Analyzing customer data is important for sales and decision-making. But since variables change over time, it is crucial to know how to properly measure and gather useful and accurate information.
That is where sales metrics come in.
Customer data analytics require you to track essential metrics. That is because you cannot measure something that you cannot track. Additionally, metrics can help in making informed decisions about the sales process. It reflects the sales processes’ performance and progress.
However, since there are multiple sales metrics, some companies fail to track certain indicators. Here are three underrates sales metrics you should track to analyze customer data:
How fast do your sales representatives reply to inbound leads? The longer it takes for them to respond to leads who have an interest in your product or service, the higher is the risk of losing prospects.
While your team takes its time to respond to a lead, they are most likely to have contacted other providers, lose interest, buy something else, or changed their mind. Unfortunately, some companies underestimate this indicator. But those who use this can respond quickly. Thus, they are more likely to be successful in closing a deal.
This metric refers to the percentage of the total sales opportunities or meetings that become paying clients. It will help you predict long-term win rates, which allows you to make a more accurate forecast, set more attainable sales goals, and budget more effectively.
To calculate, divide the number of closed deals by the total number of sales opportunities. Then, multiply the answer by 100. For instance, say you have 200 new opportunities at a certain time. Of these, you got 50 closed deals. That means your win rate is 25%.
This indicator measures solved support requests upon the first contact. These are clients whose needs have been served immediately without the need for second contact.
In the past, the first contact resolution rate only referred to phone calls. Since sales and marketing have extended to the digital world, the definition of “the first contact” has also expanded. If the company uses many contact channels, such as chat, direct messaging, email, phone calls, and social networking sites, then track first contact resolution rates on all these channels.
Due to differences in industries and customer service teams, this rate may vary. For instance, simple requests are easier to solve compared to technical issues. Additionally, the measurement of every company may also be different.
The formula to use is to divide the number of solved requests upon the first contact by the total number of requests. Then, consider whether the client has contacted your customer service again within a certain period. If they do not, then it can be inferred that the problem was solved.
Gathering accurate data can be difficult. Fortunately, you can utilize a customer data management platform like ThunderAct’s solution. Contact us to learn more.
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