What good will a CRM do without it tracking suitable KPIs? Monitoring good Key Performance Indicators is a standard practice helpful in delivering customer satisfaction through your business. The KPI tips for CRMs we have gathered below will give you a better picture of what you can do to help your business.
What are KPIs
First, let's remind ourselves what are Key Performance Indicators and thus remember why they are essential for every Customer Relationship Management system.
KPIs are crucial for good team management. When it comes to sales and marketing, key performance indicators determine rewards and guide performance reviews. Employees who work as direct salespeople benefit from KPIs because the more they sell, the better the KPIs, and the more their employers know they're doing good.
And of course, one indicator is not enough to give you a whole picture. But how do you choose what to track? What are you missing? What element did you leave out? Here are the essential KPI tips for CRM and the best indicators to keep track of.
Best KPI tips for CRMs
Help Desk Requests
You can't keep selling lots of products without keeping an eye on customer satisfaction. Such a move could cost you positive feedback and growth. If you monitor help desk requests, you can discover some problems in your services and offers that you can quickly fix and patch up. You may also learn documentation and Terms and Conditions that need to be updated.
And what better way to find out if your salesperson needs additional or different communications training than by tracking KPIs? Maybe you will find out that you need to change your dashboard and interface altogether? Several suitable CRM dashboards out there offer a scope of services that provide growth.
Loss Rate by Sales Stage
What are sales if not a game of numbers and volume? The more people your business rings up, the more likely you are to make a sale. And don't ever expect to have a 100% success rate since even the most experienced salesperson can't strike a deal each time.
And when you don't strike a sale, do you know where it went wrong? Where down that funnel did you lose those prospects? A KPI monitoring loss rates can help you find a pattern in the issue. Then you can adjust your sales procedures and do some practical problem-solving!
We suggest that you offer more training or adjust lead qualification processes to be more selective and prosperous.
Lead Generation ROI
Every business should have an ROI strategy. Excellent companies even have multiple lead generation ROI strategies. If you are in the biz, you are probably using outbound methods such as advertising, inbound techniques such as content marketing, sponsored feedbacks, and expert guest-posting. Sure, they are all pillars of successful lead generation. But are you aware of which method makes the most money?
It would be best if you calculated your return on investment based on channel data. When we say 'channel,' we are referring to the channel that funneled the customer. Add up all of the customers you earned through the same channels, subtract the expenses needed for operating those channels, and you will get the per-channel lead gen return of investment for each channel you run. The more nuanced and precise you get with the details, the more flexibility you will handle the info.
Sales By the Kind of Device You Use
Do you know which parts of your platform bring in the majority of your profits? Can you handle your volume purchases well? It all comes down to the venue the potential client uses to get to your web page. That will give you an answer.
Every business has its unique ways of monitoring the kind of device the clients use. These devices monitor the operating system of the device and its screen size. Some devices are more detailed than others, but they all share this common point - you need to gather some info about your client's buying behavior through the machine the client uses. By tracking devices via cookies or questionnaires, you may get essential details to help your business grow.
Those were our best KPI tips for CRMs. There are a lot of other CRM metrics that can also offer a more precise picture of your sales team's performance and methods.
When these KPIs tell you clearly that you're on a successful path, there will be no reason to doubt that. That's when you can begin processing the insights and begin using good customer relationship management software to drive the growth of your CRM method.