CRM Report in Sales: The What, Why, and How
These days, most businesses across different industries use CRM solutions to keep their customers’ data organized and centralized.
But do you believe that you are making the most of it? If you are not using CRM reports, then the answer is no.
Without reporting, even the best CRM won’t help you maximize your business’s potential. But what is a CRM report and how to use it to your benefit? In this article, the experts from LeadsForce will guide you through this matter and answer all your questions!
What Is CRM Reporting?
CRM reporting is an integral feature of CRMs that enables sales reps and marketing professionals to receive detailed CRM reports filled with valuable data and insights on how customers interact with the brand and what their current needs are. In a nutshell, CRM reporting technology is needed to help companies analyze their efforts, identify weak points, make predictions for the future, and drive the decision-making process.
We can break down the reports in CRM into three different categories based on the data they contain:
- Sales reports - These reports contain data and insights related to the company’s pipeline performance.
- Marketing reports - These reports contain valuable market and promotion-related insights to help evaluate the company’s marketing strategies.
- Customer data reports - This type of report educates marketers and salespeople about the most profitable customers and data related to them.
How Can CRM Reporting Help Your Business?
Leveraging CRM software for your company has plenty of reasons. Numerous studies find that organizations that adopt the right CRM solutions receive the following benefits:
- 23% lower cost per lead;
- 8-14% shorter sales cycle;
- 34% higher sales productivity;
- 42% more accurate sales forecasting;
- 29% more sales.
All in all, we can say that the right CRM solution can help businesses track and measure their teams’ performances easier and, thus, improve overall sales operations.
Okay, that’s clear. But why should you care about CRM reporting in particular?
In fact, reporting is one of the key reasons why CRM software brings so many benefits to companies. Without reporting, companies would be unable to track their goals and performance, identify issues, and come up with the right solutions. Simply put, CRM reporting is what stands behind steady business growth.
With the help of reports, you can identify common customer behavior patterns and trends. As a result, you will be able to know your clients better and find effective sales and marketing tactics to achieve your goals. Eventually, this will let you create more powerful campaigns and ensure customer retention. And even that’s not all.
Apart from helping you build a better rapport with your clients, CRM reporting can also help you:
- Identify what key data you might be missing and how it affects your business.
- Track sales performance and identify how your reps are reaching prospects (read our detailed guide What is a Prospect? to learn more) and how missing data affects the opportunities they miss.
- Monitor your pipeline, analyze customer segments, determine key trends, etc.
That’s how CRM reporting can help your business as a whole. On top of that, this feature can also bring benefits to specific roles within your organization:
- For sales reps, reporting provides valuable insights on how to engage with customers and improve their outcomes.
- For sales managers, reporting allows tracking the performance of the entire team, identifying skill or knowledge gaps, and helping their employees perform at the top of their abilities.
- For executives, reports can help them see the big picture of their business and define whether the selected strategies are effective enough to bring the desired outcomes.
- For investors and partners, reviewing detailed CRM reports can help them see whether they’ve made the right investment and whether it has the potential to pay off.
As you can see, CRM reporting offers plenty of benefits for everyone within the company. In short, this feature empowers businesses with actionable data they need to optimize their operations, keep operating costs low, and increase the overall performance and profitability of their business.
Top 10 CRM Sales Reports for Your Business
Now that you know what it is and how it can benefit your business, below is a brief overview of the top 10 CRM reports samples that your business can’t do without:
Lead Source Report
Business leads can come from a variety of sources. You can buy lead list to acquire new leads or generate them organically via paid advertising, social media, email, etc. On the one hand, it doesn’t matter where your leads come from as long as they convert. But, on the other hand, leads that come from different sources can have different customer journeys. So, not every source of leads is equally efficient.
In order to maximize your sales efficiency, you want to know what sources of leads bring you the best outcomes. If you know this, you can ensure that you leverage the most effective channels optimally, without wasting your time and effort on lead generation activities that don’t bring the desired results. That’s where lead source reports come in handy. They help you see what sources work best for you and let you plan your strategies accordingly.
Sales Funnel Report
As was already mentioned, leads can have different journeys. Without understanding them, you risk taking your sales process into the wrong course. And that’s why you need sales funnel reports.
Such reports help you see the big picture of your sales funnel. With their help, you will know how exactly your prospects are moving through the funnel and will be able to make accurate predictions. As a result, you will be able to identify the strong and weak points of every stage of your funnel and build a more efficient interaction with your prospects in order to move them to the bottom of your funnel faster and easier. Simply put, sales funnel reports enable you to optimize your conversion rate. So, this is also something businesses can’t do without.
Campaign Performance Report
The next type of CRM report is meant for tracking the success of your marketing efforts. Campaign performance reports provide you with in-depth data concerning your campaigns. From such reports, you can learn what conversion and engagement rate each particular campaign has, what channels and messages worked best for your business, etc.
By analyzing such campaign-specific data, you will be able to detect flaws in your marketing and find ways to improve the outcomes of your campaigns. Simply put, you will have a better idea of how to market your products or services to your target audience effectively. As a result, you will be able to get higher ROIs and conversions and, at the same time, manage your marketing budget wiser.
Many businesses make the same common mistake - in their marketing and sales strategies, they focus most of their time and effort on customers who pay the most for their products or services. On the one hand, a client who pays you the most money can seem like a good focus point for your team. But, on the other hand, the most paying client isn’t always the most profitable one. Thus, focusing all your resources solely on such clients is the wrong approach. After all, by doing so, you risk missing out on some promising prospects that can become your high-profile clients.
If you are wondering how to solve this issue, it’s easy. Profitability CRM reports are meant just for that. They let you access valuable data about your customer profiles and see every client’s profitability rate. As a result, you will be able to focus your effort on the most promising clients and gain more revenue.
Activity reports are quite all-encompassing. They provide you with information on all calls, emails, appointments, and other activities of your sales reps. These reports will help you see how your reps interact with prospects and existing customers and measure the outcomes.
By analyzing such reports, you will be able to see how your brand communicates with customers and see what needs to be improved. As a result, you will be able to make your reps more productive than ever.
Sales Forecast Report
Whether you engage in indirect or direct sales (read What is Direct Selling? to learn the difference), you will always encounter different types of prospects, some of which may show their interest but not take any action. In this case, defining which of them is worth putting extra effort into can be hard. That’s when sales forecast reports will come in handy.
These CRM reports allow you to sort potential customers by different filters and see which ones have the highest chances to convert soon and which ones need a more personalized approach to convert. Knowing this your sales and marketing professionals will be able to find the right approach to every client and move them through the funnel faster. And it can also help you eliminate time waste.
Win-Loss Sales Report
In every business, there are wins and losses. By saying this we refer to won and lost sales opportunities. In order to keep your business up and running, it is crucial to keep track of your wins and losses. Thus, you need win-loss sales reports.
Such reports help you track the total number of opportunities encountered by every salesperson, as well as the number of won, lost, and open opportunities. This data will let you see how productive every rep is and help them reach set goals more effectively. As a result, you will be able to improve your win rates and boost revenues.
Top-Performing Products Report
This type of report is especially crucial for eCommerce businesses. With the help of a top-performing products report, such brands can see which product sells best and prioritize it in order to maximize profit margins.
How can this help? For example, when you offer multiple products or services and it comes to promotions or cross-selling, it can be hard to define what product to focus your efforts on. In this case, a top-performing products report can help you make a data-driven choice based on what products sell better.
Every contact is a valuable asset for a salesperson. After all, you never know when a regular contact can turn into a paying customer. So, keeping all their information at hand makes pretty good sense if you want to generate more leads and boost conversions.
With the help of a contacts CRM report, you will know everything about every contact of your company, including how many they were contacted, who contacted them, what channels were used, etc. This information will help you reach out to your contacts more efficiently and, hopefully, convert them into customers.
Goal Progress Report
Finally, the last crucial type of CRM reports that your business needs are a goal progress report. In a nutshell, such reports indicate how close you currently are to your ultimate goals. With their help, you will know what your team needs in order to achieve set goals faster and easier. Also, such reports can show your employees how each of them can contribute more and remove confusion concerning the tactics and paths they need to undertake to get closer to their objectives.
How to Set Up Your Own CRM Reporting
If you already have a reliable CRM solution filled with the data required for your reports, creating one won’t be a problem.
The exact steps to creating a CRM report can vary depending on the software you use. But here are the general steps you will need to take based on the example of Salesforce CRM:
- Go to the report list page and click the New Report button to start.
- Select the right report properties based on the metric you want to track (as a rule, there will be a drop-down menu with options).
- Most CRMs will show you a preview of the information that matches selected properties so that you could tailor the report to your needs.
- Choose a suitable report design (usually, it can be a chart or a visual presentation like diagrams).
- Once ready, save, share, and include your report in your CRM dashboard.
Reasons to Use CRM Reporting
Now that you know how to create reports CRM with ease, let’s quickly go over the key reasons why you need to do it:
- Track your team’s progress toward set goals;
- Identify errors and areas for improvement faster;
- Improve the efficiency of your operations;
- Make more careful sales predictions;
- Boost ROIs and conversions;
- Sell smarter and maximize your revenues.
CRM is an all-encompassing solution that can have plenty of benefits for businesses. But, without its reporting feature, it wouldn’t give you as many possibilities as it does.
As you now know, CRM reporting can help you track your company’s performance, optimize customer interactions, cut down costs, enhance revenues, and do much more. After reading this guide, you know what role CRM reports play in your business’s success and what key reports you should focus on. Use these tips to improve your bottom line!