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Customer Relationships are fundamental to business success. The relationships you build with your customers will affect your financial performance (i.e. sales), market share, market competiveness, reputation etc. In order to ensure you have a good Customer Relationship Management (CRM) system in place, you need to measure its performance. Here Key Performance Indicators (KPIs) are extremely valuable for your business. Let’s assume that for the past five years you’ve been through a trial and error process with you customer relationship strategies. Under the assumption that you’ve measured the performance of your practices through KPIs, you would now have a clear picture of what makes a successful CRM system. You would know what you need from your CRM system, where you want it to get you (as a business) and how you want it to get you there. Crucial information for strategic planning!
So, let’s look at what areas of CRM you could apply KPIs to:
CRM System Effectiveness
Customers
CRM Effort
CRM Financial Effectiveness
Impact on Business Practices
At winningkpi.com we have created for you a varied list of CRM KPIs, covering the areas above. The main sections of our KPIs measure the topics below. I also added for you some KPI titles you will find on the website.
CRM Financial Effectiveness
Impact on Customers
Measuring of Customer Attrition Rate">
Measuring of Customer Acquisition Rate">
CRM Cost and Time Effort:
Measuring of Average CRM Cost per Customer">
Measuring of CRM costs as a % of Total Operational Costs">
CRM Sales Efficiency:
Measuring of Sales Productivity Growth due to CRM">
Measuring of Sales Forecast Accuracy Increase due to CRM ">
Each KPI has one or more comments under it with further explanations. If you don’t find what you are looking for, POST IT! You will get support from our team of professionals, or from fellow business users.
In order to make the most of your organization’s CRM KPIs, check out the best practice tips below. They will help you take 100% benefit from the KPIs here at winningkpi.com.
Personalize them!
Ensure they measure what you need measured. We have a wide range of CRM KPIs to choose from. Identify what you need to measure, take our examples and adapt them to your situation. If you’re not sure what you want measured, that’s fine. All you need to do is browse through our KPIs, take a note of what you would like to measure, and then apply it to your business needs. Post a request for specific KPIs or a comment under an existing KPI and we’ll help you with the process.
Make them strategic!
KPIs, as their name reflects, are tools to measure performance. In simple words, performance measures how well the company is working towards meeting strategic goals. Therefore, it is very important that the KPIs are aligned with the overarching strategy. Ensure to get the KPIs in line with the CRM strategies as well as the Organizational strategies.
Make them measurable!
Just like objectives, KPIs need to the SMART (Specific, Measurable, Achievable, Realistic and Time Scaled).
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