Detailed Prospect CRM Review 2024: My Honest Take

What Does Prospect CRM Do?

Prospect CRM excels at streamlining sales and inventory for businesses. Handling multiple projects and clients, I value its ability to merge product, inventory, and customer details, simplifying tasks from marketing to support. 

This isn’t just a tool—it’s a total management solution for businesses with physical products, allowing you to focus on big-picture strategies rather than the minutiae.

About Prospect

Prospect CRM is the leading choice for those in wholesale, distribution, or manufacturing. With a robust customer base, their focus is on boosting customer lifetime value and sales through their advanced, stock-aware platform. 

They aim to empower businesses with deep insights into inventory and customer behavior, enabling more intelligent decisions.

Key Features of Prospect CRM

I’ve been drawn to Prospect CRM’s comprehensive features designed for various business models. It excels with effortless integrations, effective inventory control, and superior support. Next, I’ll explore these features in detail, demonstrating how they can elevate your sales and streamline your operations.

RFM Segmentation

RFM segmentation in Prospect CRM stands out for its ability to reshape your approach to customer relationships and boost sales, particularly when you deal with physical products.

Here’s an overview of how it enhances your business:

• Recency, Frequency, Monetary Value Analysis: At the core of RFM segmentation, Prospect CRM evaluates your customers based on their latest purchase, purchase frequency, and spending habits. This evaluation sorts customers into distinct groups, facilitating tailored marketing strategies.

• Customer Segments: Prospect CRM sorts your customers into categories like ‘Champions,’ ‘Loyal Customers,’ ‘At Risk,’ and others. ‘Champions’ are frequent buyers who spend generously, while ‘At Risk’ customers may need extra encouragement to reengage.

• Actionable Insights: Utilize the insights from RFM data to pinpoint customers who are starting to drift away, perhaps buying less often or spending less. Launch targeted campaigns to draw them back in, which is crucial for reducing churn and enhancing the value they bring over their lifetime.

• Ease of Access: This feature integrates seamlessly into the Prospect CRM dashboard, allowing you to view and utilize RFM data effortlessly. Customer segments, recent orders, and turnover data are all accessible, enabling you to adapt your strategies directly through the dashboard.

Problem Tracking

When I’m talking about Prospect CRM, what really stands out is how effortlessly it handles problem tracking. Here’s how it keeps businesses on top of customer issues:

• Record Keeping: Every interaction and issue is logged systematically. This means no customer complaint goes unnoticed, making it a breeze to follow up or review historical data.

• Integration with Sales Data: Problems aren’t just tracked in isolation; they’re linked to relevant sales and account information. This integration gives you a comprehensive view of how issues may be affecting your sales and customer relationships.

• Visibility and Accessibility: With Prospect CRM, your entire team can see what’s happening in real time. Whether it’s a missed order or a product return, the visibility ensures that you can proactively address risks before they escalate.

Quote-to-Order Workflow

Using the Quote-to-Order Workflow in Prospect CRM radically improved how I manage sales, especially for complicated B2B transactions with physical goods. It’s not just helpful—it transforms efficiency and boosts client happiness. Here’s why it stands out:

• Simplified Quote Creation: I instantly create professional, precise quotes customized for each client. The system uses upselling prompts and vibrant product images, making quotes more attractive and straightforward for customers.

• Efficient Customer Interaction: It’s effortless for customers to view and agree to quotes online at any time, allowing me to seal deals even during off hours! The option for clients to pay with a credit card when they confirm a quote streamlines the whole payment process.

• Customizable Workflow: I can tailor the customer portal with our branding and set specific rules, such as needing a Purchase Order Reference, making sure the workflow fits our business perfectly and follows our operational guidelines.

Inventory & Order Tracking

If you’re juggling the demands of a business that sells physical products, Prospect CRM is like having an extra set of hands. Here’s why I find their inventory and order tracking indispensable:

• Stock Awareness: Knowing what’s available at a glance is critical. This system doesn’t just show me stock levels; it updates in real-time, letting me respond swiftly to customer demands.

• Order Alerts: I appreciate being tipped off about potential issues before they become problems. The system flags orders that might miss delivery dates, which helps me manage expectations and keep customers happy.

• Seamless Integrations: Linking up with other apps, such as Cin7 Omni and Unleashed, makes everything flow smoothly. When systems talk to each other, I spend less time on data entry and more on growing sales.

• Real-Time Data: The integration with ERP systems means I see not just stock levels but also the broader sales trends and customer behaviors.

Pricing Plan

Prospect CRM doesn’t offer a free version but has a 14-day trial period. Each of these is designed to match different stages of business growth and CRM needs, from startups to large enterprises. All subscriptions require an annual contract, emphasizing a commitment to long-term customer and sales management.

Prospect CRM Plan

Start-Up CRM ($200 per month): Perfect for small businesses just stepping into CRM tools. This plan supports up to four users and includes essential features:

• Unleashed integration
• Xero integration
• Unlimited customer accounts
• Integrated quoting and order processing

Professional CRM ($400 per month): Geared towards businesses looking for more depth in their CRM capabilities. It supports up to four users, and you can add a user for $73 per month. Features include: 

• Cin7 Omni Integration
• Restrict Products by Customer
• Multi-size Sales Packs per Product 
• Product Upsell Prompts

Advanced CRM ($2,199 per month): Designed for large organizations needing a comprehensive CRM solution. The Advanced CRM supports up to 15 users, and you can add a user for $130 per month. This plan offers:

• SAP Integration
• Custom ERP Integrations
• Multiple Operating Companies & Datasets 
• Multiple Sales Ledgers per Customer Record
• Custom Delivery Charge Calculations

Prospect eCommerce Plans

Standard ($261 per month): Ideal for businesses initiating their online sales channel. It includes:

• B2B portals
• B2C sites
• Online shopping
• eQuoting
• Domains

Professional ($440 per month): This plan steps up with more advanced features for growing online businesses:

• Fully customizable designs
• Custom apps and plugins
• Optional expert assistance

Advanced (Price on Asking): Tailored for high-volume e-commerce operations, this plan is customized based on specific business needs and may include:

• SAP Integration
• Custom ERP Integrations

Is Prospect CRM Easy to Use?

When I signed up with Prospect CRM, their initial question about which accounting platform I use impressed me, showing their commitment to customization from the get-go. However, the excitement dwindled when I faced problems integrating with QuickBooks. Even with their comprehensive support, the issues persisted. 

A subsequent attempt with Xero led to similar frustrations. Despite these setbacks, navigating Prospect CRM is generally easy, and they offer plenty of resources and training to help newcomers find their way quickly. 

Still, for someone handling multiple CRM support tasks and managing inventory, these early technical troubles were more than just minor annoyances. This tool is fantastic, but only once you overcome the setup hurdles.

Available Integrations

Prospect CRM really shines in the area of integrations. For those of us juggling multiple apps, the integration features of Prospect CRM can be a game changer. Here are some of the top integrations:

• Unleashed
• Cin7 Core
• QuickBooks Online
• FactoryMaster

Which Companies Work With Prospect CRM?

Here’s a look at some companies that have integrated Prospect CRM into their workflows. It’s interesting to see how varied the industries are, reflecting Prospect CRM’s flexibility and robust feature set.

• Lighthouse Pools
• Good Culture Kombucha
• Evolution Packaging Products
• Medstock & Nabco Enterprises

Suitability Assessment

I’ve found that Prospect CRM shines in specific scenarios but might not be the perfect fit for everyone. Let’s break it down:

Choose Prospect CRM if:

• You sell physical products and need a CRM that’s stock-aware
• Value for money is a priority
• You appreciate having CRM support at your fingertips
• Your business relies heavily on integration with other apps

Avoid Prospect CRM if:

• Your business focuses more on services rather than physical products.
• You prefer a CRM with a minimal setup
• You’re comparing it against other CRMs solely based on overall rating