Customer Relationship Process equipped with Analytical CRM and its benefits
Why should your CRM process comprise an Analytical CRM? The most value added activity of leadership is about taking important business decisions. The progress and moves of the organization is based on the key decisions made. The critical factor behind any decision made is the facts based on which the decision is being made.
Analytical CRM’s make a considerable contribution towards providing the answers to numerous questions and thereby support business decisions. These analytical capabilities allow you to identify latest trends in the markets and then channel your investments in these markets. Analytical CRM’s will also extend further insights into customer needs and preferences by identifying patterns to:
- Acquire new and profitable customers.
- Improve the organization‘s relationships with existing customers by catering to their individual needs.
- Optimize cross-selling and up-selling opportunities.
- Improve customer loyalty.
- Reduce customers’ tendency to go with a different vendor.
Analytical CRM also enables an organization to direct all processes towards customer-centricity. This will result in planning and using the organization‘s resources towards high-value customers and build more profitable customer relationships by:
- Targeting the investments in marketing, sales, and service.
- Allowing focussed attention and services more effectively towards such customers.
- Increasing scope for internal efficiencies and process improvements.
- Personalize and Automate customer interactions based on strong customer knowledge.
- Integrate the organization‘s overall strategies with marketing, sales and service strategies.
An organization can increase its profits by as much as 100% by retaining an additional 5% of their customers. This is made possible by an Analytical CRM. Surveys and research shows that it costs four to seven times more to replace a customer than it does to keep one.
What benefits do employees get from an Analytical CRM?
- Individual performance statistics and reports
- Automated updates on trends and insights related to opportunities and customers
- Personal dashboard and team dashboards
- Analytics, cross function insights and updates
Every organization must equip their Customer Relationship process with a CRM that has analytical and cloud capabalities.