What are CRM analytics?
You may have heard the term CRM analytics mentioned, particularly if you are thinking about buying CRM software. Before you proceed any further, it is a good idea to understand exactly what the terminology means and how it can help your business.
The provision of valuable insight
Very simple, CRM analytics are metrics that are provided by the system. Depending upon what you ask the software to do in terms of reporting, it can provide you with valuable insight into such things as sales or customer service. With these statistics in hand, you can determine exactly how your business is performing. It will highlight areas where improvements may be needed, enabling you to be proactive and make changes to improve sales volumes, provide a better service for customers or simply track and improve client relationships. Whichever CRM system you choose, it will provide in-depth analytic tools, enabling you to call off detailed reports based upon the criteria you set. Key metrics will be visible simply by you clicking on the report function.
Be business aware
You will find the CRM analytics data provides great insight into all sales, marketing, and customer service activities. Imagine how beneficial it will be when you can track a variety of things including email open rates, the quantity of calls made, tasks overdue, sales agreed etc. No business can exist without being aware of their own opportunities and threats and this is why CRM analytics put you in a powerful position.
How it works
The CRM analytics tracking facility is provided by the CRM software. Depending upon which brand of CRM you purchase, activities will be automatically recorded. Sales data, interactions with customers, billing and a whole load of other information will be available at your fingertips. The built-in CRM analytical tools provide you with information that will shed light on all company activities, enabling you to interpret how your business is performing and whether action is required in any area.
With the power of CRM analytics at your side, you can forget having to manually create spreadsheets to track data and provide reports. Not only are these types of tools time-consuming but a lot of the time they aren’t even accurate. Your CRM reports will be based upon real-time information with nothing omitted. Once you get used to working with CRM analytics in the right way, you can save time and money as the data will not only point out where problems are occurring but will pinpoint areas of the business that need more investment. This insight will also flag up trends and opportunities, enabling you to get ahead of the competition.
How to use your CRM analytics tool
In order to benefit the most from the CRM analytics, and your financial investment in the software, you should focus on two major areas when it comes to reporting: pre-sales and post-sales engagement. Pre-sales will focus on everything that occurs before the sale, such as actions by the sales team and product marketing. Post-sale will cover all things after the sale, like confirmation of purchase, delivery and invoicing of goods and aftercare from the customer service department.
CRM analytics are a must-have for businesses of all shapes and sizes. The cost of your investment in the CRM software will be offset by the time and money you will save with reporting being automated. The absolute accuracy of the analytics will also enable you to be proactive and ahead of the game.
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