CRM and Data Analytics Software

Data analytics in CRM or CRM analytics is also called as customer intelligence. The Data analysis focuses on a customer centric approach to manage and guide business decisions which is done by gathering and analyzing data gathered about customers and their behavior towards products or services offered by the company. In case the company has no data on consumer behavior it may analyze data of similar products or services offered by their competitors. CRM analytics over the years have become an integral part of any business. The analytics are made to determine all sorts of consumer data such as buying patterns, product/company loyalty, age group etc. which helps build a clearer picture to the company that what segments of the market should a company sell their product to and what all changes they can make in order maximize the Return On Investment. The end goal of CRM analytics is to maximize the company’s return on investment by focusing on targeted areas such as advertising, marketing, sales effort on the most valuable demographic etc. 

The main sources of data a CRM analyst uses are: 

1.Sales Data: Buying and return patterns, brand preferences, age grouplet. 

2.Financial Data: Payment and credit history, purchasing power, payment method etc. 

3.Marketing Data: Consumer repose to marketing campaign, customer satisfaction, customer retention etc.

Data mining in CRM analytics 

Analytical CRMs use many data mining techniques to understand customer related information and shift in consumer patterns which provides a larger picture of a company’s consumer and product journey. This cycle helps better understand brand awareness, brand interest customer retention and growth. Data mining techniques assign importance to data such as correlation, classification and monitoring objects. 

Benefits of using Analytical CRM 

An increased lead conversation rate which in turn generates more revenue and growth Improved market analysis before running a marketing campaign leads to a better response by the market.

Boost in customer loyalty and satisfaction which increases brand reputation and awareness Accurate financial forecasting and planning which in the long turn lowers the company’s cost The suggested actions come from vast amounts of consumer data that would be too difficult for one person to handle Automatic processes allow analytical CRM to conclude future customer behavior, customer buying power or customer needs which in turn would lead to increase in sales figure Understanding of consumer trends which would help the company develop product better suited for the market  The sales effort would be more focused and precise to suit the audience that you want to sell to  As the above points reinforce, the CRM analytics when used right, has the ability to lay out a clear customer journey for your business which you can than follow and act upon accordingly. 

How to manage CRM data? 

Reaping the benefits of CRM analytics requires more than just using a customer relationship management tool. The data it holds must be continuously collected, tracked, and managed in order to gain an upper hand than your competitors who are using the same analytical tools as you.The market for products and services are ever evolving and changing and it is important for the business to remember that and collect data accordingly. Employees are the most valuable tool in CRM implementation. The best software in the world is only as good as the people using it. Training employees on data management, proper use of the software, and the sales and marketing processes it serves is a must. 

Get in touch with ITS FOR YOU for using their CRM services today! 

Contact us at experience@itsforyou.live or Call +91  83-7794-7794 

Source: CRM and Data Analytics