CRM stands for customer relationship management system, is a type of software that helps businesses to manage their sale process. As your business grows it is almost necessary to have your data in one places, so your sale representatives can quickly search update data, also could streamline and automate repetitive tasks.
Companies with long sales cycles can use this type of software to manage sales process effectively and convert more leads to customers. All modern systems are cloud based and highly connected with other applications through apis, we have build a small crm that works very efficiently with our ecommerce platform that is perfect if you sell online products and services.
There are many ways that you can find leads for your business, there two types of leads inbounds and outbounds, but you have to find the right balance what works best for your type of services or products you offer. Dedicated sales team, companies like import.io and zoominfo can be useful.
Is the number of steps that visitors have to go through until the converted into a customer. There offline and online funnel that can work together and at same time with re-inforced feedback loops, using techniques like marketing retargeting to increase the number of customers and sales volume.
Lead qualification is the process that a salesperson examines if a potential client meets certain criteria, such as have the budget, authority, need and is the right time to proceed in the purchase of the product a service. Sometimes a qualified lead also called opportunity.
CAC is a metric, which shows how much cost us to acquire new clients. A very simple formula is to divide the total cost of our marketing campaign with a number of new customers that were attracted, on pay per click providers like Adwords this term is called CPA, cost per acquisition.
CLV a metric that helps a company to understand how much revenue will be generated by each client in a specific time span. There are many methods to do a customer lifetime value calculation, some of them are simplified and others more complex like using discount rates in future cash flows.
Churn Rate is percentage of customers that a company loses in a fixed period of time ,for example one year. Also is a very important metric for subscribed based business models and use as input in some methods of calculating customer life time value.
If you want to enrich every customer journey in digital transformation age a well interconnected customer relationship management system is necessary for creating reactive and gravitational experiences. There a lot of companies that offer crm systems such a salesforce , zohocrm , microsoft dynamics and many other companies.