A Brief Guide To CRM Data and Analytics
Every sales team needs analytics. You’re probably already tracking pipeline and performance metrics, and that’s a great start. However, without data analytics services in place, you lack the ability to go deeper—to gain actionable insights into your business and make the changes you need to improve results all along the sales process.
Metrics are the foundation for good analytics, but they’re not the answer. Instead, metrics should be used as a prompt to ask why and open the door to data analytics and discovery. Here is a brief guide to CRM data and analytics for your business.
What sales metrics to measure
Every business tracks different metrics. However, the purpose of sales metrics tends to be either to motivate salespeople or illustrate the health of the business. Don’t bother with metrics that don’t impact your goals. In other words, if you don’t use it, lose it. In addition, determine what level of granularity is valuable—such as which activities along the sales process you want to track. Why are these considerations important? Reporting can be very resource-intensive, so don’t waste time tracking metrics no one needs. Review current reports and determine if they’re still relevant. For example, ask how are you going to use the data? Are you planning to take any actions on the data?
Measure relevant, timely data
Unlike spreadsheets, robust data analytics tools within your customer relationship management (CRM) software in Singapore ensure that the data you capture provides a dynamic snapshot of your business. Using real-time data for sales analytics may have seemed unattainable a decade ago, but today’s CRM analytics make it not only possible but affordable. Insights are about going beyond the metrics. Once you’ve identified which sales metrics to track, the next step is analytics. There’s no one right way or a linear path to doing data analytics. It depends on your company’s unique business and goals. It’s also an iterative process in which you’re constantly searching for better or different insights or ways to predict results more accurately.
Combine and slice data in new ways
A good CRM system in Singapore allows you to add and combine different sources of data with your centralised customer data to find new insights. For example, you may want to pull in data from an external data source, as well as order information from your ERP system, to help you target timely upsell opportunities. You also can add data from market research, studies, surveys, reports, and analyst interviews, and manipulate it with your CRM analytics tools to see your data in a new ligh
Pinpoint road bumps in the sales process
You know when you’re not hitting your numbers, but do you really know why? With CRM data analytics services, you’ll have a way to figure it out. To get a good handle on where things are falling short, you need to track and analyze sales team members’ activities, like customer calls (e.g., quantity, time to respond), emails, meetings, and demos. By understanding at which points in the sales process sales reps are having trouble, sales managers can provide the training needed to help a rep sell more and achieve her quota—before she misses her number. In addition to helping your company sell more, this process has the added benefit of improving the entire customer experience by making customer interactions more consistent across touchpoints.
Increase selling efficiency
Data analytics can also empower sales team members. Sales reps can access data analytics themselves to identify their best prospects and determine where they should spend the most time and resources to get the greatest return. For example, with a good CRM analytics solution, sales teams can develop profiles of their best customers and have the solution automatically flag prospects that fit those same criteria. Also, analytics can help motivate salespeople by showing reports on where opportunities are, which can help them figure out how they can grow their business and increase commissions. When analytics and CRMs are used company-wide, sales reps can see which prospects and customers responded to marketing promotions or had service issues, and follow up accordingly.
The metrics mind frame
One way to think about CRM data analytics is that it involves data discovery. This is the process of peeling back the onion to get at the real root of what you’re trying to find out. With data analytics services, your metrics become the jumping-off point for a deeper dive. The key here is to identify which sales metrics have the most meaning for your sales team and if and how those sales metrics can be used to positively influence your business.
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