For businesses to grow nowadays you need to make decisions that are data-driven and smart. Continue reading this blog for more information on it
It is the age of technology. In this era, if you are still using backdated methods or resources to grow your business then you are using the wrong method. The world runs on data. According to a report on the internet, new information generates every second. So, it is likely to reach 1.7 megabytes this year. Keeping in mind the population of this world, every new information per second is equivalent to 25,000 hour-long videos.
Everything we do digitally has a footprint on the internet. But, many companies keep this database ideal on their dashboard. But in a world where everything is being overrun by data, don’t let it go to waste. Instead, you could use it to make better decisions for your business.
Are you wondering how could you use it and what is the data-driven decision? If yes, then read this blog carefully. We will discuss everything about it briefly.
What is a data-driven decision?
When you want to expand your business or close any deal you use strategies. Data-driven decision making is using data to curate these strategies. People often refer to it as DDDM. It is also known as information-based decision-making. Here, you collect overall information after analyzing trends and past experiences. This helps in giving a more practical approach to making any decisions related to business marketing. Companies that embrace DDDM is at the top of their game.
DDDM becomes easy and convenient if you have the CRM software implemented. CRM stands for Customer-Relationship Management. This software effectively manages your relationship with the customer by analyzing and keeping all data in a single, integrated system.
While the focus of CRM is the sales process, you can use its analytics feature for a better business process. It pushes your business to grow more. You need to treat statistics with utmost importance. Studying them carefully can help you a lot. These statistics are what make the profit of the company. You can avail of the best CRM software in Kolkata from many providers.
How CRM Software Helps DDDM?
Each CRM software will make a different level of statistics available at your disposal. If your aim is to improve the complete sales of your company with DDDM then you need to compare the different reports of CRMS. Your CRM should present data on the following rhythm:
It is important that your CRM software analyses the profit-loss system. It helps in focusing on the conduit and the performance of the entire sales. Also, it takes factors like average lead lifecycle, conversion rates, and average purchase cycle, etc into consideration. It represents the entire activity and progress of your leads and the work of your employees.
Rate of conversion:
The function of this stat is to show the percentage of leads that ultimately result in sales.
The lifecycle of average lead:
This shows how long each lead survives and in each stage.
The cycle of Average Purchase: This shows how long it takes for a lead to result in a purchase and how many.
This group of stats facilitates monitoring targets you set for your sales reps (based on revenue and/or quantity).
These are some ways in which CRM software helps in DDDM. To avail of a CRM software contact EVE24HRS as they are the best CRM System Provider in India.