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Even if you believe you’ve developed the best product or service in the world, you have to find enough people who agree to buy what you’re selling. With customer relationship management (CRM) analytics, you can determine who is buying, who is likely to buy soon, and how to retain customers. Below, learn more about CRM analytics, how they work, and why and how your company should collect them.
What is CRM analytics?
CRM analytics are data that demonstrate a company’s sales and customer service performance. CRM analytics provide customer profiles that can inform smarter business decisions. Typically, you will use CRM software to obtain CRM analytics and automate all data collection and report generation.
What types of CRM analytics should you track?
CRM software platforms provide a wide range of measurable analytics. The following indicators are the most important.
Pre-sales CRM analysis
Customer relationships are largely established before anyone purchases anything. Customers rarely purchase a product or service without researching the product or service and brand. Therefore, tracking pre-sales analysis is crucial.
Consider the following pre-sales CRM analytics you should track:
- New clues: Your sales and marketing teams likely spend a lot of time prospecting, calling prospects, and submitting proposals (if applicable). Tracking lead nurturing activities can help you evaluate how and why specific prospects became customers.
- prospect: The sales team identifies potential customers before they officially become a lead. They may be on the phone, emailing, and chatting with potential clients regularly. It’s important to track prospecting activities to determine which ones are working and which ones aren’t.
- Personal interaction: It’s one thing to call or email a potential client. Getting to them is another thing entirely. It’s critical to track data on how many phone calls or emails lead to conversations, how often those interactions occur, and (for phone calls) how long conversations last. You should also track if and when conversations lead to customers taking immediate action.
- Website engagement: Some CRM programs include tools to track website visitors, monitor who has signed up for your newsletter, or identify potential customers who interact with you on social media. The data yielded many promising clues.
- Additional participation: Free samples and product demonstrations are a great way to gain first-time customers. You can also invite potential customers to attend online or in-person events. Track how often these methods convert into sales to gather valuable data that can inform future decisions. You may also want to track this metric for each sales rep to determine what lower-performing reps can learn from higher-performing reps.
After-sales CRM analysis
Once a prospect becomes a customer, it’s time to focus on your customer retention strategy. Collecting post-sales CRM analytics can help you retain customers and cultivate long-term relationships.
Key CRM indicators that need attention after sales include the following:
- Issue tracking: Document customer issues with your products and resolve recurring issues to achieve maximum customer satisfaction. The fewer customers have active issues with your product, the more likely they are to continue buying from you.
- Additional purchases: Potential customers may be interested in replenishing previously purchased products. Pull information about the customer’s other purchases from the CRM to identify other items they might find useful.
- Procurement mode: If a customer purchases your product or service on a subscription basis, check for order consistency or discrepancies to determine how likely they are to remain an active customer. If you sense that customers might stop buying from your company, try to retain them by offering discounts, coupons, promotions, or other customer loyalty benefits.
- segmentation: Use post-purchase profiles across your entire list to segment customers who are most likely to buy from you again. You can focus your personalized marketing efforts on these customers to entice them to make additional purchases.
- expenditure: No two customers spend exactly the same way. A customer on a $10 per month subscription plan may not have as significant an impact on your revenue as a customer on a $1,500 per year purchase. Determine the impact of each customer on your revenue to decide what resources you should allocate to each relationship.
- General project management: When one sale closes, another can begin. Use your CRM’s project management capabilities to plan successful sales campaigns so you can target existing customers for future purchases.
CRM software can help you implement a sales cycle that continuously attracts new customers while keeping existing customers satisfied and loyal.
CRM analysis report
CRM Analytics Reports can help you take the data generated by CRM analytics tracking and compile it into actionable insights. Consider the following helpful CRM analytics reports:
- Profit report: Turn your spend analysis into reports to reveal which loyal customers have a significant impact on your overall revenue.
- Sales Forecast Report: The Sales Forecast report helps you predict your sales for the next few months. This knowledge of income is critical for budgeting purposes.
- Sales Conversion Report: How many leads and leads actually buy your product? Sales conversion reports can reveal this information and help you refocus your sales efforts.
- Sales cycle report: Most sales don’t happen overnight. Use the sales cycle report to understand how long it takes your team to close a sale. Once you understand the sales process, you can build your sales and marketing activities accordingly. However, keep in mind that your sales schedule may fluctuate based on your customers, time of year, and other factors.
- Sales channel report: A sales pipeline report can tell you exactly where your prospects are currently in your sales funnel. Armed with this information, you’ll know who needs what push to convert from prospect to customer.
- Goal report: You can configure your CRM software to compare your progress against your goals. Goals reporting can help you identify shortcomings and redesign your marketing campaigns to address these gaps.
How do you track CRM analytics?
CRM software is essential for managing customer relationships. You can integrate most CRM software solutions with the business software you use every day to extract important information that informs business decisions.
Tracking CRM analytics requires three elements:
- Customer Relationship Management Dashboard: While each platform has different features and interfaces, they all offer a comprehensive CRM dashboard that you can customize to track and display selected performance metrics. Your CRM dashboard is the central hub of your customer relationship management system. Managers, analysts, executives, and sales reps can all view the same updated metrics, sales performance information, and other important data.
- Default data to track: The data displayed on the CRM dashboard must be accurately tracked and collected. Typically, businesses can configure their CRM solutions to automatically ingest and track scheduled analytics. Potential sources of data that a CRM can automatically track include:
- Email engagement, including email open rates
- Website visits, including total page visits, time spent on the page, and number of clicks on links within the page
- Customer support tickets, including tracking common customer complaints and ways to track customer experience improvements
- Sales pipeline progress, including identification of potential sales bottlenecks
- Data extrapolation: After the platform collects key data, many CRM systems use proprietary algorithms and machine learning to infer the meaning of the data. Insights from system reports can help businesses identify patterns and long-term trends more easily. These insights can inform your business strategy and improve key elements of your customer relationship process.
What is the best CRM system for tracking analytics?
The best CRM systems make tracking analysis easy and provide additional features to improve customer and prospect management. Consider these top solutions for small and medium-sized businesses:
- Pipeline driver: Pipedrive is an excellent, sales-focused CRM that provides a clear overview of a business’s sales pipeline. Pipedrive allows for easy drag-and-drop dashboard customization, focusing on sales performance, reporting tools, communication tracking, and workflow automation. Our Pipedrive CRM review highlights additional features, including Pipedrive’s mobile app and artificial intelligence capabilities.
- Monday Sales CRM: Monday Sales CRM is a highly customizable project management-based platform. On Monday, businesses can integrate with productivity tools like Slack to improve internal communications. Our Monday Sales CRM review details how the platform’s CRM workflow can help you record customer interactions, prioritize sales opportunities, and communicate via email.
- HubSpot Customer Relationship Management: Hubspot is an excellent CRM solution that supports integration with over 1,000 software applications. Hubspot’s extensive integrations enable businesses to sync and record customer communications across a variety of productivity and communications tools, including Gmail, Outlook, and social media platforms. Read our HubSpot CRM review to learn how it captures sales funnel data points, campaign insights, and performance points in sales activities.
- Sales force customer relationship management: Salesforce CRM has the largest third-party application marketplace in the industry. Its application integration options help businesses obtain analytics from a variety of sources, including Mailchimp and Dropbox. Check out our Salesforce CRM review to learn about its CRM workflow builder, which lets businesses customize automation to ease the burden on employees.
What are the benefits of CRM analytics?
The advantages of CRM software are diverse. However, CRM analytics are particularly valuable in the following areas:
- CRM analytics can improve customer service. Analytics-driven support assessments can help you significantly improve customer service. CRM analytics reveal how your customer service team is performing, highlighting successes and areas for improvement.
- CRM analytics provide accurate customer profiles. Accurate customer data is valuable when analyzing customer and prospect demographics and designing personalized email marketing campaigns. CRM analytics help ensure you’re reaching the right people and presenting them with compelling messaging.
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