Customer relationship management (CRM) software enhances your ability to deliver positive customer experiences throughout the whole customer lifecycle. CRM analytics give you the information you need to know about your customers so you can give them the best service possible and grow your business.
It’s also possible to evaluate your organization’s current state and discover areas for improvement by looking at CRM analytics, such as implementing efforts to increase sales enablement or marketing or improving customer service. One of the subjects that warrants investigation is how to maintain great interactions with customers. A CRM system might be a big help in this regard.
Here are the following CRM metrics that you should track:
- Customer Effort Score (CES)
- Net Promoter Score (NPS)
- Sales Cycle Duration
- Customers Churn
- Customer Retention Cost
- Net additional income
- Customer Acquisition Cost (CAC)
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Customer Effort Score (CES)
Similar to the above, but in a slightly different way, this score indicates how satisfied customers are with their purchase. How easy or difficult it is for customers to work with your company. You only need to inquire about one thing. Getting an item, getting help with a query, or contacting customer service takes how much effort? Customers will be less satisfied with your product or service if your CES score is lower.
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Net Promoter Score (NPS)
The higher the score, the more satisfied the customer is. You can find out how your customers feel about your business by asking them to rate their experience with your firm on a scale of 1 to 10.This feedback system is flexible and may be tailored to meet your specific needs.
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Sales Cycle Duration
Measuring your company’s sales cycle time will help you better understand how long it takes for you to close deals. You should avoid comparing your sales cycle to that of other sectors because it depends on a range of factors. Instead, pay attention to the activities that result in conversions and the amount of interactions necessary to complete the purchase.
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Customers Churn
Customer turnover, customer attrition, or customer churn is a measure of how many consumers you’ve lost over a given period of time, regardless of what you call it. There are a slew of reasons to keep an eye on this particular metric. Customer churn monitoring is critical since it helps you understand why customers are leaving and how to keep them on board for the long run.
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Net additional income
How many new customers do you bring in? Measuring your net new revenue allows you to see how much money your company makes each month, quarter, or year from bringing on new customers. Use this measure to see if your marketing campaigns, email triggers, or other events are encouraging growth.
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Customer Acquisition Cost (CAC)
In other words, it measures how much it costs your business on average to bring on one new customer every year. Expenses related to a single sale include marketing, employee training, software, and other costs. To find out whether you need to automate and cut costs, or if you have the freedom to go on an acquisition drive, you can utilize this CRM metric.
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Customer Retention Cost
The cost of acquiring a new customer can be compared to this metric. It measures the cost of keeping current customers rather than attracting new ones. Retargeting, email campaigns, and customer loyalty programs all cost firms money to keep customers. This metric can help you determine whether or not your attempts to increase retention are paying off.