The use of CRM analytics measurements to improve business efficiency has been growing in popularity. These analytics are used to promote more refined and faster business decisions in the workplace regarding a company’s customers. For your business to compete in the global economy and to provide your customers with the best service possible, CRM analytics are worth considering.
CRM (or “customer relationship management”) is a software system that employs different technologies to provide support and assistance in the management of a company’s interactions with its clients and customers. Tasks like customer service or tech support can be automated by a CRM, greatly reducing the costs of these services. For enterprise-class businesses, a CRM system can be used and accessed by multiple company locations in many different geographical places.
Considered a form of “online analytical processing,” CRM analytics assist companies in the gathering and evaluating of information concerning customers (http://searchcrm.techtarget.com/definition/CRM-analytics). With this kind of customer data analysis, many evaluative functions can be performed. For instance, personalization and segmentation grouping are two popular CRM analytics tools. With personalization, information is gathered regarding how individuals interact with a website, such as which pages they visit most frequently. This information is then used by the company in directly marketing to certain customers based on their particular preferences.
With customer segmentation grouping, information is gathered and then sorted into specific groups. Purchase preferences online, for example, are one such popular metric in this analytic. Customers are divided into groups of those most likely and least likely to purchase or re-purchase particular products based on what they have bought in the past.
Event monitoring is another popular CRM analytic metric. Simply put, when a customer reaches a certain dollar amount of purchases on a site, this tally is logged for the site’s parent company. The CRM analytic employed by the company keeps track of these “events” and brings them to the attention of the company. A company may choose to reward frequent “event” spenders with bonus gifts or coupons, for instance.
There are many benefits to using CRM analytics in measuring and evaluating customer interactions with a company. More productive and targeted marketing efforts are often the biggest draw for companies considering using this tool. Keep in mind, though, that one potential challenge comes from integrating the software with systems already in place and other new ones. Despite this possible drawback, however, CRM analytics offer a lot of positive benefits worth considering.