Analytical CRM

Analytical Customer Relationship Management (CRM):  

Analytical CRM is a program that uses consumer information to help understand and to perform efficient relationship management by supporting the companies personnel with operations and strategic analysis which includes all business systems that do not deal directly with the customer. It becomes a decision support system aim to help facilitate in the decision making for personnel such as executives, marketing, finance, sales and customer support to help in understanding their customer’s needs. In analytical CRM, data gathered within the range of operational CRM are analyzed to help identify customers and their needs, through their selling prospective and also allows company personnel to observe and understand the customer actions as well as preferences using techniques such as sales forecasting. Analytical CRM gathers information by relying heavily on techniques such as information gathered through a data warehouse, data mining, CRM software (see below) and information gathered by business intelligence to better understand and have insight into customer behaviors.  It comprises all CRM programs mentioned and analyzes data about a company’s customer and presents it in a method that is straightforward so that the results will lead to faster as well as better business decisions that would help improve selling techniques to their targeted customers.  Analytical CRM may also provide information for better measuring the effectiveness of a company’s market campaigns for their products as well as analyzes customer data for a variety of purposes such as:

  • Campaign Analysis - To analyze and measure the effectiveness of a customer’s response to a market campaign, promotions, and advertisement and other activities.
  • Customer Attrition Analysis – To better understand the reason and the impact of a loss of a company’s client.
  • Customer Behavior - To understand the customer trends, purchase activity and patterns.  To help understand the condition of the company’s products and services to provide better service to the community.
  • Customer Interaction Analysis – To better understand how a company's interaction with its customers and help to measure the effectiveness of communication with its customers to better understand the products.
  • Customer Loyalty - To understand the loyalty that a customer has to the company and its products.  And to understand how to keep customers with continuing the use of their products and services of the company.
  • Lead Analysis - To help better understand and identify potential customers for a company's new product and/or services.
  • Market Analysis - To help identify and determine how to attract the demographics of customers of a particular market.1

 

Benefits: 

Using analytical CRM support has been shown to help grow a company’s revenue as well as build and attain objectives such as:

  • Streamline sales and marketing processes
  • Higher sales productivity
  • Added cross-selling and up-selling opportunities
  • Improves customer service
  • Improves customer loyalty
  • Higher close rates
  • Better profiling and targeting
  • Reduced expenses
  • Increased market shares
  • Higher overall profitability
  • Marginal costing
  • Improvement in Supply Chain Management
  • Lowers costs2

 

Analytical CRM/CRM Software and Web-Based Companies:

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