02 Nov Professional sport: What indicators should you monitor to measure the success of your investment CRM ?
What indicators should be monitored to measure the success of your investment CRM ?
1. The turnover, the obvious indicator
Revenue development is the first indicator to check to measure the impact of CRM in your day-to-day business. These actions are linked to elements that you control in your value chain (brand image, commercial offer, etc.) as well as to uncontrollable events (sports performance, weather, etc.).
The increase in turnover should not be the only indicator, which could appear as a smokescreen to analyse your real performance. The CRM tool helps you distinguish your penetration rate on several targets: prospects, first-time buyers, regular buyers, subscribers. This segmentation can be even finer: geographical, by consumption, individual, family, group, by income, by interest in types of competitions, etc. The analysis of these cohorts then dictates the best marketing approaches for developing your sales.
2. The growth of your 1st party data, your current and future gold mine
By the end of 2022, the majority of web browsers will have eradicated third-party cookies, which will enhance the value of players who have developed their management of 1st party data (basically, the data you own). This element of context now poses the importance of the work of acquisition and qualification of databases. If you do not neglect this point, you will be sure to develop your current revenues (as for example at Red Star) and future revenues, especially sponsorship (we were already talked about this a few months ago).
3. The engagement and satisfaction of your customers
The engagement of your customers, whether they are fans or companies, is an indicator that allows you to measure their satisfaction with the experiences you provide them. This takes the form of several indicators: number of segments, opening rate, reactivity rate (click rate on openers), satisfaction rate (measured in particular with the NPS). This commitment is necessary for two reasons: to strengthen the link with existing customers (and therefore build their loyalty) and to mobilise "prospects" when we have a product to offer them. We will therefore talk about conversion to measure marketing effectiveness.
You are not measuring the performance of your marketing campaigns? Don't worry, here are the the goasl you can set to get started:
- For a relational campaign (newsletter, post-match thank-you mail, sending of information, etc.): 40% opening rate / 20% reactivity rate
- For a transactional campaign (ticket sales, merchandising, partner mail, etc.): opening rate 25% / reactivity rate 15%.
- Conversion rate (between the number of people contacted and the buyers): 5%.
- An NPS of more than 7 is considered good satisfaction
If your campaigns are underperforming, here are the actions you can take: revise the subject line to make it more impactful, better segment your contacts, exclude inactive contacts, send your campaign at the best opening time, place your CTAs at first glance...
4. Your customers' loyalty
At the top of your CRM pyramid are your most loyal customers, whether they are subscribers or licensees. Don't get me wrong, just because we're in sport doesn't mean we shouldn't promote loyalty actions. Firstly, because we all have a customer life cycle (think of those who are disappointed with the sport performances, those who move away or are no longer able to come to the stadium...) and secondly, because these contacts must be your first ambassadors to their own circle.
On the club side, the calculation of the renewal rate (or churn if managed on the dropout side) on different cohorts proves to be an excellent means of monitoring retention. This objective is achieved by scoring, as shown by this work with the Section Paloise before a subscription campaign.
5. The performance of your human resources
Regardless of the indicator(s) you choose to measure your performance CDP, you will need to start by equipping yourself with a solution that allows you to centralise your proprietary data (ticketing, shop, application, cashless, scattered Excel files, commercial management, etc.) in order to analyse them, activate your contacts and measure the commercial impact, without forgetting to ensure that your employees can make the most of these new practices. To discuss this, I invite you to choose a slot in my agenda
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