CRM Analytics: Create Reports, Provide Insights, Improve Business Efficiency
Posted: Sat Dec 21, 2024 3:36 am
What do you think a business needs to improve its customer relationships? Having data on all the activities a business engages in is key. Once you have insight into your deal health, team performance, etc., you can make informed decisions and ensure true customer satisfaction.
And that’s what CRM analytics does for you. It takes the data from your CRM and provides valuable insights into the direction your business is headed. A McKinsey report states that “actionable insights” in business contribute 92% to a value-creating culture. In simple terms, this means you can deliver more value to your customers by using insights from your data to put it into action.
CRM analytics is mainly used by team buy phone number list members, team leads, managers, executives, etc. of different departments. Having an analytics tool in your CRM will help you get a 360-degree view of your customer data and keep a record of customer interactions across different teams. This will help you provide data-driven business intelligence for effective operations. Data-driven analytics include reports on how your service is perceived by the market, customer behavior patterns in a specific demographic, the ideal method to convert promising deals into repeat customers, etc.
But what are the key metrics that are vital for business growth? To understand this in more depth, let’s break these metrics down into pre-sales and post-sales CRM analytics:
Funnel image
In pre-sales CRM analytics you can gain insight into
Traffic generated on websites, such as the number of visitors coming to your website, average time spent on web pages, etc.
Campaign performance metrics such as email open rates, click-through rates (CTR) for social media messages or ads, etc.
Lead or prospect conversion rates: An AI-powered lead scoring strategy allows you to segment prospects with higher and lower chances of converting.
In post-sales analytics you can gain insight into
Problem tracking measures customer problems and tracks the time it takes to resolve their problems.
Customer turnover, i.e. the percentage of customers leaving the site within a month or year.
Net Promoter Score (NPS) measures customer satisfaction. This can be judged by customer reviews and feedback.
Customer retention rate reflects customer loyalty and a business's ability to develop relationships with customers over time.
Benefits of CRM Analytics
The CRM Analytics feature in CRM can perform several actions using historical customer data. The six main benefits of CRM analytics are:
Improve targeting in marketing campaigns: By conducting customer analysis using historical data, you can deliver personalized content based on customer preferences.
Segment potential customers based on previous customer interactions: You can divide customers into groups based on demographics, gender, product preference, etc. You can also segment customers by ranking them based on their interactions with the sales representative.
Lead Priority: You can prioritize leads based on certain key metrics, such as a review of your client’s web activity to understand the features they are most interested in. This way, sales reps can create a presentation and aim to close deals quickly.
Make revenue forecasts with Forecasting: You can perform sales forecasting and predict the expected sales revenue for the next quarter or year.
Track your escalation results: If there is a problem with your product or service, you can quickly resolve it to improve customer satisfaction.
Monitor Team Performance: Identify gaps in your team's performance and provide valuable feedback to improve productivity and efficiency.
What tasks does CRM analytics solve?
If your CRM analytics software is not integrated with a robust marketing automation and customer support tool, you won’t be able to leverage its features effectively. According to a Mckinsey report , integrating customer analytics across multiple channels is a top trend to focus on. Some KPI results confirm that heavy users of customer analytics are 23 times more likely to outperform their competitors.
In addition, if CRMs are cluttered with redundant features, complex user interfaces, and manual data entry processes, the quality of the data generated decreases. For example, if you take the case of manual data entry, there is a high probability of errors in filling in the details. Thus, the data obtained will also contain errors that will be difficult to track and quickly eliminate. Only a reliable CRM with updated features can provide better analytical results.
Vtiger CRM has designed its product with an easy-to-use interface and an automated data entry system. This helps you provide accurate data and create error-free reports that can be used to identify potential deals and make more accurate forecasts.
Take a test drive with Vtiger by signing up for a 15-day free trial to better understand the analytics features.
How to Find the Right CRM Analytics Solution
A great CRM analytics tool should integrate easily into your existing business structure, which helps you achieve your goals effectively.
Vtiger provides a set of analytics features that can be customized to suit your business requirements. For example, Vtiger AI Calculus provides sentiment analysis, which means it gives insights into call quality, AI-powered dashboards provide team performance metrics, Vtiger Reports lets you create reports based on any data, and more.
And that’s what CRM analytics does for you. It takes the data from your CRM and provides valuable insights into the direction your business is headed. A McKinsey report states that “actionable insights” in business contribute 92% to a value-creating culture. In simple terms, this means you can deliver more value to your customers by using insights from your data to put it into action.
CRM analytics is mainly used by team buy phone number list members, team leads, managers, executives, etc. of different departments. Having an analytics tool in your CRM will help you get a 360-degree view of your customer data and keep a record of customer interactions across different teams. This will help you provide data-driven business intelligence for effective operations. Data-driven analytics include reports on how your service is perceived by the market, customer behavior patterns in a specific demographic, the ideal method to convert promising deals into repeat customers, etc.
But what are the key metrics that are vital for business growth? To understand this in more depth, let’s break these metrics down into pre-sales and post-sales CRM analytics:
Funnel image
In pre-sales CRM analytics you can gain insight into
Traffic generated on websites, such as the number of visitors coming to your website, average time spent on web pages, etc.
Campaign performance metrics such as email open rates, click-through rates (CTR) for social media messages or ads, etc.
Lead or prospect conversion rates: An AI-powered lead scoring strategy allows you to segment prospects with higher and lower chances of converting.
In post-sales analytics you can gain insight into
Problem tracking measures customer problems and tracks the time it takes to resolve their problems.
Customer turnover, i.e. the percentage of customers leaving the site within a month or year.
Net Promoter Score (NPS) measures customer satisfaction. This can be judged by customer reviews and feedback.
Customer retention rate reflects customer loyalty and a business's ability to develop relationships with customers over time.
Benefits of CRM Analytics
The CRM Analytics feature in CRM can perform several actions using historical customer data. The six main benefits of CRM analytics are:
Improve targeting in marketing campaigns: By conducting customer analysis using historical data, you can deliver personalized content based on customer preferences.
Segment potential customers based on previous customer interactions: You can divide customers into groups based on demographics, gender, product preference, etc. You can also segment customers by ranking them based on their interactions with the sales representative.
Lead Priority: You can prioritize leads based on certain key metrics, such as a review of your client’s web activity to understand the features they are most interested in. This way, sales reps can create a presentation and aim to close deals quickly.
Make revenue forecasts with Forecasting: You can perform sales forecasting and predict the expected sales revenue for the next quarter or year.
Track your escalation results: If there is a problem with your product or service, you can quickly resolve it to improve customer satisfaction.
Monitor Team Performance: Identify gaps in your team's performance and provide valuable feedback to improve productivity and efficiency.
What tasks does CRM analytics solve?
If your CRM analytics software is not integrated with a robust marketing automation and customer support tool, you won’t be able to leverage its features effectively. According to a Mckinsey report , integrating customer analytics across multiple channels is a top trend to focus on. Some KPI results confirm that heavy users of customer analytics are 23 times more likely to outperform their competitors.
In addition, if CRMs are cluttered with redundant features, complex user interfaces, and manual data entry processes, the quality of the data generated decreases. For example, if you take the case of manual data entry, there is a high probability of errors in filling in the details. Thus, the data obtained will also contain errors that will be difficult to track and quickly eliminate. Only a reliable CRM with updated features can provide better analytical results.
Vtiger CRM has designed its product with an easy-to-use interface and an automated data entry system. This helps you provide accurate data and create error-free reports that can be used to identify potential deals and make more accurate forecasts.
Take a test drive with Vtiger by signing up for a 15-day free trial to better understand the analytics features.
How to Find the Right CRM Analytics Solution
A great CRM analytics tool should integrate easily into your existing business structure, which helps you achieve your goals effectively.
Vtiger provides a set of analytics features that can be customized to suit your business requirements. For example, Vtiger AI Calculus provides sentiment analysis, which means it gives insights into call quality, AI-powered dashboards provide team performance metrics, Vtiger Reports lets you create reports based on any data, and more.