Benefits of Analytical CRM for Businesses
When you hear about Customer Relationship Management or CRM, what usually comes to mind is that it is a tool built for streamlining customer interactions, email marketing, or service automation. But actually, CRM is not limited only to that. There is more to it and mostly what you see, if you’ve never tried CRM before, is just the tip of the iceberg.
In terms of functionality, there are three types of CRM applications — Collaborative CRM, Operational CRM, and Analytical CRM. The most common one is the Operational CRM. This is the one we often hear about when it comes to automation. Collaborative CRM on the other hand is about facilitating communication between members, ensuring that each member has consistent information with the other.
Both collaborative and operational CRMs are helpful for businesses. But, in this article let us give focus to the back-end kind of CRM which is equally as helpful and as effective in helping you reach your business goals as the others.
What is Analytical CRM
This is a type of Customer Relationship Management solution that collects company data, stores it, and analyzes it to help you gain more understanding of the status of your business. It employs business intelligence technology which allows you to learn how you can improve operations and collaborations, both internally and externally.
In contrast to operational and collaborative CRMs that are mainly concerned with what is running now, Analytical CRM is more concerned with what should be running in the future. Depending on your data, this prediction of trends and insights can help you create plans both short-term and long-term.
With that, Analytical CRM is like a support system for business decision making. The best thing about this type of CRM is that it can facilitate the needs of your different business departments, such as sales, marketing, human resources, etc. Thus, it has a wide-range application that can help each of your departments with their analysis and decision making needs.
So here are the benefits of analytical CRM:
The word “Trend” in general terms means a general direction in which something is changing or developing. In the business world, a trend is comparable to a tide for a surfer. It is a window of opportunity for which if a business can catch on, a boost in growth and profits is ensured.
Thus, Business people find ways to forecast future trends. They try to shape a picture of what the future might look like based on what had gone in the past for increased market advantage. Traditionally, analysts spend so much time on trend forecasting. But with the increase in technology, trend forecasting can now be done via CRM solutions.
To do this, Analytical CRM systems are equipped with a lead scoring feature. CRM solutions like Saphyte, have an automated lead scoring tool that allows you to ditch manual calculation of lead scores. This gives you up-to-date information and realistic forecasts.
Furthermore, these systems are also equipped with Sales and Business intelligence. What these tools do is that it collates customer data, contact information, and even customer behavior, so that it can come up with the next best action.
Through analysis, both small and large businesses, are better equipped to adapt to trends brought about by the advancements of the time. And with forecasting, you can preclude possible business failures and pitfalls.
Marketing Strategy Optimization
Usually, in the past, businesses have to manually conduct surveys and correlate sales by educated guesses to determine a good marketing strategy. Although this is still effective, it takes so much time and effort. And in a fast-paced world, this kind of method would no longer suffice.
With Analytical CRM and applying its trend forecasting tools, the marketing department of your company can gain more insights as to where they should concentrate their marketing efforts. This would lead them to higher lead conversion rates with lesser expenses and effort.
Also, CRM solutions are beneficial for marketing strategy optimization because it shows you current updates of your marketing efforts. Thus, you will immediately know which marketing campaigns work and which doesn’t. One of the best examples of this is Account-based marketing.
This strategy works by getting information from your Analytical CRM tool and segregating which groups of individuals or organizations have the same interests. You can then do personalized email marketing, email segregation, or other marketing efforts that are specified to these groups.
Indeed, knowing what motivates your potential customers to become actual customers is the key. When you combine the results of CRM analysis tools with your marketing efforts you and your sales reps will be able to convert more prospects to loyal customers.
Optimum Analysis Reports
Analysis reports are the best tools that help businesses know about their current status. Through these reports, you can tell which months your products and services are not selling very well and through analysis, you can determine why. If these reports are organized well and the data gathered are accurate, helpful conclusions can be drawn from them.
With the help of Analytical CRM tools, you will not have to worry about mistakes. Since the data you’ve gathered are processed by the computer system, your analysis would have zero to minimal mistakes.
Moreover, analysis Reports are necessary to many aspects of your company, especially in the Marketing and Finance Aspect. This is because having a clear picture of your business status will help your team perform better. Through CRM, these reports are presented clearly and visibly via a dashboard.
CRMs, like Saphyte, allows you to customize your dashboard to show you the analysis reports at a single glance. You no longer have to browse pages or open a complicated spreadsheet. In just a click, all the data analysis that you need to remind yourself of your business goals is there.
Also, you can create a customized dashboard for each of your teams. Since Saphyte has a friendly user interface, customization is easy. You will have no problems setting them up. So, If your marketing team is concerned with your sales leads and sales cycle, they can have their own dashboard different from the rest of the team.
Increase in Customer Satisfaction
When it comes to customer satisfaction, the most popular CRM that boosts this aspect is operational CRM. If this is paired with its analytical counterpart, it creates a synergistic effect that would greatly impact customer satisfaction in your business.
In the first leg, operational CRM tools automate repetitive tasks for you. It also automates customer data collection. On the other hand, Analytical tools can collate information and customer experiences in a single CRM platform allowing your sales team to track and check customer data. These data will be analyzed and processed to give you information on your customer’s preferences. Furthermore, with cloud-based CRM, your sales reps, call center agents, and the rest of the team would be able to access the analyzed CRM data in real-time, too.
Given this synergy, the system allows you to understand the customer’s life cycle better. And when you truly know your customers well you will be able to provide a good customer experience. Having analysis reports on the trends and interests of these customers will give you an edge compared to other businesses that do not have Analytical CRM yet.
Plus you also have an added bonus. Since the CRM system processes data reliably fast, you can cater to customer questions, needs, and demands more quickly. So, you do not only give quality customer service, but you also entertain a higher quantity of customers in a shorter period of time.
It is good to note that although our day to day business process is important, we must also invest in tools that help us project future possibilities. For businesses that desire growth and expansion, it is necessary to do analysis and forecasting. And you do not have to do this the hard way because Analytical CRM is equipped with tools that can help do things easier and better.
With all the benefits listed above, if you do not have a CRM system yet it is about time for you to have one. These benefits will lead you to an increase in sales and ultimately reach your business goals.
If you’re looking for a CRM that can do all the services above at an affordable price, Saphyte CRM is good for you. You can contact our sales reps as soon as you can. We are available for you 24 hours a day 7 days a week.