10 ways CRM can boost your cannabis or cannabis-related business

Results from a large number of research studies in recent years show time and again that a customer relationship management (CRM) strategy can have a significant positive effect on sales, marketing, customer service and more.

For example, Nucleus Research found that the average return on a company’s CRM investment is $ 8.71 for every dollar spent, and research from Trackvia found that companies using a CRM see a 41% increase in sales.

The bottom line is that in any industry today without a Customer Relationship Management (CRM) system, it is extremely difficult to stay competitive, and the data proves it. Let’s take a closer look at the top 10 ways cannabis companies and cannabis-related businesses can benefit from CRM.

1. Get more highly qualified leads for your sales team

A CRM gives you a wealth of data about your customers and enables you to use that data to segment people into target audience segments based on demographics, behavior and psychography. You can use this information to identify your best customer profiles and more effectively target matching leads through your marketing initiatives.

According to Salesforce, 79% of marketing leads never convert to sales without CRM. However, with a CRM, marketers can bring in more high-quality leads and lead them through the marketing funnel more successfully.

For example, when you use the email marketing and CRM tools built into the Cannabiz media license database, it is extremely easy to identify, categorize leads and develop detailed targeting criteria to increase your ROI.

2. Close more sales with new customers

Research from Cloudswave has shown that using CRM software can increase sales conversion rates by up to 300%. That’s because CRM helps people sell smarter and faster.

Your sales team can manage deals and follow the entire sales pipeline at all stages without missing important tasks and milestones when they have access to the right CRM software. They can also gain valuable insights so they can invest more in what works and what doesn’t.

Research shows that using CRM software like the Cannabiz Media License Database can increase sales conversion rates by up to 300%.

3. Increase customer loyalty, loyalty and repeat purchases

A CRM makes it easy for marketers to engage people with your brand and move them through the marketing funnel from cold leads to buying customers.

Leveraging CRM and email marketing communications with prospects and customers also gives your cannabis or cannabis-related business the opportunity to create digital brand experiences that are critical to a brand’s success in the market today.

Additionally, your marketing team can use the data in your CRM to investigate your customers’ problems and challenges and interact with them with relevant content that is important to them. This is a critical part of building a strong relationship between customers and your brand that leads to sales, loyalty, and word of mouth.

4. Generate higher values ​​per purchase

It’s always easier to sell to an existing customer than to a brand new customer. CRM makes it even easier by giving you tools to better understand your customers and the ability to develop very specific targeting criteria so that the right people always get the personalized messages and offers they’re most likely to respond to.

The more you know about your customers, the easier it is to convince them to buy more. For example, if your company wants to target cannabis license holders in a specific state who use a specific point of sale software system, you can do so using the CRM and email marketing tools in the Cannabiz media license database.

5. Increase sales with cross-sell and upsell opportunities

CRM software offers you a wide range of communication options that enable you to increase customer lifetime value through targeted up- and cross-selling offers and to generate new business from existing customers.

For example, you can set up a variety of cross- and upsell email marketing campaigns triggered by actions such as: B. when a customer buys a certain product, or triggered by timing, e.g. B. when it is a customer’s birthday. Similarly, these actions could signal that it is time for a salesperson to get in touch to start a conversation by phone or email.

6. Increase in employee productivity

Research from Salesforce shows that companies using CRM software see sales growth of 29% while sales productivity increases by 34% and the accuracy of sales forecasts increases by 42%. The reason is simple. If you have the right technology and break down business silos, you can automate processes and give your employees time to focus on other tasks to increase your ROI.

In addition, a CRM gives your team the tools they need to build repeatable processes. For example, if you have a long sales cycle and sales team, they can use their CRM software to create a sales pipeline with notifications, reminders, histories, and more. A sales rep or executive can log into CRM at any time and see instantly where a deal is in the pipeline and what to do next to get the deal closer to close.

This saves a lot of time for everyone involved, and all the functions you need for this are included in the CRM system of the Cannabiz Media License Database.

7. Improve the ROI of sales and marketing

When marketing and sales processes as well as automated actions and communications are set up in your CRM software, the sales and marketing ROI should increase. A CRM gives your team access to data that will help them develop better programs, attract more qualified leads, and close sales faster.

For example, with a CRM, the sales team can analyze data to determine when is the best time to communicate with your audience in order to get the best response. This saves time and reduces the cost of each sale while increasing your ROI.

If your audience includes cannabis licensees and you are using the Cannabiz media license database, the software will determine the best time to send email messages to your specific audience and automatically provide them to you each time you set up each email campaign. Would you like to reach a contact by phone, email or social media? All this information is just one click away from any contact entry in the license database!

8. Create personalized communication

Thanks to the segmentation capabilities inherent in a CRM tool, your cannabis business can send targeted, personalized messages to each recipient. This goes beyond simply adding the recipient’s name to the subject line of an email message. It means tailoring offers based on your audience’s behavior or demographics.

Because CRM gives you access to so much data about your customers, you can completely customize the way you communicate with them and their experiences with your brand, resulting not only in more purchases but also in improved brand sentiment and vocal brand advocacy.

9. Improve customer service and satisfaction

CRM software gives everyone on your team instant access to customer history. This allows everyone to offer the best possible customer service and solve customer problems faster than ever.

Consistent interactions across every touchpoint are essential to keep customers happy. A CRM enables consistency because everyone has instant access to the information they need to deliver the personalized service that customers have come to expect.

10. Make better decisions with reliable data

From a management perspective, CRM can help you measure a lot of your investment results so you can grow your business while maximizing your team’s performance. CRM tools offer a variety of reports that give you deep insights into what’s working and what isn’t, so you can hold your teams accountable and optimize your investments at all times.

Key takeaways on how a CRM can boost your cannabis or cannabis-related business

When you understand your customers – including their history, behaviors, needs, and problems – your cannabis business will be more successful. CRM gives you a single source of access to the data and tools that improve sales, marketing, customer service, employee productivity, customer satisfaction, and more.

The Cannabiz Media License Database contains all of the CRM, email marketing, data and business intelligence tools you need to connect with cannabis and hemp license holders in the US, Canada and other international markets. Schedule a demo and see how it can improve your sales, marketing, customer service, and more.

Originally published on 4/17/20. Updated 8/13/21.