4 Things Your CRM Should Tell You About Your Customer
There are fundamental data points everyone expects a CRM system to contain about each customer, but if your CRM is implemented properly, it should be much more than a database of contact info. Here are four things your CRM should tell you about your customer:
Your Customer Attrition Rate
Measure the overall happiness of your customer base from your customer attrition rates. Most CRMs will allow you to measure customer attrition through its reporting engine. You can do this by running a report on the number of accounts whose status changed from “customer” to “inactive customer” and comparing that to the total number of accounts that were tagged as customers throughout the year.
How Much You Should be Willing to Spend to Gain a Customer
Using your CRM to report on the lifetime value of your customers can show you how much you should be willing to invest to gain a new customer. This can be helpful when deciding what events to plan throughout the year, how much to spend on an online advertising campaign, or how much to spend on customer gifts during the holidays.
How Your Best Customers Find You
With each new lead or customer who comes into your CRM, your reps will have the option to fill in the “lead source” field (and we recommend making it required). This data will help you discover the biggest source of customers for you. You can take it even farther and run a report on your highest paying customers and then find out where your champion customers are coming from, and where you should invest more marketing dollars.
Why They are Unhappy
At some point or another, every organization will have to face an unhappy customer. Often, you can find out exactly why a customer is displeased by going to the CRM and looking for gaps. What’s missing? Has it been awhile since there was any contact with that customer? Has more than one rep been working a lead? Is there an incomplete follow-up task or project check-in? Most likely, there will be some hint as to where your team is falling behind. Your CRM is the best accountability tool you can have for keeping your customers happy or discovering where issues begin.
Your CRM’s reporting engine has potential to help you learn so much about your customers. What other ways do you learn about your customers? Let us know in the comments below.