Before committing to Salesforce, or any new tool, it’s essential that we understand how to calculate our ROI. As it relates to CRM (Customer Relationship Management) programs, it’s important to first understand the benefits of narrowing your focus as it relates to your audience.
With the ability to create a marketing campaign within Salesforce, you’re able to strategically align your marketing efforts to goals you’ve outlined in advance. This is how you’ll not only know whether or not you’ve been successful, but you’ll have tangible, concrete data that allows you to calculate your ROI.
How It Works
Rather than a traditional model of casting a wide net to find an audience, you’ll be segmenting your audience and building a single view of them. This is not to say that they aren’t multi-faceted, but it helps to narrow down exactly who “they” are.
Once you know your audience, you’ll be able to send personalized messages based upon their buying history, their search activity, and their buyer persona. This helps you to validate any new audience(s) quickly. You’ll have the ability to engage customers in the right moment along their buying journey. From here, you’ll be able to identify trends and opportunities quickly.
In addition to better focus regarding your customers, you’ll be able to target smart audiences. Salesforce goes the next step by using predictive scoring technology to engage with customers based on what the system anticipates they’ll do next.
Having the ability to take raw data and plug it in to dimensions which then allow you to assess where your focus, time, and money is best spent, is an aspect of sales and marketing that hasn’t previously been easy to measure. The producing leads has always been the path to generating revenue, but now we’re going a step further and are looking past lead generation to revenue per lead.
Calculating revenue per lead is one of the most important metrics within a CRM tool. You’re able to look at a lead from the prospecting stage through to relationship management. Pipeline efficiency vastly improves when you’re able to calculate what stages are working, and which need improvement.
In order to measure growth in revenue per lead, divide your total sales during a week, month, quarter (any timeframe you are analyzing), by your number of active leads. Your average revenue per lead should be going up because of your new targeted focus. Having a system in place to nurture leads continues to increase revenue.
The advantage to having systems and processes in place is that it creates consistency. This ensures data integrity, and you’ll be able to rely on Salesforce to track all aspects of your efforts. You’ll have numbers that prove where your leads are converting.
Having a targeted focus on your customer base means providing them with what they need when they need it, and anticipating what they will want next. It also means spending more of your time doing the important work of nurturing and converting leads.