A guide to CRM Analytics: Key metrics to track in 2022

CRM software is not only useful for keeping track of customer interactions but also for analysing the data. To any business, data holds precedence. CRM reports and dashboards are extremely helpful for creating the best route to convert the most promising leads into paying customers. 

To understand how to create this leak-free customer journey, we will need to take a closer look into CRM analytics and which metrics to track for staying ahead of the market trends. 

Let's talk about the benefits of CRM analytics first.

• Conversion rate: The CRM analytics will cover the percentage of leads that have converted into paying customers. This data is further used for predicting revenue and making plans for the company. 

• High opportunities: Identifying its opportunities is a business' biggest leverage. These allow the sales team to expand and grow into sectors that are untouched and increase the ROI. 

• Improved customer service: In the KPI performance reports of the customer service team dished out by CRM, businesses can understand what the customers think about sales and customer service. It provides them with an opportunity to learn and grow from any mishaps that have occurred.

 

 

• Accurate consumer data: While circulating marketing resources, the resources must reach the right audience. The target demographic will respond more favourably than the random list of names that might not need your products.
• Pipeline comprehension: With the bigger picture of your customer journey, every aspect of the customer experience can be improved. 
• Staff performance: CRM reports also cover staff performance. Managers can analyse the performance of the team members and provide them assistance to these individuals so that they can achieve their best. 

 

Key metrics to track in 2022

Before jumping to the key metrics you need to track for better business opportunities, you will need to generate dynamics CRM reports and dashboards for some common CRM metrics which include: 

1. Customer Turnover

2. Net Promoter Score (NPS)

3. Customer Effort Score (CES)

4. Rate of Renewal

5. Retention Cost

6. Expansion Revenue

7. First Contact Resolution Rate (FCR)

 

Once you have that, you can break your analysis process into two stages: Pre and post-sales. Using Optimiser CRM, you can get an integrated reporting feature. 

 

Pre-Sale CRM Analytics

For any business to grow, building customer relationship is vital. These relationships can be improved by making sure that every step of the customer journey is mapped out. To attract your prospects to make a purchase, you can track the following metrics: 

 

• New leads: Sales team spend time communicating with the new leads through phone calls, sending new proposals etc via multiple channels. It is important to keep track of the conversion rate. 
• Prospects: The sales team should be on the lookout for finding new prospects. Keep a close watch on how you identified these targets and measure how successful the sales team was. 
• Website and social engagement: CRM software packages include features to monitor visitors that come to your website and social media platforms.

 

Also Read: How can marketing campaigns benefit from CRM?

 

Post-Sale CRM Analytics

Retaining clients is considered more important by most businesses. It means that businesses monitor the customer experience they provide to their clients to ensure that they purchase the business again.

The following metrics for customer loyalty are important to track in 2022:

• Problem tracking: The tracking process allows businesses to sort issues with addresses and streamline elements to move the purchasing process faster. Any problems your customer encounter while purchasing from you should be noted and improved to enhance the user experience. 
• Additional sales: If your clients make additional purchases, keep track of it. Learn why they have made these purchases and how it can help you increase sales with customers who purchase the same products. 
• Spending patterns: In a subscription-based service, you can give time to investigate why the customer is loyal to your brand. Examine what motivates them to spend more. 

 

Optimiser Analytics 

Give the power to your teams to make better business decisions with Optimiser analytics. Accelerate your business growth with forecasting and grow your ROI. 

Understand every aspect of your business performance using the live CRM analyst reports. Using colourful charts and graphs, you can keep up with the trends, cohorts and funnels. Track the achievements of your teams to use resources consciously and increase output. The statistic-driven platform allows you to understand the preferences of your customers and improve the user experience that your business offers. These dynamic reports heighten the conversions and retention rate. 

Using AI predictions and scheduled reports, you can secure the future of your business and identify your opportunities.   

 

Summary

CRM metrics are vital for sales, marketing and customer service teams. These teams interact with the customers more than any other department, and therefore, need all the ammo they can get to provide an enhanced customer experience. With Optimiser CRM by your side, individuals can accomplish improved customer retention and brand advocacy.