Building material suppliers have a lot on their plates – and those plates are only about to get heavier. The global building and materials industry has been growing at a rate of 5% and is projected to top $400 billion by 2030. Forward-thinking companies that level up their operations with a top-tier sales CRM stand to rake in more of that dough than those that don’t.
From managing shipping, payments, and inventory to dealing with customers and identifying user behavior, a lot goes into turning a profit. Traditionally, much of this work has been done manually. Though it works fine, it’s a huge drain on time, labor, and resources.
Fortunately, thanks to modern business technology, we no longer need to settle for ‘fine’. With a sales CRM (Customer Relationship Management system), building and hardware suppliers can optimally manage their stocks and make informed business decisions to drive sales.
Here’s how your business can leverage this technology to improve your sales and stock management and gain an edge over the competition.
How can technology help building suppliers?
The building and materials industry is very hands-on, as you might imagine. This makes integrating technology a bit uncomfortable at first. However, the growing pains are well worth it. Having trackable metrics, analytics, and overall sales control enables you to scale your building and hardware-supplying business with ease and precision.
1. It can help you make better business decisions
In this day and age, information is king. Building suppliers and manufacturers know this, as they already collect a goldmine of data from their customers, stock management, and sales.
Yet, too many businesses are unaware of the sheer amount of information they have at their disposal. Unleveraged data is a cardinal sin in the business world. Fret not – one of the simplest ways to make the most of these insights is by using sales CRM software. It not only allows you to track overall sales performance, but also key performance indicators (KPIs) like staff performance, sales data, customer retention, and so much more.
2. Better tech means more sales
By using sales software, suppliers can track their sales data and gather comprehensive information about their customers’ purchasing behaviours and pain points. These insights can then be used to inform future marketing strategies. Around 61% of supply chain executives reported reduced costs while 53% reported increased sales after investing in AI-enabled technology. All in all, tech takes the guesswork out of navigating customer desires.
3. It makes stock management a breeze
Stock management issues can be a real pain to deal with. Since customers are directly impacted by inventory levels, it’s essential to know where they are at all times. Technology helps companies keep track of their stock by providing a bird’s eye view of inventory levels.
4. It works to boost customer retention
Customer retention is a top priority for all businesses. Long-term customers not only keep coming back for more, but they also inadvertently act as brand ambassadors. In addition, word-of-mouth marketing is free. Technology helps building material suppliers acquire customer metrics like sentiment analysis, customer support automation, and user behavior tracking. These data points can be used to align customers with your business and foster positive user experiences.
Using a sales CRM for better inventory management
A sales CRM is one of the most useful technologies hardware and building suppliers can use to improve their sales and stock management. Furthermore, once a CRM is integrated with an ERP (Enterprise Resource Planning system), it can work even bigger wonders for your company.
ERP is software used by enterprises and companies for management purposes, such as accounting and resource management. Once it’s integrated with a sales CRM, it gives you unique features and valuable data to help you make more informed decisions.
Here are four ways a sales CRM can benefit your inventory management:
1. Inventory and order tracking
Inventory and order tracking is essential to the hardware and building supplier business. A sales CRM helps you track all of your sensitive order information, including but not limited to payment options, delivery status, shipment dates, and barcodes.
Tracking these variables allows businesses to readily access data and process orders quickly. Additionally, if there are any customer complaints, you can simply track the order, rectify the situation, and update them accordingly.
2. Vendor and supplier management
A sales CRM lets you keep in contact with vendors, distributors, and suppliers through its management tools. This makes it easier for you to stay up to date without missing any important information.
3. Supply and demand analysis
Supply and demand analysis can prove to be a game changer for hardware and building suppliers. That’s because it allows you to know exactly what services to provide based on what’s in demand and what’s not. A sales CRM does just that. It provides complete datasets and in-depth analysis of what’s hot in the market and what you should be focusing on while tracking supply.
4. Automated reporting
Reporting is a critical part of any business. With automated reporting, a sales CRM can help you analyze inventory and supply trends to create extensive reports on profits, losses, and virtually any other relevant metric you desire. Most of all, automated reporting eliminates the need for manual reporting and the inevitable errors that come with it.
How a sales CRM can change the game for your business
Sales CRM software is more than just customer relationship software, and it’s fast becoming an integral part of any supply chain business as a result. Essentially, it works hard so you don’t have to – granting you the freedom to better direct your time and resources elsewhere.
Skynamo is a sales CRM that provides real-time reporting and automated sales analysis, contact management, sales team management, and live order capturing. Skynamo works to streamline your stock management, improve sales, and maximize your business’s overall efficiency.
If your building materials business is ready to capitalize on unprecedented industry growth, great! Let’s chat!