Analytics are a huge deal in the marketing world.
It’s absolutely essential that you track valuable metrics to see how your marketing—and your business as a whole—is performing.
That’s especially true for companies that use customer relationship management (CRM) platforms. These tools help you gather and organize customer data so you can learn about your audience—but that learning only happens if you take the time to conduct analytics.
That’s the reason for using CRM reports, which can help you compile and view metrics in a coherent format for analytics. But which CRM reports should you keep up with, and what can each one tell you? Keep reading to find out.
6 types of CRM reports
There are countless types of CRM reports out there, but not all of them are necessarily going to help you. However, there are a handful that you should be aware of. We’ll cover them below, examining what each one is and how it can help you.
1. Sales pipeline report
Almost any CRM with CRM reporting features should include a sales pipeline report. This type of report looks at your overall sales performance for a given time period. It does so by examining metrics like conversion rate and the number of deals in each stage of your pipeline.
This report is valuable because it gives you a very basic, straightforward look at whether or not your marketing has been successful—more specifically, whether or not you’re earning revenue, and if so, how much.
You can use this report to help you see where your sales process is struggling so you can improve it. For example, maybe you see that your conversion rate is staggeringly low for a particular location. You can then revamp your marketing for that location to drive more sales.
2. New leads report
A new leads report looks at exactly what it sounds like—how many new leads you’re earning over a given period of time. Driving leads is crucial, because without leads, you won’t have anyone to convert.
In addition to helping you monitor your lead volume (that is, how many leads you currently have in your pipeline), a new leads report lets you segment your leads to see how many leads you’re earning from each individual source.
A new leads report is great for giving you insights into how effective your top-of-funnel marketing is. Maybe you have a high sales rate, but you’re not generating many new leads. That tells you your bottom-of-funnel marketing is fine, but your top-of-funnel content needs more work.
3. Revenue forecast report
A revenue forecast report gives you a look at the amount of revenue you’re expected to earn in the near future based on your current metrics. Naturally, this measurement is only an estimate, but it’s still worth looking at when you’re trying to plan for your budget and sales going forward.
You can typically adjust revenue forecast reports based on how far ahead you want to predict, as well as by confidence level. A high confidence level focuses only on the amount of revenue your CRM is confident you can earn, while a low confidence level also accounts for potential revenue that’s less certain.
Learning this information is a simple way to see if you’re on track to meet your revenue goals. If you find that you’re expected to earn far less revenue than you’d planned on, for instance, you’ll want to reevaluate your budget and probably revamp some of your marketing to drive more sales.