeteria plan lets a business owner offer affordable employee benefits while giving themselves a payroll tax break. Section 125 is officially an IRS pretax vehicle nicknamed “cafeteria plan” because employees can choose pretax benefits like medical or dental insurance or opt to receive the equivalent amount on their paycheck, paying taxes on…
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Professional Employer Organization (PEO): Cost, Features & More
A Professional Employer Organization (PEO) is a co-employment alternative for small businesses that want to offer human resources (HR), payroll, and employee benefits – similar to what larger companies provide. PEOs charge based on headcount and can run from under a hundred a month per employee to tens of thousands of dollars a year. If…
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BBB Accreditation: What It Is & Why It Matters to Your Business
The Better Business Bureau (BBB) is a private, nonprofit company that offers accreditation to businesses that meet a standard of trustworthiness and quality. Companies with a “B” rating or better are eligible for accreditation; by securing this seal of approval, businesses may be more likely to attract quality-seeking consumers and increase sales. How BBB Accreditation…
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What Is a Franchise?
A franchise is a business opportunity where a licensor grants permission to a licensee to share their business concept. The resulting business, a franchise, helps the licensor expand while retaining control over products, delivery method, marketing, and concept. In return, the licensee receives an established product with permission from the franchise owner to sell it….