Technical and Product News and Insights from Rackspace
One of the values of using Salesforce® is having your data in one place and being able to access real-time reports. There are many reports to run and evaluate, including pre-built and custom reports. As a leader, you should regularly review certain reports and activities, including lead source effectiveness, customer engagement, sales pipeline, and sales profitability.
Understanding lead source effectiveness is crucial to the success of your business. Companies in every industry need to understand the importance of their lead sources. Do the majority of leads come from trade shows, referrals, or partner companies? What are the details of these, including lead conversion rates and average deal size? These are all factors that help uncover the type and quality of deals each lead source generates. Additionally, data insights help determine whether to focus on current lead sources or change processes to diversify sources. Consider running a Lead Lifetime Report and Opportunity Sources Report to determine lead source effectiveness in Salesforce.
In addition to analyzing lead source effectiveness, you should also understand touchpoints and patterns where customers engage with your product, service, or organization. When reviewing accounts and prospects, it’s crucial to know where most touchpoints are occurring. What drives a prospect to open your email, fill out the Contact Us* form, and engage with your business? To understand the big picture, you must review all customer engagement stages, including your outbound reach, the customer’s independent reach, and reciprocal engagement. Consider creating a Customer Engagement Center Strategy to provide context around customer engagement.
You made the sale, but how much profit does your business realize from those efforts? Reporting on profit margin also helps set sales priorities and identify areas for process improvements. Companies selling goods with fixed costs can easily calculate the estimated margin. However, companies selling services need to pull together costs at the end of financial reporting periods. In either scenario, you should consider estimated margins to be reporting requirements from the onset. Run a Lifetime Value Calculation in Salesforce to learn the total cost to acquire a client, the cost to support the client, and the client’s real profit.
Every company can benefit from multi-dimensional reporting. Decisions based on data insights lead to greater efficiencies and improved results. For your Salesforce reporting needs, contact us.
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