Exclude the Guesswork, Use CRM Data Effectively
Like the groundwork for the house and fuel for the car, CRM data plays a crucial role in your company. If not used and analyzed properly, it can be difficult for team members to avoid some messy information problems, painful statistical roadblocks, unexpected extra rework or unnecessary projects. All of that can take a lot of time as well as bring sad outcome for your business. So, to take advantage of the incredibly rich and multifaceted info on the organization’s markets, clients’ needs or sales and marketing processes in the right way, let’s take a critical look at the best ways of exploring your customers with the help of CRM.
Score Your Leads
First of all, your sales and marketing teams should work together and try to score the leads as well as weigh different properties, demographics or behaviors. Accordingly, you will be able to assign each customer a numerical value to understand whether the consumer is ready to be transferred to the sales reps. So, the concept of the lead scoring is mostly relying on the analytics and data mining science and consists of:
Metrics shows how the lead is related to the target audience as well as at what level of engagement it is right now. There are two types of scoring metrics:
Explicit includes demographic or firmographic characteristics such as job title, revenues, company size, location as well as the time frame for purchase.
Implicit is motivated by lead’s behavior, so different kinds of activities are taken into the consideration, e.g. website browsing (frequency of visits, pages visited, registrations for a webinar, etc.), email engagement(opens, replies), or social media actions.
Scoring analyzes metrics and assigns a numerical value to the lead, based on where prospects are in the sales cycle.
Define Types of Analyses
While lead scoring requires a lot of data analyses, you should also know when and how to collect as much information as possible at all stages of the sales process. In this case, you can integrate your CRM with different tools that help retrieve relevant info about the clients. Also, you may group data by using different filters, such as:
Demographic parameters. By having the information about name, age, title, income, etc. in your CRM system, you can determine how and when you should contact the prospects as well as the best way to address them.
Conversion data. This info gives you an opportunity to track the approach and time your potential customers got involved in the process. So, you can decompose the effectiveness of the sales and marketing activities or cost per opportunity as well as reduce time spent on the process from generating a lead to closing a deal.
Lead source, stage history, and the web traffic. After you obtain this type of analyses, it can become easier to see the volume of the conversion rates and the trend of purchasing over time of each lead source. For example, you can identify where the product transactions were taking place and target selected areas at the specific timeframe.
Opportunity data and sales cycle. At this point, you can clearly understand who your buyers are and how many steps of sales process you will get through before closing a deal.
Account peculiarities and billing information. By implementing case and billing analyses, you have an ability to measure the level of customer support and metrics of success.
Hence, by gathering all information above in your CRM, you can easily find and analyze the data about your clients, that can empower you to maximize the revenue stream.
Use Data Diversity
Working with CRM information, you should also consider two forms of data, qualitative and quantitative, that can help shape and improve your customer experience and sales processes.
Qualitative CRM Data
Quantitative data, also known as categorical one, represents distinct areas, not the numbers, and relies on the customer’s surveys and feedbacks. For example, the outcome of customer insights can provide valuable info to the marketing team and uncover that the strategy is targeting the wrong pain points for clients.
Quantitative CRM Data
This data is measurable and usually used for task documentation that lets you track the productivity and avoid unnecessary follow-ups. The quantitative information can be complemented by financial and organizational data such as how much a closed deal with the prospect would be worth or in what way the customer found your business, etc. Accordingly, it helps identify differences in your audience and filtering your activities appropriately.
Apply Data for Predictive Analytics
Knowing the needs of your customers and their purchase history lets you use predictive analytics to cross-sell other products as well as rate prospect’s chances to become a potential customer. This data can improve the quality of service, strengthen brand loyalty and aid in the consumer retention.
Conduct Other Types of Research
To learn more about your market, customer or even sales operations, you can try to engage another research projects into your working processes such as consumer surveys or assigning third party analysis to your clients and prospects. These activities may provide useful insights about your potential customers as well as the unfiltered perspective that you will not be able to see by investigating CRM data alone.
Today, the sales force rely a lot on the CRM software to generate leads, analyze data and track as well as report on the prospects interactions throughout the sales cycle. Therefore, there are some ways how businesses input and manage clients information in the system. As CRM database is the richest repository, remember to use all the tips above that will help you sell the product or service better and faster.