The right CRM eases the synchronizing of the functions of different departments making management of any business convenient. However, the business should keep track of the performance of the various campaigns to know whether the implement CRM is a success or not. The best way to measure the success of CRM is to have a concrete measurable performance indicator. This should be done at the commencement of the CRM project.

A few metric combinations which might be used to measure the success of the implementation of CRM software are:

Reducing operational costs – CRM Software is always scanned across marketing, sales, and also customer service functionalities. With leads being effectively selected, it can lead to a decrease in the volume of the various marketing campaigns. This, in turn, will result in the expense-to-revenue ratio decreasing, and if the prospecting is effective, it shortens the sales cycle. Similarly, if the duration of the customer services for a transaction or resolving a problem is shorter, it reduces the cost.

Growth in Revenue – The goal of any business is to look out for ways to reduce operational costs and increase revenue. Cost savings are possible by automating marketing processes. Utmost importance should be given to the increase in revenue in the long-term.

Customer Service- A customer is one of the most vital parts of the business equation. Hence, post-sales service is of utmost importance in CRM metrics. Great customer support is an absolute necessity as it has amazing potential to elevate the organization’s product or service from being mediocre to being the very best. Key indicators of the help desk such as personnel performance, ticket queue as well as analysis of the tickets can be used to evaluate the issues and formulate strategies in handling customers effectively.

Conversion rate- The frequency of conversion of a potential lead in a loyal customer is a key CRM metric which allows any business to find out how soon the prospect outreach attempts yield a measurable action. A thorough analysis of the rate of conversion of potential leads to customers to repeat customers helps to understand the effectiveness of current campaigns and strategies. Go for a CRM Software and accelerate the growth of your organization.

Engagement Performance – The marketing team has to check the ratio of contacting potential prospects to the number of responses. An analysis of the ratio will help the business to understand it’s target audience and required actions needed as per the indicators of the engagement performance. This also helps in time management as the sales team need not contact any potential leader who has not responded despite multiple attempts.

Any good CRM helps keep track of all your touchpoints with the customer, and KPIs are measurement benchmarks you can use to assure your service delivery is high quality and consistent. Developing and analyzing the above-mentioned parameters will help any business to not only retain its existing customers but also attract new prospects.