Abby FieldsBranded Content Specialist
- December 14, 2022
- 7 minute read
- Abby is a data-driven content marketer with certifications in inbound marketing and content marketing. She’s written hundreds of articles covering digital marketing topics — a few of her specialties include first-party data, marketing and data analytics, marketing strategy optimization, and SEO. When she isn’t writing or optimizing content, Abby loves to spend time reading the latest mystery novel, having movie marathons with lots of snacks, and jamming out to Shania Twain.
CRM analytics is the process of gathering, organizing, and assessing the data in your CRM to gain insights into your audience’s behaviors, interactions, and interests.
If you want to learn more about analyzing and leveraging your CRM data for more sales and revenue, this blog post is for you.
Here’s a quick overview of everything we’ll cover:
- What is CRM analytics?
- How can CRM analytics help you drive sales and revenue?
- What CRM analytics metrics should you track?
So keep reading to learn all about customer relationship data analytics!
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What is CRM analytics?
CRM analytics is the process of gathering, organizing, and assessing the data in your CRM to gain insights into your audience’s behaviors, interactions, and interests. You can also use CRM data analytics to better understand which sales and marketing processes drive the most leads and conversions for your business.
How can CRM analytics help you drive sales and revenue?
Now that you know the answer to the question, “what is CRM analytics”, let’s dive into why you should practice it.
CRM data analytics can help you:
- Identify areas for improvement: Many CRM platforms, like Nutshell, enable you to analyze your sales performance, lost deals, and prospect interactions with your website. With these insights, you can identify areas in your sales and marketing processes that you can improve to drive better results for your company in the future.
- Personalize audience experiences: Analyzing your CRM data can also reveal valuable insights into your current customers and prospects, including their demographics, interests, and purchase history. You can use that information to personalize their experiences and create messaging that resonates with their unique needs.
- Better understand your customers’ journeys: CRM software also allows you to analyze your customer’s entire journey from when they first discovered your business to when they made a purchase. Analyzing their journey lets you learn which channels and processes drive the most leads and sales.
- Improve your bottom line: By identifying the channels that drive the best results and problem areas in your processes, you can improve your strategies to consistently drive revenue for your company, improving your return on investment (ROI) in the long run.
What CRM analytics metrics should you track?
So, now you know why you should analyze your CRM data, but what exactly should you analyze?
Here are some of the most important data you should analyze in your CRM and how you can leverage that data for more revenue:
Keep track of how many new leads you’re generating in your CRM.
How to leverage new lead data for better results
By getting an idea of how many news leads come in for your company, you can better understand the success of your lead generation efforts. And by tracking your lead sources, you can analyze which lead generation strategies drive the best results.
As a result, you can optimize your current lead generation tactics to drive even more leads for your business in the future. For example, if most of your leads contact you on social media, you can improve your social media campaign to boost your brand awareness and attract even more leads.
You should also keep track of the number of closed deals in your CRM. Analyzing your closed deals can give you tons of valuable insights into your processes and strategies.
How to leverage closed deal data for better results
By taking a look at how many sales and conversions you generate, you can measure the success of your sales processes.
For example, if you send an email drip campaign to high-value leads, it’s essential to see how many leads converted into customers to analyze the campaign’s success. If you don’t convert any prospects, you’ll want to tweak and improve your campaign to help you drive conversions in the future.
When it comes to CRM analysis, you’ll also want to track your lost deals. Although losing deals is definitely not your goal, you can still gain a lot of information from those sales that didn’t follow through.
Be sure to keep an eye on the number of deals that fell through the cracks in your CRM. In many CRM platforms, you can view the stage where your prospects fell out of your funnel.
How to leverage lost deal data for better results
Analyzing your lost deals can help you measure the success of your sales processes and strategies.
For example, let’s say you notice that many of your leads drop out of your sales pipeline after signing up for your email newsletter. In that case, you can optimize your email newsletters to contain more engaging content, like videos, so you can keep your leads’ attention until they’re ready to convert.
Several CRM platforms also allow you to analyze your audience’s behavior and engagement on your website. You can view which pages they visit, which content they spend the most time viewing, what links or buttons they click on, and more.
How to leverage website engagement data for better results
Understanding your audience’s behavior on your website is critical. It helps you gain deep insights into which content and messaging encourage them to get in touch with your company and make purchases.
For example, if you notice that your audience spends the most time watching your videos, you can focus on improving your videos and making more of them to increase your engagement.
Audience interests and demographics
When performing CRM analysis, you’ll also want to track your audience’s interests and demographics. One of the biggest benefits of using a CRM is learning more about your audience.
As you earn new leads and customers, your CRM will collect their information, including their email addresses, location, job title, interests, and more. Be sure to analyze this information to better understand your prospects and current customers.
How to leverage audience interests and demographics for better results
When you analyze your audience’s interests and demographics in your CRM, you can find commonalities to help you launch targeted ad campaigns that reach more potential customers.
For example, suppose you notice that most of your current customers are located in Miami and between the ages of 30 and 39. In that case, you can launch a social media ad campaign that displays your ads to people who fit that criteria as they browse through their newsfeeds.
You can also use these insights to personalize your audience’s experiences. For example, you can create segmented email lists by grouping prospects with shared interests together. Then, you can send each segment personalized email messages that resonate with their unique wants and needs.
Measuring the metrics that affect your bottom line.
Are you interested in custom reporting that is specific to your unique business needs? Powered by MarketingCloudFX, WebFX creates custom reports based on the metrics that matter most to your company.
Looking for revenue-driving CRM analytics software?
Are you searching for the best CRM data analytics solution? Need help leveraging your data to drive more revenue? MarketingCloudFX and Nutshell have you covered.
With Nutshell, you can learn about your audience’s interests and analyze their entire customer journey from initial awareness to conversion.
Then, you can sync that data with MarketingCloudFX, enabling you to implement data-driven marketing strategies that personalize your audience’s experiences and expertly nurture them toward conversion.
Abby is a data-driven content marketer with certifications in inbound marketing and content marketing. She’s written hundreds of articles covering digital marketing topics — a few of her specialties include first-party data, marketing and data analytics, marketing strategy optimization, and SEO. When she isn’t writing or optimizing content, Abby loves to spend time reading the latest mystery novel, having movie marathons with lots of snacks, and jamming out to Shania Twain.
WebFX provides digital marketing solutions with expert marketers, designers, and developers to increase visibility, conversions, and revenue. Learn more