Once you identify a sales lead, qualify it, and agree to pull together a proposal, you still face many challenges as you navigate the sales process; that’s why it behooves businesses to seek ways to give the sales department a boost. Aside from hiring a talented workforce and having a strategy in place, what else can contribute better to the bottom line of sales? According to an independent study from Insurance Technologies Corporation and Velocify, it’s all about technology. Findings from the study say that sales and marketing, specifically for independent insurance agencies, do 43 percent better when technology solutions are involved.
Technology encompasses many things, but the survey focused on solutions that cater to sales professionals, including marketing automation, lead management, automated dialers, comparative raters, agency management systems and customer relationship management software.
Compared to agencies that do not employ some sort of technology, those insurance agencies that relied on some kind of software did exponentially better with their sales numbers; “…heavy users of technology are two times more likely than non-users to have better sales processes, in addition to boasting 43 percent more policy sales per producer and 13 percent more policy sales per household,” according to Insurance Business America, which reported on the survey.
“Technology has transformed the insurance industry for both buyers and sellers. Our goal with this study was to uncover the technologies that will help agencies effectively grow and compete in this evolving marketplace,” said Velocify CEO and President Nick Hedges in a press statement.
When it comes to customer relationship management, a catered software system is not only an integral part of the sales and customer support workflow, but is the lifeline of the sales and support process, providing reps with the right information for the right customer at the right time.
In today's dynamic marketplace, organizations have to be on pace with the newly emerging trends and practices. The cost of not adopting technology trends may even negate the efforts being made toward the growth of business. Traditional methods of managing business and sales simply won’t work.
High performance sales organizations have adopted practices and deployed a myriad number of technology solutions to help increase sales effectiveness, increase win rates, and drive more revenue.
Software solution tools can eliminate many of the essential, but time-consuming, manual tasks that eat up valuable selling time. This means improved selling, accurate forecasting, and making the most of each sales opportunity.