The importance of CRM analytics for your business

The importance of CRM analytics for your business

Customer relationships determine the success of any business. Regardless of the size of your company or the industry you operate in, building great customer relationships should be the core focus. Gone are the days when you pitch a product and close the sales using simple ads or sales catalogs. Customers are evolving day by day and they expect more. So, you have to think beyond pitching a product directly – something out of the box.

Today’s customer is capable of identifying a hoax, which makes it imperative that companies exhibit transparency in how they operate. Thanks to social media – customers are exposed to multiple options, giving them the ease to reach out to their favorite brands directly. Over time, brands have also evolved to meet the changing needs of customers by providing them more customized services.

Now, personalization is something beyond addressing customers by their first names in an email. This concept of personalization extends beyond sending your people generic offers; it is more about analyzing and understanding each one of them and offering them something beyond their needs. You could do this by offering them solutions that not only address their needs but delight them.

To do this, you need to get your hands on insightful data. Using CRM analytics, you could get insight into customers to offer services that are personalized to meet their needs.

If you are looking for customer relationship management services in Seattle, reach out to our team today.

CRM analytics

Customer-relationship management (CRM) offers data, demonstrating where your company’s sales and customer service performance are at. CRM analytics offers the customer data that would help you in making smarter business decisions. CRM software gives you insights into CRM analytics and allows you to automate the generation of reports and data collection.

CRM analytics for businesses

A CRM offers a number of functionalities to help a business perform well, while also offering data and analytics. The basis for successful conversion of leads into customers, who later turn into brand advocates, is implementing business analytics. Below are some examples of where CRM analytics can be applied to take your business to the next level:

  1. Divide customers into segments

    If you want to segment your customers, use CRM analytics. In the initial days of your business, while you are still in your journey to success, when you have just a few loyal customers who are interested in your product, you would want to expand beyond that. However, serving each of your loyal customers and treating them distinctively would require you to split them up and put them into different categories so that you offer them personalized solutions.

    When you have your customers segmented on the basis of traits and actions, purchasing history, support requests, and their buyer’s journey, you would be able to pitch your product in a more personalized tone and sell them better – thanks to CRM analytics.

  2. Mapping out the customer journey

    CRM analytics offers you a clear picture of the customer journey that your business can analyze. On the basis of this analysis, your business can make customer decisions. Every customer journey is unique. Before they visit your site, there is a point where they are not even aware of your business’s existence. From then on, starting with their visits to your site, to making a purchase and then becoming brand advocates, the process could take too long.

    An impulsive purchase decision could result in ending the customer journey instantly. However, when a large purchase decision is to be made, the customer’s journey would take longer and include more than one conversion point and various decision-makers.

    When you are investing in a process that would take too long, it is essential to have perfect software that would give your team members the power to manage the customer journey at all points. Using the right kind of CRM software, you can manage all areas of the customer journey wherever a buying signal appears and track key metrics that would help the business to understand what has to be done to improve the experience.

    Then, these data can be further analyzed to work on methods that will help the business to enhance its processes for selling better and to improve customer relationships.

  3. Detect changes in lead status

    Some key indicators in a buyer’s journey help businesses to take certain actions that would influence the user to make a purchase. This kind of transition reflects in any type of customer transaction.

    Use CRM to access analytics dashboards and reporting features that provide insights into these metrics, and their impact on business and forecasting. The seller’s CRM can help track factors, including touchpoints, website visits, social media engagements, what forms are filled out, and if webinars or events were checked in.

    Individually, these items might not be fulfilling; however, the right analytics will exhibit trends among certain users depending on the frequency of their engagement.

Conclusion

CRM analytics offers a better and more streamlined approach to building stronger customer relationships by evaluating the business’ customer service, analyzing their user data and customers. With CRM analytics, you will experience an improvement in supply chain management, thereby lowering costs. CRM analytics also makes it easier to set up targeted marketing campaigns from customer analysis.

Find a CRM software that can be integrated easily with your existing systems and new systems, to analyze and use the collected data.

If you are looking for CRM solutions in Seattle, contact our team at Seattle New Media today.