Undoubtedly, data is the lifeline of every modern-day business. However, precious as it is, just focusing on collecting tons of data will not bring any benefits for you unless you smartly use it to work. This is where CRM analytics step in and provide invaluable insights about different aspects of the business to organizations.
By analyzing key success metrics, you can easily manage internal workflows, customer experiences, ongoing sales, and more.
Why is CRM analytics important?
One of the biggest advantages of CRM software is that it helps you track countless useful metrics that do matter for the success and growth plans of your organization. For instance, CRM software significantly improves the ability of your organization to create and nurture positive experiences for your customers consistently throughout the customer journeys.
Furthermore, CRM analytics can be leveraged to find out how your customers are doing, what they want, when they want, and how much they are ready to pay. These insights help you create engaging and purpose-driven sales and marketing campaigns to close more deals and win more customers.
Which CRM analytics should you be tracking?
Internal CRM metrics: Internal CRM metrics are associated with the internal operations of your organization. You must analyze internal metrics regularly to ensure what needs improvement and what is going well. You can also use CRM analytics to find out whether or not your teams are fully leveraging the CRM software.
As far as internal CRM metrics are concerned, you should focus on user login frequency, lead abandonment rate, new record creations, and other sales funnel pipeline activities.
External CRM metrics: External CRM metrics are associated with how your organization performs in the real-world scenario. These insights will help you find out what is selling and what is not and how you can engage your customers better. For instance, you may want to find out how many customers are actually clicking links on your landing pages and how much attention your links are receiving.
Some external CRM metrics that you should be concerned about include clicks without conversions, landing page conversion rate, customer origin (how did your customers get to the landing page), and the total number of sign-ups captured.
It is also important for you to track critical metrics such as net promoter score (NPS), customer effort score (CES), customer churn, rate of renewal, customer acquisition cost (CAC), sales cycle duration, customer retention cost, net new revenue, customer lifetime value, marketing ROI, and traffic-to-lead conversion ratio.
Find out how your organization can make the best sense of your CRM data to improve customer satisfaction and your organization's overall performance. Call our Microsoft Dynamics 365 CRM experts at C.I.G Consultants now!