In an earlier blog http://poim.ca/iterative-approach-to-crm-implementation/, I spoke about taking an “iterative approach” to a CRM and the four phases of a CRM project; product evaluation, transition, process, and customer transformation. As you move up the CRM stack into process and customer transformation you also require “Business Analysis”. According to Wikipedia, a business analysis focuses on identifying the changes to an organization that are required for it to achieve strategic goals. These changes include changes to strategies, structures, policies, processes, and information systems.
At the Energy Council of Canada’s Energy Person of the Year honouring Suncor Energy Inc. Rick George, the CEO of Suncor Energy indicated his primary job was to increase production while lowering the cost; I guarantee this was achieved through detailed business analysis. As a small business owner it can be difficult to apply the resources required to analyze your business, but if you are to compete in today’s competitive market you need to invest the resources required to drive down cost and improve productivity.
Listed below are some CRM reports that you can use to analyze your marketing productivity against the cost of new customer and sales opportunity acquisition. If you are not getting your desired results you can break down the real sales and marketing process and begin the transformation of how you generate new leads and opportunities with the goal of lowering the cost of new lead and customer acquisition while improving the results.
Activity Reports – How many times have we touched a customer or prospective customer with our marketing message? Things we measure are phone calls, emails, mailers and website visits. Impressions need to increase while reducing the cost of each impression and the increased impression rate needs to translate to more qualified leads.
New Leads Generated – Companies need to measure the amount of new leads flowing into an organization as a result of the increased impressions.
New Accounts & Contacts Generated – This measures how we progress the maturity of a lead to a customer status. We also need to measure how you are growing your brand within a customer accounts; this should be reflected in the amount of new contacts created within an account.
New Opportunities Created – This is the end goal of all marketing, what is the revenue output from all your sales and marketing impute.