What is CRM analytics?
CRM analytics refers to the processing of data that resides in your CRM database to uncover useful insights about customers that businesses can act upon. Integrating analytics makes CRM systems more intelligent in comprehending customers and empowers you to make data-driven decisions.
(This is the age of data analytics. Read our post CRM & Big Data Analytics)
Why should businesses use an Analytical CRM?
Most businesses rely on a Customer Relationship Management (CRM) software to form lifelong relationships with their customers. However, in the recent years, understanding customers has become a convoluted process since a wealth of information is being generated every single day on the internet that needs to be harnessed and analyzed. Customers have become unpredictable in the ever changing business landscape. Businesses need to adapt faster to respond to customer needs or else they will be driven out of the market. Hence, having a CRM that is integrated with analytical tools cannot be stressed enough.
What can CRM Analytics accomplish for your business?
Learn which customers are interested in purchasing your products and design your marketing campaigns keeping their tastes and preferences in mind. This will increase the efficiency and result in the desired ROI since you won’t be targeting customers who show little to no interest in your product.
Get detailed insights about your customers regarding their demographics, tastes and preferences,buying behaviour etc. This will help accelerate the sales process by allowing you to identify the leads that have the highest probability of being converted into deals.
3. Customer Service
Improve customer retention and enrich customer experience by tracking customer behaviour and knowing how your product or brand is being perceived by the audience. Reach out to customers to determine any dissatisfaction on their part before they switch over to your competitor.
(An interesting read: Internet of Things & The Future of CRM)
SugarCRM as Your Analytical CRM
With Sugar, your analysts will gain the ability to predict how customers will respond to certain stimuli (products & services) based on their behavioral history and past preferences. This will enable your analysts to more successfully judge and answer the most pertinent questions that exists in corporations; how, when and where to allocate resources for future investments and products.
Your sales representatives and marketing executives would be able to thoroughly analyze and examine all the customer touch points. These include social media, web click stream, internet, email and inquiries made via telephone calls. Just imagine how valuable this information can be to business analysts. Your team of marketing analysts will be able to better forecast consumer preferences, envision subsequent requirements and resolve other issues that incorporate various business decisions.
Sugar gives you the ability to manage forecasts of each member of the team through a single worksheet. Assigning quotas, adjusting individual forecasts and analyzing the performance of individuals are no longer considered a tedious task. Sugar also allows your enterprise to keep track of customer activities.
Regardless of your company size or industry vertical, having a CRM integrated with data analytics capabilities has become a necessity to spot developing trends and identify new opportunities. The traditional functionalities of a CRM no longer enable businesses to provide excellent customer service due to the ever evolving market dynamics. Data needs to be extracted and analyzed to gain deeper customer insights. The fundamental reason why we recommend Sugar is that it is one CRM which offers great flexibility to businesses since it can be seamlessly integrated with third party data analytics apps.