No matter what type of business owner you are, NetSuite ERP can help your business grow and succeed. It is an all-encompassing cloud-based tool, with many capabilities and options, including:
- Enterprise Resource Planning (ERP)
- Accounting and Financial Management
- Warehousing and Manufacturing
- Customer Relationship Management (CRM)
- Inventory Management
- Human Resources
- Business Administration
- Analytics and Reporting
So many options come with difficult choices. Your NetSuite Administrator will have to analyze which departments could benefit the most from the tool. Then, the Administrator will have to carefully decide how to implement, optimize, manage, and maintain your NetSuite system.
How can you make the most of your NetSuite implementation? By maximizing your return on investment (ROI). Keep reading to learn how!
How to Maximize NetSuite ROI
Decide your top goal.
Before we deep-dive into the options you have when it comes to optimizing your NetSuite system, nail down your goals. Then, write them in order from most important to least important.
By analyzing your business goals, you can prioritize certain aspects of your NetSuite system. For example, if your main goal is to increase lead generation, you would take a very different approach than a business owner with the goal of retaining current clients.
Your goals will dictate your NetSuite optimization, so there is no single correct approach. Every business will have a different answer.
Here are some options:
1. Optimize for Marketing
If your goal is increased lead generation, focus on marketing. You can optimize NetSuite to support your marketing goals using the following tools:
- Custom Fields & Surveys to personalize marketing campaigns. This is essential because while 99% of marketers believe personalization helps advance customer relationships, 78% of brands struggle with “data debt” (not having enough personal data to launch personalized marketing campaigns.
- Improved Search Engine Optimization (SEO) for increased visibility of your brand. Marketers know how important SEO is for lead generation and website traffic. NetSuite provides crucial SEO tools, including: build up SEO-friendly URLs, modify your alt image attributes, and create optimized titles and meta descriptions.
- Saved Search to target specific markets, track individual responses, and search for invalid email addresses.
- Subscription Emails to provide your prospective customers with an automated opt-in or opt-out button. This will increase the effectiveness of your email and newsletter campaigns by creating a more precise and engaged email audience.
- Automated, personalized email campaigns to decrease the amount of time marketers spend on the campaigns.
Like any other job, marketers often have to focus on small, tedious tasks. NetSuite helps marketers do their jobs more efficiently and faster, which means your company can maximize lead generation and increase clientele.
2. Focus on Customer Relationship Management (CRM)
While Customer Relationship Management (CRM) can help with marketing campaigns (for example, automating lead captures from websites) it can also help with managing prospective customers, client retention, and long-term business relationships.
For example, Customer Relationship Management (CRM) may be a top priority for companies where the customer sales funnel is long, and repeated clients are a leading source of income. This may be particularly true for Business-to-Business (B2B) companies.
In these instances, you may find that retaining your customers and nurturing your leads is most important to maximize your ROI.
Your NetSuite Customer Relationship Management (CRM) tool helps with:
- Sales Force Optimization
- Sales Reporting and Analytics
- Sales Forecasting and Quota Management
- Upsell, Quote, and Order Management
- Customer Service and Support
3. Improve Warehouse and Manufacturing
If your company sells physical tools, revisit the business tactic of producing more in less time. This is known as reducing your production cycles, which increases employee productivity and generates more revenue.
NetSuite can help you streamline the production process, but it can also help your business manage orders, inventory, and merchandising.
Optimizing your NetSuite system can also include faster shipping, which decreases canceled orders. It also increases your ROI because it leads to increased employee satisfaction by reducing tedious tasks.
Need Help Optimizing NetSuite?
NetSuite is undoubtedly important for your business to thrive, but it is not by any means a simple or easy task. It takes an analytical team to install, optimize, and manage your NetSuite System.
MIBAR is a leading NetSuite Partner with a methodology to help maximize every dollar of your ERP budget. Our job is to ensure that you maximize your NetSuite ROI and ensure the system is meeting your needs. Learn more about our NetSuite support and optimization services.
As a leading provider of NetSuite for clients in New York and beyond, MIBAR has the skills and experience to make this product work for your business.