Businesses get caught in the day to day grind, and as a result, they may miss some of the easy opportunities for increasing revenue. Traditional CRMs and ERPs help organize a business, but NetSuite offers a variety of built-in resources that are able to effectively target areas for revenue growth. Here are 7 ways that NetSuite can help you increase your revenue:
1. Outbound email capacities – Email marketing is still one of the most direct and effective ways to communicate with customers in the digital space. NetSuite offers a simple, easy-to-use email function that allows you to schedule and send emails, upload email templates, and track the results of those sent messages. NetSuite tracks open rates, click through rates, and calls to action in a simple, integrated system, and allows you to store that data in NetSuite to be used by all members of the team.
2. Lead nurturing – InNetSuite, you essentially create programs like outbound email where you categorize your leads into targets. Within these targeted groups, you produce certain communications that nurture your potential customers until they are ready to purchase. When tracking this information in the marketing funnel, NetSuite can store information to show where the prospects are – and then, what kind of communications to send next to graduate them into a sale. For example, you can nurture a lead from the prospecting phase to the education phase all the way to the sales phase – in one simple and connected system.
3. Event management – NetSuite offers event management capabilities that are trackable. Let’s take webinars as an example. You can develop what the event will be about, create a targeted list – and then track responses to invitations. If it is a paid event or webinar, you can transact by using NetSuite’s ecommerce capabilities – thereby minimizing the outside resources you will need to track these transactions, and streamline your events and sales into an easy process.
4. Customer support – Most companies will discover – before and after a sale, customers will have questions. Good customer service is crucial to retaining customers and attracting new ones. NetSuite can manage these customer service calls, track customer concerns, and then schedule follow ups.
5. Customer targeting – NetSuite offers a rich ability to track any type of customer attribute, such as their behavior on a web site, their purchase history, or phone call information. In NetSuite, you can classify your customers into different groups. By reviewing all of the information – customer calls, email responses, ad responses – a business can make an informed decision to market more to a particular group because they’ve seen that their marketing efforts are more effective in a particular area. If a specific group is more interested in one of your offerings, that means that you will be able to market to them more often, and thereby increase purchase frequency, and thus, increase revenue.
6. Data mining – Just like customer tracking, NetSuite offers a robust repository of information. With an individual who knows how to assess data relationships, you can study analytics to discover insightful patterns of behavior. Those patterns of behavior will in turn inform your customer targeting, allowing you to make new offers that are highly targeted.
7. Subscription services – NetSuite allows you to offer subscription services. Take, for example, a company that sells health supplements. This company has a subscription program that allows their customers to join a program where they will receive a new health supplement every three months. NetSuite will track and schedule the order, fulfillment, and the recurring billing. Instead of each of these being a new transaction that you must enter, it is now in the database and easily scheduled. And this simplicity will increase revenue and decrease the likelihood of a customer not making a purchase because it was “out-of-sight, out-of-mind”.
Copyright © Marty Zigman 2011
Marty Zigman
Holding all three official certifications, Marty is regarded as the top NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 30 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.
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