There is absolutely no lack of things to measure in the world of CRM or customer relationship management. With advanced CRM systems balancing multiple fields, methods, and channels, it’s a number-crunching nightmare. And navigating through this chaos is an ambiguous job. But if you can do it properly, you will taste the success and grow at an exponential speed. So how to use them right to boost your business activity anyway? What are the primary customer relationship management metrics to measure? Let’s have a look at the most important metrics you can collect using your CRM system.
Sales Calls: If a sales call is a major part of your business, the volume of calls each representative attend must be measured. Each caller must recognize how many calls they are making and how they are continuously increasing the numbers. With these metrics, you zero in finding out an average daily call count. Start analysing the most effective time to call and identify the success trends. This will enable you to measure the productivity increases from integrating a CRM system and allow you to better recognize what requires to be tweaked in your sales process.
Conversion rate metric: This metric is easy to understand. Here you can dive deeper to recognize the number leads got converted to the customer and the number of deals closed within your average sales cycle. This number is crucial to predict your future revenue or customer stream. For instance, take the number of reps multiplied by average leads worked per month multiplied by the average conversion price from last quarter to project numbers for the next quarter.
Lead response metric: How fast are your reps replying to inbound leads? The longer it takes your reps to reply, the bigger the risks of that opportunity being slipped away. Hence, you must take a careful look at lead response time. Although many business owners underestimate or overlook these metrics, those who do take this seriously are more likely to score higher turnover. In fact, according to studies, if sales reps get in touch with the inbound lead within an hour, you can expect 7 times more likely to qualify the lead successfully!
Lead tracking metric: Tracking down monthly new/ organic lead can be the benchmark for your marketing effort. A professional CRM development company can integrate features to track down every new lead that comes towards your business and can easily track the source as well. For instance, if the matrices are told that most of the new leads coming from Twitter instead of Facebook, then you have to take the decision regarding your future marketing endeavour. This not only reduces the marketing expenses but helps to allocate resources in a more effective manner.
Remember, tracking the above CRM metrics will assist you to recognize the reason of any spikes and falls in your business revenue, so you can replicate whatever your team is doing right and correct any obstacles that are blocking your success.
Saving cash by boosting productivity and efficiency is a challenge for every business owner. A successful business requires steady streams of profits. And a business cannot make a profit without reducing overhead expenses and time commitments. The process of discovering ways to eliminate repetitive work is called automation. Since the advent of this technology, the automation industry has taken control of the business domain by storm. Today, most business owners are looking to get rid of tedious and manual data entry work, to boost their employee’s efficiency and productivity. And CRM software is proving to be one of the best solutions to do so and more. And here’s how it’s doing this:
Appointment reminders: Want to boost your business credibility and revenue? If your answer is yes, then take a closer look at appointment reminder features. They are a handy option to get reminded by text, email and push notification regarding their meeting with you or your employees. These reminders assist prospects to remember their scheduled time and date without needing much effort. The customer will enjoy being reminded about their meeting. And you can guarantee your every hour is being paid for while you are taking care of other important aspects of the business. Don’t worry; your CRM is there taking care of bringing your customers at the door!
Call back automation: Gone are the days when prospects used to fill up long contact forms to get a call from the company. Nowadays, the customer is always looking for a convenient and easy way to reach the brand. And, the most promising way to do so is by implementing an automated “Call- back request” button on the website. Once a prospect clicks on this button, the request goes directly to the marketing department automatically. Hence, the customer can get an immediate call back while the interest is still there! The call-back request feature makes clients feel cared for, as they build an impression that you will be there for your prospects.
Customer support automation: Customer support automation is critical for improving the customer experience. An automated solution such as live chat, automated responses, real-time voice calling and basic FAQs can be quite helpful to the consumer support team. CRM automation for consumer support can assist by sending more agile responses to tickets, assigning reps for social posts and managing regular customer inquiries and more. In fact, Customer support software boosts productivity by 40%.
Deal management automation: Opportunity management plays a vital role in boos sales. An idle CRM, built by a professional CRM Software development Company, can offer to automate repeated sales-related jobs. Tasks such as recording sales activity, lead tracking, monthly or daily revenue analysis can be automated. Besides this, you can automate the process of follow-ups, invoicing and revenue forecasting as well. Instead of depending on sales reps to manually record and add various data, let your CRM do it more efficiently.
Choosing a CRM with this automation function will surely offer you exceptional result and a lot of benefits. Many other processes can be automated through custom software development as well. However, the above 4 are the most important. When you are talking to a CRM software development company, make sure they know and have enough experience to integrate these automation techniques. Or else, your investment will drown in the water.
Cloud services benefit businesses and improve them in so many ways that it can be difficult to condense them effectively. However, one particular area that shows significant gains for any enterprise is the amazing cost-cutting ability. And here’s how it does it:
Zero maintenance cost: By choosing a cloud solution for your custom CRM software development, you will reduce the maintenance charge significantly. How? Well, once you move everything to the cloud, you won’t need an entire IT team all the time to maintain your server. All the upgrades and repairs are the responsibility of the cloud provider, which not only reduces the expensive hardware upgrade cost; it also maximizes your valuable office space.
Reduce paper dependency: According to studies, a single employee makes use of at least 10000 papers in a single year! Have you ever thought about how much it will cost you if you have more than 10 employees!? Well, the answer is quite a lot. A cloud server can reduce this cost drastically. Besides this, employees can share the data quite easily which will boost productivity among them. It further reduces the cost of having a printer or copy machine. And most importantly, you are saving trees and reducing the carbon footprint.
Better resource management: 56% of MSMEs using cloud services reported an increase in profits after switching to the cloud. The reason behind this is better management of their messy data and resources they have available to them. When a business keeps data on the cloud, it is being monitored 24/7 to find out any vulnerabilities. They are being managed by the expert. Hence, the entrepreneur can free up time & resources and dedicate them to focus on other important jobs- to improve the business.
Flexibility: Cloud-based CRM software is available 24/7. And can be accessed through any device with a valid user ID and active internet connection. This means, your employees are not confined to their desks anymore. They can run your business from anywhere and from any device. This flexibility is essential, according to 56% of business owners.
Easy updating: Your CRM will evolve with time. It means you have to update the software periodically. However, how will you run the updating process? If you are following the old method of manual updating, then you are wasting a lot of time and valuable resources. If you have the cloud CRM software, the updating process becomes quite easy. You have to simply update the software on the server and the rest will be done automatically and instantly.
Cloud computing has now become a mainstream alternative for reducing business expenses. Moving to the cloud will save you money, and enable you to concentrate on growing your business significantly. The cloud CRM saves the business capital, resources, time, increases productivity and supports better collaboration. If you would like to learn more about cloud CRM software or get in touch with CRIMS, one of the best CRM software development companies in Delhi.