Did you know that your CRM contains many hidden metrics that you should be tracking? In this article, we’ll show you several CRM metrics that you should track and that can help you improve your service and increase your conversion rate.
Your CRM holds information that is valuable and beneficial to your business and marketing strategies. So, let's go through a few metrics you can find in the Platformly CRM and get a jumpstart on your marketing efforts.
7 CRM Metrics You Should Track
The lifetime value metric tells you how much a specific contact in your CRM has spent on your services or products so far – the metric is representative of the all-time value of this customer. 💵
This metric is useful to understand if you should keep on investing in a specific customer. Have they spent a lot on your products? Or, in spite of all your efforts, their lifetime value is close to zero? By measuring this, you’ll find out how important each customer is to your company. If he/she has been in your sales funnel for months but still hasn’t purchased anything, is it really worth it to spend more of your resources on this lead?
On the other hand, if a contact has a high lifetime value, this means they are likely to keep buying. You should keep this customer on your radar to make sure they are satisfied and keep on buying from you.
On Platformly, Lifetime Value is displayed in the contacts Overview section:
Last 30 Days Value
When you check the lifetime value for a contact in Platformly, you will also see the last 30 days value as well.
But why does this value matter? Well, your customer value increases or decreases over time. If he or she hasn’t purchased from you in more than a month, maybe you need to give them a little nudge to purchase by sending them a discount coupon on an up and coming product that is similar to the one they previously purchased. 📊
This metric is important because it tells you if you need to invest in your communication with these contacts (for example, if they have a big lifetime value but a low 30 days value) or if you should just proceed as usual (if they have a high 30 days value). Remember, you don’t want to be seen as imposing. If your user has a low value on the previously mentioned metrics, you can contact them one last time.
Many marketers use the “Should we stop emailing you?” tactic. This makes sure your offers are still relevant for your contacts and offers them a way out rather than having them unsubscribe on their own accord.
You might find this kind of message helps your users reconsider their subscription. Maybe they haven’t opened your previous emails, but perhaps they’re still interested in your products or services.
At the same time, if they really don’t want to keep on receiving your emails, this message is helpful and allows you to prevent unsubscribes or spam complaints that will affect your email deliverability.
30 Days Value on Platformly
Email CTR (%)
Email CTR (click-through rate) is a very important metric for any email marketing campaigns. This metric is the measure of the number of people who clicked on at least one link in your email message, compared to the total number of emails delivered. Even if you have a high open rate (the percentage of emails opened by recipients against the number of messages delivered), it does not mean that users are actually reading your email or clicking through its content. you might not be getting enough clicks.
Keeping track of this metric will allow you to determine whether your email content is engaging enough. Improving your CTR should be one of the main goals for your email campaigns. 📧
At the same time, your CTR must not be used as a standalone metric. It should be part of a holistic approach to your email campaigns and their performance.
Email CTR on Platformly
SMS CTR (%)
If you run SMS marketing campaigns, similarly to Email CTR, SMS CTR measures the percentage of clicks on your SMS links, compared to the total number of messages delivered.
However, note that when compared to other media, SMS has the highest click through rate of hyperlinks, at 6.16%. Email marketing’s average is 2.80% – less than half. So, you can expect a higher CTR from your SMS campaigns than from your email marketing campaigns. 📲
SMS is quite different from email in other aspects as well. Whereas when you send an email it might land in spam, when it comes to SMS, a very high percentage of the messages sent will be delivered. Also, SMS is a lot more personal – and in order to avoid faux pas, you need to establish realistic expectations and an easy way to opt out. In the linked article from the Platformly blog, you’ll find the best practices for your SMS campaigns.
SMS CTR on Platformly
If you use Platformly, you have probably noticed that each contact has a field named “Lead Score”. This CRM metric uses activities from users – such as having clicked on an email, having subscribed to SMS campaigns, and so on – and attributes a value to each of these activities. The higher the score, the more active the contact. This score allows you to know which contacts are actively engaging with your marketing campaigns and are therefore important to your business. 👔
Platformly makes it easier for you to know your lead score for each contact in the CRM, as this CRM metric is calculated automatically by our platform. Using Platformly’s CRM, you get your lead scoring data directly from all customer interactions that are done through the platform.
Lead Score on Platformly
Customer churn, also referred to as rate of attrition or churn rate, is the percentage of users that stop doing business with you after a certain period of time. It is calculated by dividing the number of cancelled customers by the total number of active users.
This CRM metric is quite useful to help you determine whether you need to improve anything in your product or service. If you have a lot of new customers, but a very high customer churn rate, we recommend carrying out an analysis of why these customers are cancelling and what these cancelled customers have in common. 🔥
You can do this by asking for a few details in your cancellation form, such as the reason for cancellation and general feedback. Once you have this information, you should be able to see what you need to improve on to retain your customers and keep your customer churn low.
Customer Churn on Platformly
Net New Revenue
Net new revenue is a new source of income for your business. Any new income stream can be net new revenue: whether it’s a new service you provide, a new client your sales team brought in, or a new product you started selling. 💸
This CRM metric helps you analyze your business growth. It is important to keep your current customers satisfied, but you need to be ready to come up with new revenue streams. Your ability to scale up depends on a series of factors, but one thing is for sure: if you stop growing, your business will be in trouble.
Net New Revenue on Platformly
Email List Growth Rate
This CRM metric is calculated by taking the number of new subscribers minus the number of unsubscribes, then dividing that by the total number of email addresses on your contact list.
This metric allows you to evaluate whether your email list is growing, based on new recipients. At the same time, you get to measure if there are many unsubscribes, a metric that can help optimize your campaigns. If a lot of users are giving up on your email campaign – or even worse, marking it as spam – something needs changing.
Test different campaigns with different audiences (which you can target using segments and tags on Platformly) and try to find a common denominator. What works for each segment? Is there a specific demographic that is more likely to be interested in your emails? 📥
By calculating your email list growth rate, you’ll see if your user base is actually increasing or dwindling.
Email List Growth Rate on Platformly
In digital marketing and marketing automation, CRM metrics are key. These CRM metrics will help you measure your results and determine what is working and what you need to improve on in your marketing campaigns.
You can find all these metrics on Platformly’s CRM. Taking these metrics into account, it’s easier to optimize your marketing efforts and campaigns.
Also, having this data allows you to segment your audience more effectively, making sure that each recipient in your campaigns receives the information that matters to them. I.e., improving your results slowly but steadily.
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