Businesses selling to other businesses (B2B) almost always have point solutions – tools to address a single use-case issue – in their tech stack that produce copious amounts of data across all aspects of the operation. The data comes from a variety of sources and might include a martech solution that monitors digital ad campaigns, a sales app that makes it easy for reps to keep track of contacts who change jobs, a resource to help customer success teams prevent churn or an app that enables support teams to deliver personalized responses.
It’s great that so many cloud-based point solutions are available, but it causes data to be scattered across departments and accessible only to immediate users. This limits its utility and creates a fragmented view of prospects, accounts and customers. While the metrics produced from point solutions offer limited out-of-the-box performance measurement tools, the metrics are rarely meaningful to anyone who doesn’t use the solution. The challenge is bringing the data together, and virtually all B2B companies already have a CRM instance that can unify data from multiple systems into a cohesive whole.
Since it’s the de facto revenue record anyway, it also makes sense to use the CRM system as the company’s measurement hub. When all information is housed and analyzed in the CRM, B2B companies can integrate data from multiple sources and generate reports that are credible across the organization. B2B companies that transform their CRM instance into a data and measurement hub can improve time management, increase cost efficiency and facilitate effective collaboration between internal teams.
CRM-Centered Measurement Saves Time
The choices leaders make about where to invest employee time determines whether a business succeeds or fails. A CRM-based measurement platform can provide insight into where employees can most profitably spend their time so leaders can make more informed decisions. For example, a measurement tool in the CRM can generate metrics on performance against companywide sales goals.
With full visibility into the revenue funnel, sales can take action to achieve or exceed goals. Whether the B2B company is tracking individual leads or account activation, revenue funnel visibility tells the team where a lead or account is in the buying journey so they can adjust as needed to keep potential customers engaged and moving toward a purchase. From a marketing perspective, funnel metrics provide insight into channel performance to keep the team focused on platforms that move the needle.
Ben Franklin said time is the stuff life is made of, and time is the lifeblood of businesses too. When data isn’t unified on the CRM and every department maintains its own information silos and measurement tools, people end up wasting time on processes that don’t drive revenue. With the CRM serving as a centralized data repository and analytics hub, cross-functional teams have an opportunity to improve time management and drive better results.
Native CRM Measurement Saves Money and Drives Process Efficiency
Bringing data together on the CRM instance creates a single source of data truth, and measuring performance inside the CRM enables marketers to generate reports that can drive cost efficiency while saving time. Department leaders can monitor activities in real time and course correct as needed to maximize revenue. For instance, marketing can assess campaign performance and reallocate funds to the messages and campaign types that are impacting pipeline and revenue the most.
In addition to money-saving investment decisions, measuring performance inside the CRM can help B2B teams pinpoint and remedy internal process breakdowns using data that is widely credible. So, if marketing is handing off qualified leads or activated accounts to sales and there’s no follow up, the metrics will show that and allow the marketing and sales teams to come together and reach consensus on a better process.
Having cross-functional data in a central repository can also help B2B companies surface new revenue opportunities. For example, the customer success team’s data might show that an existing account is a great fit for a new or higher premium product. When the data is housed on the CRM and accessible across departments, the sales team can follow up to explore an upsell opportunity.
CRM-Based Measurement Facilitates More Collaboration
The B2B customer journey is longer and more complex than the sales cycle for consumer-focused products or services. There are almost always multiple people involved in the purchase decision, and they tend to do their own research, downloading or viewing online content at the vendor website, reading analyst opinions and customer reviews, and soliciting colleague recommendations to get the information they need.
B2B organizations are selling to accounts rather than individuals, which is why an account-based marketing (ABM) strategy is the approach most B2B companies use. To maximize ABM results, sales and marketing teams need to closely collaborate with each other and other departments, including finance and customer success, to help companies be more successful in providing the content and outreach B2B buyers need before deciding.
Integrating data and reporting inside the CRM facilitates the collaboration B2B companies need to operate at peak effectiveness. When everyone is on the same page regarding internal revenue goals across the organization and can see the progress they’re making over time, they can work together across departments to ensure the team delivers the pipeline and revenue required to meet company objectives.
There’s a strong business case for bringing scattered data from point solutions into the CRM and using it as a hub for metrics. Credible metrics from the company’s revenue system of record can help B2B organizations invest time and money more wisely and collaborate more effectively with colleagues across the organization. It’s a great way to get an edge in an increasingly competitive landscape.
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