What do you think is essential for a business to enhance customer relationships? The key element is to have data handy for all the activities that a business undergoes. When you get insights on your deal health, team performance metrics, etc., you will be able to make informed decisions and establish true customer satisfaction. And, this is what CRM analytics does for you. It captures data from the CRM and provides valuable insights into the direction in which your business is moving. The Mckinsey report states that the ‘actionability of insights’ in a business contributes 92% to bringing a culture of value creation. In simple terms, it means you will be able to gain more customer value using the conclusion drawn from data by bringing them into action. CRM analytics is mainly used by team members, team leads, managers, executives, etc. of various departments. By having an analytical tool in CRM, you will be able to gain a 360-degree view of your customer data and maintain a record of customer interactions from various teams. This will help you provide data-driven insights for businesses to perform efficiently. Data-driven insights include reports of how your service is received in the market, customer behavioral patterns in a particular demographic, ideal method to convert promising deals into loyal customers, etc. But, what are the core metrics that are vital for business growth? To understand that deeply, let us divide these metrics into pre-sale and post-sale CRM analytics: In pre-sale CRM analytics, you can gain insights into
- Traffic generated on websites like the number of visitors who came to your website, average time spent on webpages, etc.
- Campaign performance metrics like the email open rate, Click Through Rate (CTR) for social media posts or ads, etc.
- Conversion rates of leads or prospects. With an AI-based lead scoring strategy, it segments leads that have higher and lower chances of conversion.
- Problem tracking measures customer issues and monitors the time taken to resolve their problems.
- Customer turnover i.e., percentage of customers switching away over a month or year.
- Net Promoter Score (NPS) measures a customer’s satisfaction level. This can be gauged from customer ratings and feedback.
- The customer retention rate reflects customer loyalty and the ability of a business to nurture customer relationships over time.