Customer Records: Which Information Is Really Important?

Where to record client information

There aren't that many options. Freelancers and small companies often use Excel spreadsheets, where they create a separate tab for each client and keep adding data. However, this method of record keeping becomes way more difficult to maintain once you have a large number of clients. It becomes a chore that takes hours out of your day in order to keep everything well organized.

Companies with more than a dozen clients and leads use a CRM system, which is a business planning and customer relationship management tool. Companies can have a standalone CRM system or a CRM module within their enterprise information system.

The most important data to record

1. Basic contact information

Details such as the client's name, company headquarters and billing information are a must. It is recommended to keep separate records of companies along with the general company details, and records of the contact persons you communicate with. Especially if you are in contact with more than one person at the company.

The CRM makes it easy for you to record basic data by automatically downloading it from the ARES database, so you don't have to enter it manually.

CRM software makes it very easy to record basic information by automatically downloading it from available company databases, so you don’t have to type it manually. The availability of this feature depends on the country you are located in, as some countries do not have company databases freely available.

2. Technical details related to the product

The CRM system must contain client information that is key to your industry and product or service. For example, if you are selling a warehouse system, you should record warehouse size, stocking strategy, or quantity of warehouse items along with leads and clients. In other words, everything you need to know about the client when communicating with them.

For this kind of industry-specific information, there is a custom fields feature in a CRM system. It lets you create and name your own rows or windows for storing this data in client profiles.

Record this information not only for current customers, but also for leads. You will find out how to classify leads, not only in a CRM system, in this article.

3. History of communication with a client

Whether you are storing data about an existing client or a potential client, we recommend that you save all of your communications. This will make it easy to refresh your memory before a meeting about what a client was interested in previously, what their situation was a year ago, or what your colleague discussed with them.

Keep the following communication records:

• Emails
• Meeting minutes
• Phone call records

4. Business history and documents

You can record a large variety of business information about your clients, depending on the type of business you do.

The most common information includes:

• How much you sold to the client in total
• How much you sold to them last year
• Which offers they turned down
• Which products and services they buy most often from you
• What is the value of their current open deals
• What percentage of your revenue comes from a specific clientThis and other business performance data will allow you to plan your business dealings more strategically and better prepare for each subsequent upsell.

Having this sort of data at hand will ensure that:

• You know which products and services have been successful with clients and which have not
• You know what volume of products and services you are able to sell to a client in a quarter or a year
• You can better target advertising to the client
• In the event of a complaint or other issue, your customer support colleague has all the information in one place

Along with this information, store all other documents related to a client in one place, such as contracts, invoices, or quotes. For example, a CRM system allows you to quickly get a hold of an invoice or any other document you might need at the moment just by clicking on the client's name.

5. Events

Quarterly meetings, regular calls, or perhaps servicing checks. You should keep a record of every past and upcoming contact with a client so you can keep track of when things happened, or when another joint meeting is coming up. If you use a CRM system, add the client meeting to your CRM calendar, so you don't miss anything.

6. Customer Lifetime Value

Customer Lifetime Value (CLV or CLTV) is, in simple terms, a metric that predicts future revenue you can expect from your client. You arrive at a specific number by multiplying the average price of one client's purchase by the frequency of their purchases. At the same time, you can also record the client's annual budget and other information that will refine the number. If you record this metric for clients en masse, you will better predict your future profits.

Most CRMs will calculate this metric for you themselves. They have data from orders at their disposal, and based on it, they can show you a forecast of your profits in clear charts.

With CRM software, you can record all six types of information in one place. For example, our Raynet CRM has a fine-tuned client database where you can find all the information clearly sorted and interlinked. From a client profile, you can easily find your way to related contracts, documents, or calendar events in just one click. And thanks to the mobile app, you can also access the information on the go.

Try the tool for free for 30 days and you will find out how keeping customer records in a CRM system will make your daily work easier.