The business world is now more competitive than ever. Every marketer out there is taking every opportunity they get to try and outpace the competition. In such a competitive industry, errors are deal-killers, and quick, accurate response is necessary from quote-to-order.
ContractSafe (from contractsafe.com) and other contract management tools are often low-hanging fruit and present the best chance for B2Bs looking to boost their lead generation and sales. The centralization of a business’s contract is among the main elements of a contract management system.
This function isn’t only meant for the human resource department. It allows all departments of your company, including marketing teams, to effectively and productively handle different aspects of their jobs. Here are different ways marketers can use a contract management system to improve their operations and expected returns.
1. Organize target audiences based on their public clauses
Sometimes, the marketing department may be in touch with your customers or need to review the terms of a client’s contract. An example is the publicity clauses. Publicity clauses refer to the disclosure of the business relationship between a business enterprise and a vendor. Under certain provisions, companies can enhance the relationship between the brand and its customer for branding and promotion purposes.
Some vendors and customers don’t want any pricing or product information revealed to that party for marketing purposes. Other times, the consumer or vendor contracts have publicity clauses that let the marketing team mention names or companies on promotional.
Mixing up the two issues can create disclosure misunderstandings that could cost your business a lot of money. For example, disclosing your business relationship and a certain vendor could mean a breach of contract. This is likely to lead to financial penalties or damage your company’s reputation.
Marketing departments can use contract data in their contract repository to ensure they don’t breach any contract during their marketing activities.
2. Sort out duplicate business records
A contract management system integrates with the already existing client relationship management programs. This integration helps other potential business leads in a highly centralized system. With unlimited access to a reliable client management system, marketing experts can cross-check their leads with clients who are already buying from the company. This makes it easier to clean out all duplicate records from lead lists and eliminate repetitive or unproductive work.
Keep in mind that marketing departments usually send regular information or updates to their existing clients and potential ones. Eliminating duplicate client records means that they will be able to send the right message to the right lead or client.
Also, an accurate lead list with carefully identified customers and leads allows the marketing experts to be more precise. Marketing to the current clients is valuable, particularly when done in the right way. So, a contract management system can help your marketers treat current customers well, and natural prospector Leads for more targeted marketing results.
3. Tracking consumer trends is easier
Business contracts involve a mutual agreement between two or more businesses or individuals. The data included in these contracts and other associated documents give marketers the chance to track the changing consumer trends. This can help the marketing create more targeted marketing campaigns, particularly when they understand what the customer is likely to buy, the price they are willing to pay, and the frequency they are likely to purchase goods or services.
Data-driven marketing decisions, coupled with highly converting marketing campaigns, can attract and retain new clients. This is good news for your business.
4. More targeted marketing means more growth opportunities
Your business contracts can give your marketers the information they need to understand their customer groups and their needs. This can make it easier to target specific audiences, cross-sell, up-sell, and convert customers into loyal clients.
Using a reliable contract management system, marketers can search for clients who prefer specific products or services. This makes it easier to compile multiple lists. Based on the circumstances, each team member can contact the relevant leads to upsell them a somewhat higher price the service or product which could better meet their needs all even offer complementary services or products.
One of the effective metrics marketing experts use to determine customer profitability and experience is the client lifetime value. This is the measure of how valuable a single client might be to your business. If your marketers can use contract data to determine the most valuable clients to your business, they can easily cross-sell or upsell their clients to boost each client’s lifetime value.
A centralized contract management system makes it easier for marketers to track the contract lifecycle for every customer. They can be aware of customer contracts that are expiring in the near future. This gives them the chance to ensure that the current customer stays the course with special marketing campaigns and incentives.
4. Marketers need information
Effective marketing begins with an in-depth understanding of your target audience. Your marketers need information that offers them unique insights into what your target audience wants and how to address their needs better than competitors.
One of the reliable sources of accurate information about consumers is the contracts they signed with your business. Useful marketing insights may come from different aspects of the contract. For instance, all contracts must show the scope of work to be done. These details can offer your marketers insights regarding what the specific consumer wants, when and how they want it delivered.
Such in-depth information can help marketers restructure their marketing campaigns to target consumers with search needs and demographics. Whether your marketing department uses email marketing, social media marketing, pay per click advertising, or any other form of marketing, knowing what consumers want, where to find them, and what to tell or offer them gives your business an edge over the competition.
When used properly, business contracts can offer insights that can strengthen your company’s marketing department. This is what you need to boost sales and steer your business to success.