Nowadays, dealerships are getting more focused on every lead and opportunity than ever. The customer relationship management stores and gathers information, but that’s not where it ends. You need to understand what the CRM data conveys to you. The CRM report is your helping hand in this field. You can track data, serve your customers better, and keep your business on the right path. Without these essential reports, you could miss potential leads and profitable opportunities. In this blog, we will explore what is a CRM report, who uses these reports, and the difference between a report and a dashboard.
What is a CRM Report in the Automotive Industry?
The CRM reporting is a process of collecting customer data and analyzing it for your dealership’s performance. The CRM report is an analytic tool that provides insights into customer interactions, sales performance, and how your overall operations are going. This helps you to make smart data-driven decisions to improve the efficiency of your business. Each of the types of reports organizes data in a way that is easier to understand.
Why does CRM Report Matter for Your Car Dealerships?
It is important for your dealership to make precise decisions in this rapidly evolving automotive world. The CRM sales report gives a bird’s eye view of all the customer interactions, sales, marketing campaigns, and other dealership-related tasks. By using these reports, you can identify trends and key automotive CRM metrics to optimize the sales process and ultimately increase profitability. It’s like having a planned strategy to achieve success in your dealership.
Top 12 Benefits of CRM Report for Your Dealership
Irrespective of the size of the dealership, CRM reports are crucial for all. They offer a wide range of benefits for your dealership, including enhanced customer relations, streamlined operations, as well as increased revenue.
1. Understand Dealership Performance
The CRM sales reports organize the data to work and allow you to access it at any time. Additionally, it keeps a track of what has happened in the past, what the progress is now, and what will be done in the future, helping you to set goals for your dealership.
2. Data-driven Decision Making
These reports provide you with valuable insights from analytics that help you to focus on more priority leads and make precise decisions.
3. Enhanced Customer Satisfaction
With organized data, you can effectively interact with customers, thereby enhancing their experience and resolving their issues more efficiently.
4. Progress of Marketing Campaigns
The CRM reporting technology helps your dealership focus on marketing campaigns. Moreover, it allows you to concentrate on those that are generating more quality leads.
5. Future Sales Prediction
The sales pipeline crm can help you predict future sales and trends through the free sales pipeline software data. By this, you can stay updated with the changing trends and plan accordingly for your dealership.
6. Accountability and Transparent Operations
The CRM report provides a clear and transparent record of the activities of all teams, which increases accountability and makes the team members responsible for their assigned tasks.
7. Regular Optimization
You can monitor and improve the flaws in your dealership and focus on what works well for you with the reports. Furthermore, the reports give you insights into how your business is performing.
8. Improved Lead Management
Monitoring follow-ups, customer engagement, and tracking the sources leads coming from becomes easy with the help of reporting technology.
9. Operational Efficiency
Every business consists of bottlenecks and task inefficiencies, which can be well identified with the help of reports CRM.
10. Categorization of Customers
You can get a clear understanding of your customers’ needs and behaviour, which helps you to serve them better and meet their expectations to boost engagement.
11. Automated Workflow
The reports keep track of tasks that are automated, such as automated follow-ups and reminders for customers, which reduces manual workload and saves time for staff.
12. Contact Management
The customer relationship management reports store and organize customers’ data through the contact management software for car dealerships in a centralized hub.
How does CRM Report Work in the Automotive Industry?
CRM reporting technologies convert complex data into easy and understandable insights for members to make precise decisions. Before diving deep into what is key to the success of your reporting, let’s understand how this CRM report works.
Step 1: Collection of Data
The automotive CRM software collects customer data from all sources, i.e., websites, social media, marketing campaigns, phone calls, or email. This gives an idea of which source to focus on more. Since all this process is automated, dealerships need not worry about any of the leads getting missed.
Step 2: Analysing Data to Gain Insights
The collected data is further analyzed to gain actionable insights on the upcoming trends, sales patterns, customer behaviour, or spots that require attention to make improvements. Having done this all manually can be so overwhelming, so this analysis is done by the use of artificial intelligence in order to avoid errors.
Step 3: Generation of Detailed Reports
Detailed reports are being generated based on analyzed data in a clear and structured format. Furthermore, these reports can be customized according to the specific needs of different people in the dealership.
Step 4: Data Interpretation and Action
Decision-makers and other people in your dealership interpret these reports for a better understanding of how the dealership is performing. Therefore, they take actions and make precise decisions for the betterment of your dealership, enhance customer satisfaction, and drive growth.
7 Essential CRM Reports Your Dealership Should be Using to Track Sales
Your dealership can generate up to hundreds and thousands of CRM reports based on the capabilities of your automotive CRM features. This looks burdensome! We have come up with 7 major reports of CRM that you must track in your dealership.
1. Sales Pipeline Report
A sales pipeline CRM analysis report provides you with an overview of the dealership sales pipeline management tracking the stage of the leads in the sales funnel. As a result, this helps to identify bottlenecks and make improvements to drive growth.
2. Sales Performance Report
The sales performance CRM report can help you track the performance and activities of each salesperson. Consequently, this gives transparency of your team members that which salesperson is getting more leads, and who is wasting time on wrong leads.
3. Sales Conversion Report
The sales conversion reports give insights into how many leads are getting converted into potential customers and monitor the revenue. This shows the effectiveness of your team and the efforts they’re putting in to boost sales.
4. Sales Forecast Report
The sales forecast report uses the previous data to predict future sales. It sorts potential customers who are on the verge of making a purchase. As a result, this gives an idea of how many customers are likely to buy and what the revenue will be in a given time.
5. Lead Source Report
The lead source reports provide a detailed analysis of your dealership’s leads. It tracks where your dealership is attracting leads from, whether it’s the marketing campaigns or social media, or by raising queries. This helps you identify the focus of your ad spend to gain more qualifying leads.
6. Customer Retention Report
The customer retention reports give you a track of customers who are leaving without making a purchase. By this, you can identify when your dealership is not on the right track and make improvements to keep more customers happy and build stronger relationships.
7. Customer Engagement Report
The customer engagement reports provide analytics on how long a customer is interacting with your business, including queries, follow ups and service issues interaction. You can track the real-time customer satisfaction, thus building trust in your dealership.
These were some reports that are essential for your dealership, which are visible at the surface level. Have a look at some other important reports that you could consider.
- Profitability Report: This report helps you identify your potential customers, which could lead to profitable deals. This allows you to focus more on these customers.
- Contact Report: The contact report gives you a record of how many times a particular customer has contacted you and the sources they used to contact you.
- Lost Sales Report: This report gives you detailed information about how many leads you have lost due to reasons, such as missing after-hours support, etc.
6 Main Key Features of CRM Report to Consider for Your Dealership
The CRM reporting technology comes with a series of features you could consider to set up yours. Additionally, these features enable you to stay organized and make data-driven decisions.
1. AI-driven CRM Reporting
The modern CRM software is infused with AI to enhance the quality and capabilities of your CRM reporting technologies. Moreover, these provide insights into trends and patterns that could be incorporated into your dealership to stay ahead of all.
2. Customer Data Safety
The reporting technologies follow high data security standards to prevent data breaches and ensure that customer data is in safe hands.
3. Interactive Visuals
Having text all over the report can be so boring to study. The CRM dashboards come with interactive visuals and charts for easy understanding of metrics and trends to follow.
4. Seamless Integrations
The customer relationship management reports easily integrate with your other dealership apps and platforms to give an overall view of your dealership operations.
5. Mobile CRM Reporting
One of the major features of reporting is that you can access these reports not just from the office but from anywhere and stay updated.
6. Customizable Filters
Just as no two dealerships are similar, their dashboards and reporting are not similar either. This allows making filters for leads, customers, etc, to make a report specific to goals.
How can Your Car Dealership Set up a CRM Report Effectively?
Setting up a CRM report is easier said than done. Just knowing what are CRM reports isn’t enough; you need to follow strategies to gain valuable insights and boost the performance of your dealership. From choosing the right type of reports CRM to training your team members on how to interpret these reports, everything is done correctly. We will be providing you with a step-by-step guide on how you can set up your reports efficiently and develop a robust reporting system for CRM.
7 Tips for Creating Automotive CRM Reports
Here’s how you can set up your reports by following the steps.
1. Set Your Objectives
Before setting up a report, you need to first identify the goals and objectives of your dealership in order to meet your dealership’s requirements. Questioning yourself can get you to the answer for why you need a report.
2. Key Metric Identification
Identify the key metrics that are relevant to your dealership and align with your dealership’s goals to drive better results.
3. Choosing the CRM Sales Reports Tools
Selecting the right CRM tools is essential for your dealership. They should provide you with the features you need.
4. Arranging the Report Types
Since you can not pick any type of CRM report randomly, you need to identify the right type of report based on the goals and metrics of your dealership.
5. Provide Training
Organize training and workshops to teach your dealership teams how to use these reports effectively and interpret these reports to make better decisions.
6. Discussion with the Sales Team
Having a regular discussion with your sales and marketing teams about the reports from everyone’s perspective ensures that all the teams work for the ultimate goal of your dealership.
7. Continuous Improvements
Setting up your reports once and never looking at them is really a bad practice for your dealership. You need to optimize it weekly or monthly to make improvements
Who Should Use the CRM Report in Your Dealership?
The customer relationship management reports are not just for senior-level managers or executives, but they should be accessible to everyone who needs them for the betterment of your dealership.
1. Sales Managers
Sales managers need to interpret these reports to track the performance of all the salespeople in order to check how the operations are performing.
2. Sales Representatives
These reports help the sales representatives to analyze their own performance and track whether they meet the target or need to put in more effort.
3. Senior Level Executives
The senior-level dealership executives should analyze the reports to check how strategies are working for the dealership and if they need to improve them.
4. Marketing Teams
The marketing team needs to track the performance of their marketing campaigns to list where leads are coming from. Hence, you can achieve this by analyzing the reports.
5. Outsourced BDC Agents
The automotive BDC agents need the CRM reports to analyze the customer experience and boost efficiency. So, you receive a timely response, and none of your leads miss.
5. Account Managers
The account managers need the CRM sales reports to gain insights into dealership performance and upcoming business trends.
6. Customer Support Teams
Customer support teams are responsible for customer interactions and resolving service issues they face. For this purpose, they need to have access to these reports.
7. Data Analysts
The data analysts in a dealership need to track the sales performance and the changing trends and patterns for the business to perform better. Thus, CRM report helps them to accomplish this and make better decisions for your dealership.
8. Investors
Every investor is concerned about their capital. In order to track the utilization and performance of their investments, they need reports.
Are CRM Report and CRM Dashboard Different?
Both CRM reports and CRM dashboards turn complex data into an organized and easy-to-understand format. Although they sound very similar to each other, they have slight differences among them.
CRM Report: The customer relationship management (CRM) reports are the static documents that represent data to evaluate trends and patterns over time. They are fully customizable to cater to dealership needs according to filters and more. These reports include interactive visuals such as charts and graphics. They used to analyze monthly sales, upcoming trends, and campaign performance in your dealership. You can share them via email, and they are accessible to team members anywhere.
CRM Dashboard: The CRM dashboards provide real-time snapshots of data to monitor live activity and performance of your dealership. They too contain charts and graphs to represent data and show the updated data of the minute. This monitors the team’s performance, follow ups and test drive scheduling. The dashboard is visible to you from anywhere, so you can get your updates and take the call.
How does the CRM Report Generated by Spyne Help in Your Dealership?
Spyne’s Retail AI suite provides the best CRM reporting technology that helps your dealership thrive in the automotive market. We help you to keep track of your dealership in every aspect, from lead generation to the final purchase made by the customer.
1. Dealership Focused Reports
Spyne is built for the automotive industry, delivers dealership-focused reports, and aligns with your business objectives.
2. Lead Capture from All Sources
Spyne’s automotive lead management software captures leads from all sources and ensures you never miss an opportunity.
3. AI-powered Communication Tools
We provide automotive chatbots and call assistants infused with AI for consistent communication and to enhance customer experience.
4. Automated Follow ups and Reminders
Spyne provides an automated lead follow up system for car dealerships to send reminders and follow up to customers to keep them engaged.
5. Lead Recovery
Spyne also helps with lead recovery and helps in identifying lost leads to make them re-engage. Our system ensures that you remain in contact with your customers.
6. Customized Dashboards
Spyne offers a customized dashboard for your dealership’s ease. Therefore, we design according to the objectives of your dealership to maximize the chances of profitable sales.
7. Mobile Access to CRM Report
Spyne offers a unique feature in the automotive CRM report to access it on laptops as well as mobile phones. So you don’t have to worry where you are or if any leads are getting missed.
Conclusion
The CRM report is among the easiest and most effective ways of converting complex data into user-friendly and simple formats. From knowing what is CRM reporting to setting it up, you won’t be stuck anywhere now. When teams analyze these reports and align their time and efforts, you can take your dealership to the next level. With Spyne’s Connect AI reporting technology, you can connect with your customers effectively, service them better, and keep your dealership updated with the trends. Book a free demo today and experience watching your sales reach new heights.
