We know that there are three types of CRM applications: operational or operational CRM, analytical CRM, and collaborative CRM. In our previous post, we talked about collaborative CRM. Today we will explain it to you what is analytical CRM, its main characteristics and advantages.
Let's start this post with an example. Imagine a scenario where the company knows what customers want to buy before even launching the product. What seems like fiction can be achieved with analytical CRM.
What is analytical CRM?
Is a systematic approach to analyzing data and customer interactions in order to improve the multiple processes involved in sales, marketing and service management. The main objective of Analytical CRM is to compile information from customers from different channels to understand their behavior and purchasing habits. Help an organization develop a new marketing strategy, manage its campaigns, attract new customers, and retain them.
Difference between operational CRM and analytical CRM
An operational or operational CRM is responsible for the automation of sales, marketing and processes that involve direct interaction with the customer. While the analytical CRM manages operations that do not have a direct link with potential users. Analyze data to drive a company's decision-making capacity.
Analytical CRM Features
- Collect all the information relevant to customers through multiple channels / sources and builds a knowledge base for the business.
- Analyze the data based on the rules and methods established by the company and prepare reports to boost customer relationships and interactions.
- Help companies to segment to your clients already launch marketing campaigns effective to increase sales.
- Decide what happens in different simulation scenarios - probability that a customer who buys one product will be able to buy another.
- Monitor eventsAs an example, the customer can buy gifts on the occasion of their wedding anniversary.
- Help companies to predict the probability of loss of the client and take the necessary measures.
- Help managers improve forecasting and planning
Benefits of using analytical CRM
- Higher conversion rate potential customers.
- Better customer experience meeting your needs more effectively and efficiently.
- Better market analysis before launching a campaign.
- Increase loyalty and satisfaction The client's.
- Projection and planning more accurate financial information.
Analytical CRM analyzes data from all areas of the business and generates reports.
Customer analysis report
This is the basic report. It provides a 360-degree view of a customer that helps the company learn more about the customer's needs and preferences.
Sales analysis report
This type of report shows the sales trend of the company during a certain period of time: monthly, quarterly, annually or any significant period of time for the company. Provides support to make the most of all sales possibilities by improving the sales cycle. Help CRM Manager to identify market possibilities, predict sales volumes and profits through analysis of historical sales data.
Marketing analysis report
These types of reports enable you to discover new marketing possibilities and improve performance by maximizing return on investment (ROI). Provides results based on various parameters like region, channels, political influence. It also focuses on the planning and execution of campaigns and product analysis.
Service analysis report
One of the main areas of analytical CRM is service analysis. Provides information on customer satisfaction, service quality, and areas for improvement. Find possibilities for cross-selling or wholesaling. Helps track worker performance and productivity.
Channel analysis report
The Channel Analysis report helps companies understand customer behavior on any channel, such as email, phone calls, social media, or in-person interactions. It is used to interact with customers more effectively and efficiently.
For a company, compiling and analyzing customer data is an ongoing procedure. Decisions based on data and feedback get better and more accurate over time.