Market research is not the only way to understand buyer trends. The world has, for long, moved to a more sophisticated method to understand customers and their needs – CRM.
CRM analytics is used by a range of businesses and domains; from banks to software solution providers. and yet there’s more room for creating awareness and for instilling a deeper understanding of this powerful tool. Your business may already be CRM user or you could be someone who’s still arguing over the pros and cons. Read on further to gather some interesting insights on our Tigernix CRM analytics.
Companies use several applications, spreadsheets, and other online and offline places to store customer data. This makes it nearly impossible to have a closer relationship with customers because of the complexity and difficulty in analyzing and processing customer data.
But, with a CRM analytics tool, monitoring, measuring and analyzing your customer behaviour is a piece of cake.
What is CRM analytics?
In simple terms, CRM analytics help you understand who your customers really are in a way you never knew.
Comes as a module of CRM software, CRM analytic tools are well-developed software applications used to collect, organize and synthesize customer data recorded throughout the organization from inquiries, invoices to customer feedback. It mainly retrieves data from your marketing, sales and customer service departments and combine, sort and analyze everything together to give you a clear picture of your customer needs.
With CRM analytics, you can collect and employ the different data on customer behaviour patterns, preferences, and similarities in a deeper level that helps you recognize data trends and recurring patterns. CRM analytic tools can empower you with a wealth of knowledge that is comprehensive, meticulous and to easy process.
A right analytical tool for a business or a company is a gold mine. Here are few ways the right CRM analytics can help you with your business.
Understand customer behaviour
The analytics tool helps you build clear customer profiles, buying trends, and feedback on a regular basis, thereby enabling you to understand your customers’ requirements better.
Streamlined product development process
With clear and in-depth customer data, CRM analytics allows you to develop better products to address customers’ real-time requirements. This clarity in approach will bring in better results and ROI.
The customer segment grouping features of CRM analytics will help you identify the customers who have the best and the least tendency to buy other products or buy your products again. Such data can enable you to launch highly targeted marketing campaigns for specific market segments which can bring you a higher ROI.
Accurate data management
When your company expands and grows with time, your customer list and connections will grow as well. Trying to delight your long list of customers can be a daunting task for your employees as valuable information and insights can fall through the cracks because of the complexity in data analyzing. But when you have an automated process like CRM analytics, the accuracy and effectiveness of customer data analysis will get high.
From effective product development to supply chain management, CRM analytics can help you cut down costs, offer more competitive pricing and bring many other benefits that help you retain loyal customers, bring in new customers and make your business steadily successful.