How to Find the Right CRM Software to Get 360-Degree View of Customer Data?
CRM software is a powerful approach to combine sales and marketing efforts and build customer relationships with increased satisfaction and business revenue.
According to a report, around 76% of sales teams are adopting CRM systems to manage numerous interactions with existing and future customers. But, despite of broader significance, majority of CRM implementations fail. Reasons could be many, but to get a 360-degree view of customer behavior and sales progress, it is mandatory to find out the right CRM and implement it accurately.
Here are few metrics you should measure in your CRM software:
1. Find Your Customer Retention Rate:
It is considered that it costs more to acquire a new customer than to retain an existing one. Therefore, maintaining strong customer relationships is vital for any business. Customer Retention Rate can be calculated by subtracting the number of new customers from the total number of customers and then dividing this resultant with the number of customers you had at the beginning. A good CRM allows you to find out your wins and losses along with the reasons for those wins and losses.
2. Recognize Your Customer Value:
Customer value help businesses prioritize their marketing efforts. Identify customer’s purchasing patterns and amount of time a customer engages with the company. All these factors enable you to determine customer value. Understanding customer value allow you to better align marketing with sales. You can determine how much discount to offer to your potential customers and where to look for future lead generation.
3. How Many Deals Are Closed?
Track number of leads for every representative and number of deals closed within your sales cycle for better insight. These factors essentially help in building and maintaining a predictable sales model.
4. Measure Your Campaign ROI:
Your marketing campaign have a primary goal of generating sales and customer acquisition cost for each campaign vary widely. Measure how many leads every campaign generate, how many leads are converted into customers and how much revenue those customers generated for your business with respect to dollars spend on the marketing campaigns.
5. Identify the Best Leads:
Tracking leads helps you find out where the most leads originate and how many leads are converted into closed deals. Sometimes leads come from passive enquiries and sources such as social media and other online platforms. Compare leads from different sources and evaluate which lead can provide best return.
How Salesforce can be your ultimate partner helping you determine exact customer behavior?
With Salesforce CRM, you can track essential customer data and get complete view of customer’s buying behavior. Based upon that previous customer interaction, sales team can identify each customer’s value and can close more deals. With proper Salesforce statistics, you can manage each of your sales campaign and achieve maximized ROI.
Customer satisfaction is the base for better sales in a business. Having the right CRM software can help businesses to track and analyze customer interactions in an organized fashion to build lasting relationship with customers. Thus, you must ensure before implementing a CRM system whether it can help you track above mentioned customer data or not.