Significance of Analytics in CRM

Significance of Analytics in CRM

Customer relationships evolved tremendously in the last decade. The customer-business dynamics are constantly changing and ushered in an era of integrated and intelligent customer relationship management. Customers today are more tech-savvy and look for instant gratification. CRM (customer relationship management) software is evolving to capitalize on big data analytics by relying on insights and statistics of prospects to create actionable roadmaps to service customers.

The power of analytics in CRM provides a plethora of opportunities for the business. It incorporates customer information in an intelligent way and creates insights on customer values, spending, and interests. CRM analytics enables businesses to create strategies that lead to more satisfied and loyal customers. It is done in every aspect of business as described below:

Customer Analytics: It is one of the basic analytics used to evaluate the customer knowledge base. It offers businesses a detailed view of customers’ behavior & preferences and by modeling & assessing customer values it helps in understanding the customers’ profile.

Marketing Analytics: It enables businesses in identifying and capturing new market opportunities and gives an idea of their potential values. It also enables marketers to formulate and drive marketing strategies at district, regional and national levels. Marketing analytics helps marketers to precisely focus on campaign management, product analysis, and branding.

Sales Analytics: It offers businesses an environment to formulate, simulate & predict sales numbers and revenue by constantly evaluating business sales trends. It enables sales experts to build a sales pipeline in an efficient way by indulging and enhancing the sales process.

Service Analytics: Service analytics play an essential role in improving customer service by answering all the queries regarding customer satisfaction, quality, and cost of products, complaint management, and so on. It also enables businesses to enhance and optimize the services by strategically gauging service revenue and cost.

Channel Analytics: It enables businesses to find out the customer behavior on channel preferences, like website, personal interaction, telephone channel, chat, and so on. After analyzing it this information gets integrated into customers’ knowledge base that enables sales and marketing experts to contact customers based on their channel preferences.

Descriptive Analytics: It enables businesses to resonate with the feelings of customers by knowing their needs and expectations. In CRMs, descriptive analytics is also used to analyze the strength of a bond with existing customers.

Predictive Analytics: As the name suggests predictive analytics uses customer information to forecast what is to come. Various advanced technologies like machine learning help in this forecasting process.

Perspective Analytics: To understand this let’s take an example where a customer is not satisfied with a particular kind of a service or a product then perspective analytics can help fill in the gaps, assisting with alternative solutions and how they will be perceived.

Hence the results provided by various analytics in CRM software diversely help businesses in managing customers. Irrespective of the size of your business or industry vertical, implementing a CRM integrated with analytics is a necessity nowadays that enables businesses to identify and capture developing trends and new opportunities.