We all know businesses need to build up long-term relationships to succeed in their growth.
Therefore, now that most of us know what is CRM software, we implement an easy to use CRM to help manage the processes company-wide and watch the data start flowing into the CRM database and wait for evermore.
Now, if you are not paying attention to the proper metrics, you can never figure out whether the relationship with your customers is really growing the way you expected them to grow before adopting your easy to use CRM tool.
While this can be true that you have chosen the right path with a CRM, nevertheless it is also imperative that you should even devise a CRM strategy so that it aids you to identify and thereafter measure critical milestones to track progress and results along the way.
This is because implementing and measuring your CRM’s level of success will let you understand where to adjust your approach in order to be sure that your efforts are really encouraging your cherished long-term relationship with the customers you are trying to build over time.
The best means to calculate customer relationships after implementation of easy to use CRM software is to view them in context of who on your teams are interacting with your cherished customers, and how your CRM software can track those particular details of the customer lifecycle with your brand.
This is because, only by looking into the relationships with your customers through this lens, you can truly understand and measure more accurately your effectiveness in implementing the software.
So let us start from the top.
In terms of the customer lifecycle with your brand, your marketing team’s primary goal is to raise the awareness of your brand. Therefore, your businesses’ marketing efforts are most often the first point of contact with your prospects and presumably the beginning of the customer relationship.
Hence, the very first means an easy to use CRM can be used to gauge and fine-tune your marketing efforts is to track the efficiency of their email campaigns throughout different stages in the marketing funnel.
Now, whether your marketing campaigns are elusive grass root outreach programs or easily quantifiable paid advertisements, both of them share one common goal- Generating Sales.
Easy to use CRM solutions helps to measure marketing campaign’s ROI, by tracking lead generation rate, lead conversion rates, which helps in comparing resulting sales against the cost of the marketing efforts.
Now while you might assume that the marketing funnel ends at sale, nevertheless your marketing teams need to work further down to keep your existing customers engaged with your brand.
This is because if your existing customers discontinue using your offerings, acquiring new customers can often cost times more than retaining the existing ones.
Therefore you should also use your CRM solution to track customer retention rate in comparison to specific marketing efforts.
Lastly, you should also keep a keep watch on CLV (Customer Lifetime Value) using your CRM software, which implies knowing how much your business will earn from a single customer over the lifetime of their relationship with your brand.
Calculating CLV also helps in determining when and where you can put forward discounts and offers to your existing customers after measuring the difference between revenue gained or lost from a particular existing customer over the long haul.
Here are some stats to monitor in MARKETING using your easy to use CRM software:
• Total number of campaigns
• Number of responses in the campaign
• Number of purchases
• Revenue generated by the campaign
• Number of fresh customers converted by campaign
• Number of new customer referrals
• Number of web-page views
Apart from these metrics some of the other metrics that are also measured by businesses include:
• Customer lifetime value
• Cross-sell ratio
• Up-sell ratio
• Email list growth rate
The very next step which comes in any business after marketing is sales.
Hence your sales team has an integral role to play when it comes to building customer relationships for your brand.
As sales are most often referred to as the life-blood of any business, hence there are a number of important metrics that you also need to track with your easy to use CRM software to reflect on your sales efforts and view how they are working to find how often does a prospective lead turns to a sale, or which are the most important channels those prospects used to make those leads arrive at your sales teams.
Apart from this, CRM software can also track key sales activities such as inbound passive enquires, and outbound sales call and analyze their trends over time.
Here are some stats to monitor in SALES using your easy to use CRM software:
• Number of prospects
• Number of fresh customers
• Number of retaining customers
• Sales closing rate
• Sales renewal rate
• Number of sales calls made
• Number of sales calls per opportunity
• Amount of new revenue
• Sales stage duration
• Sales cycle duration
• Number of open opportunities
• Number of proposals given
Lastly, once you have won your deal and have secured your customer, you must be eager to track the effectiveness of the delivery and support that you are providing for your offerings.
This is because, in order to keep the customers happy and build a lifelong relationship with your customers, you need to consider somewhere along the ‘marketing-sales-delivery-support’ continuum.
Effective delivery and support only happen when businesses make good on the promises they made in their marketing and sales efforts.
Therefore finally here are some stats to monitor in OPERATIONS using your easy to use CRM software:
• Number of cases handled
• Number of cases closed the same day
• Average time to resolution
• The average number of service calls per day
• Average call handling time
• Average complaint time to resolution
• Number of customer callbacks
• Average revenue earned per service interactions
• Compliance percentage with SLA(s)
• Number of calls disconnected before being answered
Hence, in a gist while customization of your easy to use CRM takes considerable efforts and time, but doing it from the beginning and measuring the above stated metrics in your Salesforce or even Salesforce Alternative CRM for small businesses will surely pay its dividends and provide benefits to your organization over time, which will result in rapid business growth.