Every company runs marketing campaigns to promote their products and services to their prospective customers. Most campaigns today have integrated a CRM marketing software into its fold to centralize and manage the incoming customer data. This information can be name, age, address, or any other form of data that is useful for the company to track.
Generally, the chief purpose of creating a CRM-based marketing campaign is to align your CRM tools with your campaign goals, and then track the progress and responses to the campaign once it has been initiated. Although it sounds simple, the true path to achieving campaign success is to set it up to measure the most appropriate target metrics, which can often be difficult to pin down. The reason for this is that not every target can be quantified, and sometimes the key metrics are intangible in nature, such as customer satisfaction.
That being said, many marketing metrics are still entirely measurable using data from the CRM database, and can provide actionable insight to the company. If the metric is in direct relation to the campaign objectives and strategies, it’s useful to measure; otherwise, it’s just a redundant value that took unnecessary effort to compute. Some of these metrics include campaign response rate, campaign influence rate, lead-to-customer conversion rate, revenue generated, closure rate, and more.
Some important metrics – whose domains include sales, marketing and service – that can be measured through the CRM system are:
The most fundamental concept of measuring the success of an advertisement is by studying how many people actually saw the advertisement or campaign. If the idea wasn’t even processed by the target individual, then they cannot be assigned as a customer, and that’s essentially a lost prospect. This metric lets the company know how visible they are to their customers.
Lead source tracking
Knowing how your customers choose to interact with you is of instrumental value since it allows you to target your marketing campaigns through the best channels. It also provides your sales team with better lead management tools, which makes them more likely to close deals with the customers and improve customer satisfaction and retention.
Certain triggers can be fed into a CRM system to define a response, which would depend upon the scope of the campaign. If the campaign is pushed through a digital platform, responses can be measured as number of clicks, query submission through live chats or e-mail, and website visits; some traditional responses may be telephonic product enquiry and face-to-face sales meeting.
A direct derivative metric from a CRM system is the amount of product or service purchases made by the customers, and the revenue accrued from these transactions. This metric, although being purely financial in nature, is essential to track the success of a marketing campaign as it shows how receptive the customers are to the company’s offerings.
Financial revenue aside, another important metric that should be tracked in a campaign is the lead-to-customer conversion rate, which tracks how many prospects were convinced by the campaign to purchase from the company. If the conversion rate is high, it implies that the specific market segment is perfectly positioned and marketed, and that the campaign was a major success.
Average time to closure:
The time taken from lead identification to conversion to the eventual sale is another important metric that shows the company the efficiency of their sales cycle. By studying this metric and proactively tweaking and improving the process, a company can minimize the closure time and allocate their resources to engage with more leads and prospects.
It is important to note that the aforementioned metrics are only some of the important ones that can be utilized by a company, and there’s a wide range of customizable metrics that can be generated based on the nature of the data present in a company’s CRM database and their relevancy to the company’s campaign.