CRM Analytics: Getting to Know Your Customer Better
CRM analytics create the bridge between your CRM program and your business’s bottom line. When thoughtfully built to provide meaningful data, CRM analytics provide an overview of how your business is performing with respect to key indicators. Aside from the financial aspects, however, insights into your customers’ needs, loyalties, satisfaction level, demographics, and habits are also available in CRM analytics software and programming. This indirect link to your bottom line can demonstrate how effective your marketing, sales, and customer relationship methods are performing in terms of converting prospects into sales dollars and keeping existing customers loyal to your brand.
CRM Analytics should include some advanced planning. Sit down with your group and figure out what reports/dashboards you need to see in order to make successful business decisions. Make sure that data is then being collected.
While collecting information through your CRM program, CRM analytics can show you the customer side of the equation. By tracking a prospect through the sales process, you can determine how your leads found you. Was it through a targeted marketing campaign, a landing page, a click-through page, or by some other method? Did the lead arrive as a result of a social media contact or site relationship, naturally, randomly, or by some other motivating factor? By knowing how your customers got to you, you can enhance your marketing and funneling efforts to bring even more to your business.
Using customer data statistics and sorting them in a variety of ways can also reveal a great deal about your customer base through CRM analytics. You can sort them by geography, age, the time of day they visited the site, income level, education level, types of products they’ve purchased, and a thousand other ways — if you’ve collected the data properly using your CRM software. Armed with this information, you can create targeted marketing campaigns and identify potential new leads for your sales team, ultimately improving business performance and increasing revenue.
Using the customer data and separating it appropriately in CRM analytics software empowers your teams to use predictive analytics to cross-sell other products to existing customers, rate prospects’ chances of being good leads, and generate specialized lists for marketing opportunities. The data can provide information for improving client service, strengthening brand loyalty in the process and also aid in customer retention.
The customer side of a complete CRM analytics solution contains information displayed on a graphical user interface that is easily learned and understood. The information contained in the interface is categorized in a number of ways: by workflow method, account, contract type, service date, dispute resolution, and a number of other listings. By separating the data in this way, the same customer information can appear in multiple places and be used most efficiently by any group that needs it. For example, the sales team may want to see customer data by contract type, marketing by account type, and customer service by dispute resolution type. All three groups may pull up the same customer’s information, but they would receive it in the way that makes the most sense for their needs.
CRM analytics provides invaluable financial business-specific data, but it also contains invaluable customer-specific data that can help drive sales and improve customer loyalty. Knowing your customers intimately empowers you to maximize each revenue stream and capture more market share through targeted campaigns and sales efforts. The customer side of CRM analytics can further enhance the financial side of your business.