Which Easy Redmine CRM Metrics You Should Track for Sales Success
Quantifying and measuring sales success is extremely important in order to determine if your strategy is working the way you want it to and the key to pulling this off lies within the type of CRM metrics that you decide to track.
What Are CRM Metrics and Why Are They Important?
Customer Relationship Management (CRM) is an ongoing process of ensuring that your customers receive the best possible experience, enabling you to create and sustain relationships with customers. CRM requires an extensive set of measures, practices, guidelines, and principles to be put in place, in order to ensure that an organization is effective and efficient with regards to its customer relationship management.
Measuring CRM metrics enables you to have a clear picture of how effective your CRM efforts have been and what sort of impact they are able to create. If you’re able to track the right CRM metrics, you’ll be equipped with enough knowledge and information to analyze your CRM strategy and identify where there’s room for improvement. This would also allow you to stay updated about the performance of your existing CRM strategy, which will help you improve and reach the sales success targets that you’ve aiming at.
Sales success and CRM metrics are closely knit together and have a high degree of interdependence as far as performance is concerned. CRM efforts can directly impact the sales success of an organization and this is what forms a customer’s experience. Naturally, effective CRM efforts would lead to higher customer satisfaction, which would increase the number of returning, as well as new, customers.
B2B CRM in Easy Redmine
Which Easy Redmine CRM Metrics You Should Track?
The Easy Redmine CRM dashboard is equipped with multiple features including CRM cases management, case statuses, integration with invoicing, user-defined statistics, creation of CRM cases from web forms and online stores, and other custom fields.
This tool allows you to generate performance statistics and the CRM metrics that you should be tracking for sales success include the following:
1. Lead Source
Your customer’s experience with your business begins right when he/she first communicates with your business through any form of expression and that is where your CRM begins as well. The channels through which customers are now approached continue to increase, which means that the scope of CRM has also grown with time.
This CRM measure will allow you to track which channel/medium is creating the most leads and which ones are falling to the bottom of the list. This information gives a lot of insight into your existing CRM strategy and how successful it is in driving sales success. By identifying the weak areas in your strategy, you can continue to make gradual improvements based on the metrics that you’re tracking.
2. Close Rate
Once you’ve started tracking the leads, you’ll also need to track the close rate, which is a very crucial CRM metric. Close rate defines the percentage of leads that are being translated into closed deals.
The reason why tracking the close rate alongside the lead source is important is because regardless of how many leads you’re able to generate, they would not be benefiting you unless they’re being translated into closed deals.
CRM efforts play a very important role in the process of converting leads into closed deals because it’s the customer experience that would entice them to make a purchase decision. Consequently, tracking the close rate metric is particularly important for sales success.
B2B CRM in Easy Redmine
3. Customer Lifetime Value (CLV)
Customer lifetime value can be referred to as the total worth of a customer to a business, for the entire duration that an individual remains a customer of that business. CLV can be quantified into the total money that the customer would be expected to spend for as long as the relationship between the customer and the business exists. This CRM metric is extremely important to track because sustaining and maintaining relationships with existing customers is as important as building relationships with new customers.
Customer Relationship Management efforts and strategy play a decisive role in shaping a customer’s experience and consequently his/her relationship with a business. By measuring this metric, you can analyze if your CRM strategy is working fine enough to sustain relationships with existing customers and increase a customer’s lifetime value.
4. Upsell Rate
Upsell rate can play an important role in sales success because it allows you to increase the worth of a single closed deal/conversion. This metric will allow you to analyze if your CRM is effective enough to make customers spend more doing business with you.
5. Sales Cycle Length
The sales length cycle is another useful metric to analyze the effectiveness and efficiency of your CRM strategy, which eventually leads to sales success. A sales cycle length usually differs according to the type of product/service but regardless of that, an efficient CRM strategy would mean that there are no unnecessary delays in the sales cycle and leads are converted into closed deals as soon as possible.
Easy Redmine CRM bundle also offers additional features in order to make it more convenient to track CRM metrics and generate actionable insights. Easy Redmine provides separate dashboards for both the sales director and the sales representative.
The sales director dashboard makes it easier to measure and analyze sales success by providing an overview of the sales performance, contacts, overall forecast, overall sales performance, and sales activity race.
The sales representative dashboard, on the other hand, gives you an overview of the performance related to sales operations, which includes closed deals, forecasts, sales activity race, and contacts.
Both of these dashboards can come in handy when you’re tracking CRM metrics, especially for sales success, as these dashboards provide very convenient access to all of the required data and information.
B2B CRM in Easy Redmine
Tracking the right CRM metrics can certainly help you achieve sales success and Easy Redmine CRM is the right tool for it, equipped with all the features that you will need.