Revenue expansion metric is synonymous with measuring the customer renewal rate of the organization.
It refers to the amount of revenue a company generates from existing customers.
This CRM metric helps us to know the behavior of the customer, who may or may algeria phone number library not invest more in the company. According to Forbes, about 80% of the company’s future revenue is generated from existing customers.
Therefore, proper administration
Tracking, and management of revenue expansion growth is exceptionally important for the success of the business.
To calculate the revenue expansion, just follow a few simple steps. Divide the new revenue from upselling and cross-selling to the company’s existing
customers within a month by the revenue from these sources at the end of the past month.
The result obtained after performing the appropriate calculation is the revenue expansion rate. According to research, you should always aim to achieve a revenue expansion rate greater than 0.
Revenue expansion rate is another powerful metric to measure customer relationship management in organizations. CRM KPIs
are crucial for the growth of organizations.
First Contact Resolution Rate
First Contact Resolution Rate is one of the important CRM KPIs that you need to measure to keep tabs on the organization’s activity.
This term stands for the percentage of customer support tickets that the what are the best practices of video in email marketing? help desk management resolves on the first try.
Organizations that have the highest resolution rates never make their aero leads customers wait longer before receiving a resolution to their respective support requests.
In addition to the above, there are other important CRM KPIs for tracking the performance of the organization’s business.
These include ROI on marketing campaigns, customer lifetime value, sales cycle length, customer acquisition cost, customer lifetime value, etc.
To keep your business thriving in all aspects, it is essential to track the metrics of your CRM software . We also have our article on the best CRMs to choose here.
