What CRM Data Should You Really Be Tracking?

    WhatCRMData.jpeg

    Your sales team may believe that you are only using a CRM system to keep tabs on them and reprimand them constantly for mistakes, but they’d be wrong. The truth is that what makes CRM software truly valuable is not the ability to scrutinize every movement of your salespeople, but the massive amounts of critical data that you can collect when the system is properly adopted. The newest iterations of CRM are deepening their ability for automation, instantly noting and tracking client activity and success rates without relying on the responsible sales person for timely and consistent data entry. Instead of using your CRM strategy to hone in on salespeople and their respective progress in certain deals, you should be refocusing to look at the crucial big picture that CRM data can now provide.  So, what data should you really be using your CRM system to hone in on and track?

    Source of Leads

    CRM software can track your customers from end-to-end: right from their first expression of interest and exactly what channel they found you through. Be it a social media post, email or interest form, clients are reaching out to companies in ever more diverse ways and you need to keep track of this. CRM software will be able to report which medium is working the hardest at drawing in clients, and perhaps which parts of your strategy you need to focus on more. Say there is a drop in social-media generated leads—your CRM will notice this and you can adjust strategy accordingly.

    This kind of information will not only help your sales team as they build their pipeline and get an understanding of where their clients are coming from; it also provides valuable feedback for your marketing department. When you know what sources you are getting the greatest interest and the most possible clients, marketing will be better equipped to tailor their campaigns towards what is working, and fix the weak spots where potential customers might be falling through. Because CRM data is so closely intertwined with the success of your campaigns and social marketing, you can truly understand the involvement of these factors in your lead generation process and how changes you make on the business end create concrete results on the front end of your sales team.

    Critical Ratios

    Ratios are the core of your sales business and how you should plan it—how many calls and contacts funnel into leads, then how many of those leads then turn to meetings and signed contracts. You will also be able to examine the speed at which your team transitions into deals. With these ratios in hand, you know how large the front end of your sales pipeline needs to be, and how many clients and leads your team needs to chase to convert into cold hard sales. No longer will your quotas and goals be vague, predicted by opinion and unclear on how best to achieve them. Using your CRM data to track your sales history and and rates will inevitably give you the power to build a better business plan and create goals that can actually be met. You can even monitor how many times and in what form your sales leads have reached out to clients will be available in your CRM data, as well as conversion rates for each member of your team. You can see what method of selling works best for each salesperson, and send them the clients that you know they can close. Instead of utilizing the software to remotely 'watch over' the team, you can get actively involved with the unique traits of every associate and truly know your team better: helping you to know (and plan) your business better.

    Pattern Analysis

    In the same way that CRM data can give you a detailed picture of different sales ratios, success rates and campaign feedback, it can also analyze key patterns in your customer base. Your CRM can gather a generalized profile of the most valuable traits in your ideal, most valuable clients, such as purchase history, financial situation and business mindset—what they like in a service and what will turn them off. With this generalized customer pattern in hand, you can then prioritize your CRM database of contact info and focus on finding and reaching out to the kind of people that will respond to your company and will provide the most return value for your sales investment.

    By considering the value of each set of clients and potential leads, you know where to target your efforts, and can work on getting the right customer referrals that will reach even more of your specific target audience. Pattern analysis is one of the most valuable functions of a CRM system, allowing you access to any kind of report or comparison on sales performance and customer interaction at a single click of the mouse.

    Reasons for Losses

    CRM data can additionally track when clients may deactivate their accounts or withdraw their interest in your services, and then often explain why that deal was never closed (i.e. a missed follow-up, a poorly designed demo). By having your team enter their failures as well as their successes, you will be getting a greater picture of your business and an insight into how you can tighten your sales strategy to prevent further client leaks. With quantifiable data on the specific activities of each of your customers, your team will begin to become experts on what works for your clients and what tactics and mistakes will eventually lose them critical sales. Instead of viewing this factor as a regulatory, properly utilized CRM data should encourage adoption among your sales team as they learn the huge benefits and recommendations the data provides.

    Wrap Up

    Your CRM software doesn't need to become an oppressive, all-seeing force among your sales people—it is a valuable resource that will allow you great insight into your business. Instead of collecting data loaded with your team's subjective opinions and predictions on cases or clients, CRM data is infinitely more valuable when it can be used to track objective patterns in your database. Because CRM software is automated and all encompassing, it can help your team form a clearer picture of the high-value clients you should be going after, how to capture them with perfectly targeted marketing campaigns, and then how the close the sale successfully. Once your sales people realize just how effective CRM information can be when utilized properly, they won’t be so suspicious of the software anymore.

    To get more information on CRM software and how to pick out the best system for your business and sales team, contact an expert at Datix today.

    CONTACT AN EXPERT AT DATIX TODAY!

    Matt Schuval

    Matt Schuval

    Matt, the Chief Executive Officer at Datix, is a thought leader in the ERP community and President of the Epicor Partner Council. He has a strong industry background that has allowed him to transform Datix into one of the top enterprise software consultants in the U.S.

    Is Microsoft Dynamics 365 the Right CRM For Your Business? Surprising Benefits of ERP Implementation

    Contact Us

    Categories

    see all

    Recent Posts