4 Game Changing CRM Features

Over the period that I transitioned from middle to top management in my current organization, I was fortunate to bond and regularly interact with members of my teams in APAC and BRIC countries. These were turbulent times with the impending recession, competitors dropped like flies! Our employees struggled to keep the organization afloat, sacrificing their spare time meant for family and friends to gain a better foothold in the market. Our organization's "Colin Kaepernick" was a CRM solution that the Chief Information Officer or CIO had insisted on implementing regardless of the supposed financial implications during a downturn. She knew it would ensure consistency in our customer strategy and avoid the predicted churn. Our customers were mostly loyal, they advocated our customer-centric products to colleagues, friends, family and acquaintances - we needed to retain them while steadily increasing lead conversions.

4 Game Changing CRM Features
The organization is flourishing now, we implemented a CRM solution seven years ago. A couple of years after the initial CRM go-live, members of many teams felt we should make the software redundant and transition to a new solution. Our CIO upgraded the CRM, "This is when we reap the benefits of collating all the information we require - you've only seen the tip of the iceberg! After implementing a data mining solution, our teams will be equipped with actionable information to increase market penetration and coolly convert double the leads than before with a cross-sell analyzer and competitor dashboards. Our existing CRM data will ensure we are equipped with the data to build better rapport and sustain business relationships."

Without confusing readers from different countries and readers without hands-on CRM experience, I'll outline 3 features that helped my organization improve it's customers' perceptions of our brands and build a strong foundation for new business relationships generated through referrals and social media.

Four game changing CRM features:
1. Dynamic and simplistic CRM user interfaces 
UX is the key, with the right customization tools for creating layouts and adding fields, our customer facing users ensure minimal turnaround time for customer service related queries and complaints. A well designed UI increases the speed with which our users can access information without compromising the quality of data. Our sales team captures all the information required to accurately analyze customer needs and optimize future customer CRM strategies.

2. Social CRM
My marketing and sales teams can monitor and capture directly-to-CRM all posts from Twitter, Facebook, Google+ and LinkedIn with a single click that can generate new leads, pertinent feedback or insights on improving our offerings. Additionally, dashboards facilitate monitoring the impact of newer strategies on prospective and existing customers by analyzing user-generated content.

3. Real-time analytics
My organization's top management continually uses data generated through our CRM solution to study user performance across departments through system and customized reports. When traveling, they are often creating ad hoc reports using the report designer while waiting at a lounge or reception.

4. Objects' Toolboxes 
The CRM solution's customization toolboxes ensure permitted users can hand-pick and configure features that are an intrinsic part of their day-to-day activities to simplify their business operations. Permitted users can customize rules and alerts through the home pages of most objects to ensure each role has access to valid and secure information.

The CRM solution my organization implemented ensures minimal navigation to pull up lead, partner and customer details and reduces the time required to add information for numerous mandatory fields when creating records for existing and prospective customers. I sleep well at night knowing my teams are equipped to comply with our latest strategies. The CRM workflow streamlines the secure distribution of information internally and externally - both employees and customers are happy!

3 Ways to Efficiently Cross-sell and Upsell while Resolving Customer Complaints

You’re on the phone with a customer service representative, frustrated and irritated because your cellphone service provider has a consistent poor signal and painfully slow data download speeds resulting in calls being cut off and making browsing the internet sometimes impossible. The customer service representative or CSR who is trained to maintain his cool and keep an upbeat attitude even in the face of pure wrath from a customer, finishes up the call by saying, “Sir, could I interest you in signing up for our wi-fi option for your home?”

“No thank you!” you almost scream in annoyance while making a mental note to immediately start looking for another service provider.

The above is an example of poorly executed cross-selling and up-selling which will impact customer retention.

Two reasons the CSR failed to upsell:
  • Lack of empathy: Following a script and giving a sales pitch which was clearly not going to add value to the customer, and was being presented at an inappropriate time.
  • No active listening: This was a customer who was highly irate, the last thing he wanted was an offer of another product when he is already having a bad experience with the current product's services team.
Attempting to cross-sell and up-sell to customers while solving their problems or complaints can be tricky. Get it wrong, and you can lose the customer for good. However, it can be effectively done if you know how to go about it and make intelligent use of your CRM software tools to help you.

What are cross-selling and up-selling:

3 Ways to Efficently Cross-sell and Upsell while Resolving Customer ComplaintsCross-selling: Suggesting or offering horizontally related products or services which relate to or enhance the core product being purchased. The most common example of this comes from the fast-food industry. “Would you like fries with that?” A simple, inexpensive addition to your order, but every extra $1 fries across the country makes a significant difference to the company’s bottom line.

Upselling: Suggesting or offering vertically related products of a higher value. Using the fast-food industry as an example again. “Regular or Large?” “Would you like that super-sized?”

The travel industry uses this up-selling technique as well. Have you noticed that as you get to the end of your online flight booking, another window will pop up asking you “Do you need a rental car?” or “Do you need a hotel?”

Call center agents can capitalize on this this crucial marketing and sales technique when dealing with customers to make a huge difference on the profit and loss statement., but, need to know how to do this correctly.

3 ways to ensure CRM success through effective cross-selling and up-selling:
1. Resolve the customer’s complaint: Your business' top priority should always be to take care of your customers. Happy customers become returning customers and advocate specific brands and services to their circles.

So, when the CSR is dealing with a customer grievance, their first priority is to resolve the customer’s complaint efficiently and effectively. Even highly disgruntled customers can be defused when handled correctly. This builds trust and once re-established, only then should an attempt be made to do selling of any kind to the customer.

Here’s an example of effective cross- and up-selling while resolving the customer’s problem - a customer who is not very tech-savvy just bought a PC with a small hard drive not realizing that he in fact requires a much larger hard drive for the amount of data he needs to put on the computer.

The CSR can recommend swapping his current PC with an alternative PC with a bigger hard drive which will cost a bit more, but meet his needs (up-sell) or suggest buying an external hard drive (cross-sell) which will be cheaper than a whole new computer. Both solutions solve the customer’s issue and the company ensures it provides the most appropriate solutions to build a good relationship.

2. Data mining and analyses: One of the most useful aspects of CRM for customer services is its 360 degree view of the customer that shows all contacts, deals, complaints, contracts, open/ closed activities, etc. for a person or company displayed through a single window. By analyzing the data, users can pinpoint what the customer is likely to purchase based on past purchases and existing requirements. Understanding the customer’s purchasing behavior and preferences can be used to provide that personal touch and make the interaction a positive one.

When call center agents have quick and easy access to holistic customer information, it empowers them to intelligently recommend a best fit product based on:
  • Product's value: If their purchase history shows that they buy consistently high-value items, they are not likely to opt for a sales pitch on a cheaper, more inferior product. Similarly, if they tend to prefer lower-value products it shows that this is a budget-conscious shopper. Do not try and sell them a top of the range, highly expensive product.
  • Past purchases: If the customer’s history includes buying accessories, go ahead and cross-sell, but pay attention to the type of accessories they tend to buy.
3. Offer value and meet the customer’s needs
If you’ve settled the customer’s grievance, gained some trust and scanned their purchase history, you can now move on to building more rapport with the customer. This means employing a technique called 'active listening'-
  • Listen for cues: If you hear frustration, reassure the customer that you understand where their frustration is coming from. Pay close attention to whether frustration has eased off. If it has, the customer may now be more open to buying more products.
  • Listen for clues to what the customer needs or expects: This, coupled with the data on their buying trends is the key to making a suitable recommendation on a product that meets their need and/or also offers value. Gauge their value expectation because many customers are happy to pay a higher price for a better quality product that will last longer.
Customers are more responsive to products or services that offer value rather than having unnecessary products rammed down their throat and sensing a purely money-making motive behind it. The best time to cross- or up-sell is usually towards the end of the conversation when the CSR has dealt with the pain points and gleaned enough information to make an appropriate recommendation.

Don’t be pushy! Amazon does this very subtly with their recommendations, “Customers who bought this item also bought”.

Most importantly, a part of active listening is taking cognizance of when no sales pitch should be attempted. Don’t just follow a script and in a robotic tone, push products that are totally unrelated or ill-timed. A highly irate customer will not be open to any selling and it may antagonize them further.

CRM user's cross-sell analyzer
Although it is challenging, complaints and grievances when handled expertly can enhance customers' perceptions and often offer the ideal opportunity to make a fresh sale. Ensure a consistent and continually improving cross and up-selling strategy with CRM analytic and customer services automation. An effective CRM solution has an automated 'cross-sell analyzer' which can optimize selecting the best fit product when selling to an existing customer - it displays multiple options for products based on the user's inputs related to the prospect's propensity to buy or budget. Carefully targeted cross-selling and upselling can enhance relationships and build customer loyalty.

6 Ways CRM Facilitates Evaluating and Exceeding Customer Expectations

6 Ways CRM Facilitates Evaluating and Exceeding Customer Expectations
Customer expectations are at an all time high. There was a time when customers would settle for a slightly noisy mixer or a hair dryer that needed a little plug jiggling before it worked. But, not anymore. With the kind of choices that besiege customers in every market, today’s informed customer will settle for nothing but the best. This means to gain and then furthermore retain every customer, the company has to make a conscious effort of not only meeting customer expectations, but in fact, surpassing them by a mile. While this may be seen as a daunting task for few, preempting customer expectations doesn’t require psychics or mentalists. To get that 'wow' factor, companies simply need to go a bit further than usual to ensure that customer experiences are always made special.

How to preempt and exceed customer expectations

1. Listen
Encourage feedback from customersThere was a time when mothers taught their kids that ‘if you can’t say something nice, don’t say anything at all’. But that was before the dawn of the era of social media. There are people that turn to social media platforms only to vent. And it is often these people that have the largest number of followers, not because they ruthlessly review and bash products but because blunt truth about a product from an actual user is often the most relied upon advice for prospective customers. Rather than subscribing to the motto of ignorance is bliss, companies need to be proactive and immediately react to any negative comment posted. Any kind of immediate action, either addressing the complaint or apologizing for the bad experience, restores half the damage done. At the end of the day, the customer wishes to be heard and negative feedback are often the best way to understand where a company is going wrong and how to rectify the mistake, so that the next best action can be taken. Simply addressing the complaint won’t help because treating the disease and not the symptom is what will ensure success for the company in the long run.

2. Happy employees, happy customers
Employees are the first customers of a company and so, a happy employee means a happy customer. Employees will often be the first ones to have a review or opinion about a new product and many prospective customers blatantly ask employees their views about products. So, a happy employee automatically translates into increase marketing, increased sales and satisfied customers. This is proven by the fact that there was once a customer review on an online travel booking site that said despite the hotel being average in terms of quality and price, the trip was made memorable by the helping staff and smiling receptionist.

3. Be innovative
Many companies run in the opposite direction when they hear words like ‘change’ and ‘innovation’. However, change and innovation needn’t always be all about increased expenses, too many new things and a disturbed routine. Innovation is more about thinking out of the box. An example of this would be what a Bed & Breakfast (B&B) in Manhattan did to reinforce a customer’s positive experience. On a hot and humid day, beside the customary water coolers in the hallway, the B&B had placed two bowls with water for any pets that customers may have. While the B&B in itself always offered a good experience to its customers, it was this small gesture that people remembered and talked about all through the summer. This word of mouth publicity generated hardly cost the B&B anything and only helped increase business. Another example of innovation would be when NASA was looking to make a spacesuit before sending the first man into space. While many were thinking along the lines of creating a thick suit that would act as an exoskeleton, the answer finally came from, of all places, a women’s innerwear company. Playtex realized that if they combined the latex used in their manufactured girdles and the nylon tricot from their manufactured bras, they could make a pretty resistant spacesuit that could tolerate the harsh conditions in space. Thus, the answer to NASA’s problem came from an innerwear company. The instances where innovation helped save a company or at least increase its sales are aplenty. In short, what is needed is a plan to really go out of the way and offer the customer a whole new memorable experience.

4. Be transparent
Genuinely innovate instead of just adding bling. Today’s customer is smart enough to spot old wine in a new bottle and this move may backfire so badly that it could lead to mistrust and loss of customer loyalty. The last thing a customer wants is to be fooled. A good example would be of a financial services firm in the U.S. that advertised schemes involving their credit cards, only for customers to later find out that the schemes and fees involved huge amounts of hidden additional charges. This led to several complaints being lodged and finally, the company was slapped with a whopping USD210 million fine by the Consumer Financial Protection Bureau for cheating customers in an attempt to make a quick buck. The existing customers that were yet to be duped, needless to say, backed out immediately, leading the company into a financial crisis, with 90% of its second quarter earnings seeing a drop. Thus, this kind of a short sighted approach led to severe mistrust, loss of customer loyalty and subsequent churn.

Similarly, plastering a ‘sale’ sign on an entire rack or section of clothing, when in fact the discount is only valid on a few items, hidden shipping charges and surcharges, etc. are all means of cheating customers. We’ve all been there and the one lesson learnt is to not go there again. So, the primary focus of every company that wishes to be in for the long haul is must be on building trust and customer centricity.

5. No variety, no business
Many companies feel that if they offer customers only their products, then customers will be compelled to buy them and sales will go up. A case in point would be a well known pharmacy chain that stocked only their brand’s drugs and medicines. Often, patients came with prescriptions that had generic names or relatively more common drug names. However, they were instead given the brand’s drugs, which had the same ingredients but not the brand name. Not knowing the exact ingredients in the medicines and not wishing to deviate from the prescription given by their physician, customers started flocking other pharmacies in the area instead. This made the pharmacists realize that their move of stocking only their products, hoping it would increase sales was completely backfiring because most customers were instead going to other pharmacies. So, in short, the customer must get exactly what the customer wants.

6. It all boils down to understanding the customer better
A simple solution to customer related worries is a well placed CRM software. CRM helps to understand customers better because of its analytic and social CRM. An effective CRM solution helps to bring together and analyze all kinds of customer related data which can generate valuable insights and actionable intelligence. Customer data points from call center conversations, emails, social media discussions (including views, reviews and feedback) and basically every source of the web is accumulated. Using this data, customers can be grouped according to their behavior or satisfaction levels thereby allowing the company to not only understand customer behavior and reactions, but, also enables identifying customers that could prove to be most profitable for the company. This way, the company can then treat them to special offers and discounts, so as to increase customer goodwill and loyalty. Furthermore, customer feedback can be given top priority because one customer with a bad experience can have a domino effect with the subsequent loss of additional customers. So, addressing customer complaints at lightning speed and more importantly, addressing the root cause of the complaint will lead to a happy customer and an increase in sales.

So, when it comes to all things customer related, CRM software is the most reliable and flexible. A well oiled machine that basically digs and reveals all the information and insights one needs about their customers! CRM software can be the differentiating factor for companies that simply wish to keep their customers happy and those that wish to surpass their customers’ expectations by a mile thereby optimizing customer experience.

4 Key Hurdles Associated with Big Data and How to Overcome Them Using CRM

4 Key Hurdles Associated with Big Data and How to Overcome Them Using CRM
The new buzz word today for all companies is ‘big data’. Everyone wants to be a part of the latest revolution that is integrating, analyzing and managing large volumes of data. Data in itself is simply hoards of useless information, but, when deciphered and analyzed, it could help understand important strategic pointers such as customer trends and market preferences. These are two weapons that every marketing executive wishes to possess so that their next best action can be accurately determined. However, integrating online search data alone is a huge and voluminous task, unless integrated smartly and efficiently. Many company head honchos are apprehensive about integrating large volumes of data, not just because this is an uncharted territory, but, because there are considerable risks and problems involved with big data.

Hurdles encountered while using Big Data
Rephrasing the advice Spiderman was given - "With 'big data' come 'big responsibilities'"! While large volumes of data may be seen as a gold mine, there are always risks involved with it. These risks include confidential information being accessed or exposed and transfer of data outside the required area or departments.

According to a survey by Voltage Security, three in four respondents said that the risks and security issues involved with big data was a cause for worry for them. Furthermore, more than half of them also said that it was these associated risks that were preventing them from tapping into the potential of big data. Despite the best intentions of companies and their employees, there is always the risk of data and sensitive information falling into the wrong hands. This could lead to the data being abused and misused by certain unscrupulous employees or outsiders. This is because data that is collected can usually be freely accessed by company analysts and external contractors too. Anyone wishing to harm the interests of the company could use this data to extract information about customers; and then there’s no saying what kind of financial or reputation related harm could be done with the information obtained.

1. Lack of proper approach: Unfortunately, many companies tend to view big data as a burden rather than a source of highly profitable information. The main reason for this assumption is that they feel there is no comprehensive approach for centralizing the hoards of data accumulated. This fact was further proven by a survey taken by LogLogic, which showed that nearly 60% of the over two hundred security officers that were interviewed, stated that they were using fragmented systems for gathering data, not managing log data or using antiquated spreadsheets. In this manner, the survey concluded that without a proper and systematic approach to sort big data, all of the information gathered is useless. A proper analytic tool can help to streamline data, so that it can be sorted and sifted through easily, but, more importantly, a strategized approach can help kick start the process in the first place.

2. Obtaining relevant data and forwarding it to the concerned persons: Besides a proper approach to obtaining and processing big data, a major problem encountered also includes obtaining the right kind of information and then sharing it with decision makers. It is easy for one to get buried under the huge amount of data obtained from various sources and hence, once a systematic approach to collating and sorting the data is established, it must be implemented for profitable results. So, once data is mapped there needs to be a way to sort the important and high priority data from the seemingly insignificant data and then a way of forwarding this data to the concerned persons so that actionable results can be taken.

3. Analytical tools to infer and obtain insights from data: Data obtained is always huge and on its own, doesn’t necessarily provide information that is helpful. It needs to be sliced and evaluated in such a manner that it can be analyzed and useful information can be extracted. The right CRM analytical tools can help data scientists organize and utilize the data so that customer trends and market conditions among other things can be known from the volumes of data obtained. Thus, analytical tools need to be used, including data visualization tools, to sort volumes of data into meaningful information.

4. High demand and low supply of data skills: Data scientists are specialists that are equipped to deal with and interpret huge volumes of data. They help to not only understand customer trends obtained from innumerable sources ranging from the internet to complaints lodged but also aid in predictive analysis and corrective measures that the company take to better its profit and reputation. There is a severe shortage of such skills in the market and organizations need to hire the right kind of people if they wish for the never ending data being added to their collection to make sense.

Overcoming hurdles to tap into the potential of Big Data using CRM
As far as the issue of security concerns goes, companies need to plan everything in advance so as to minimize the risks of letting sensitive data fall into the wrong hands. Cyber criminals are well known for their access to technology that can break through protected files, they are professionals who have very competent capabilities in their field, which is why the company needs to think and plan in advance. A well placed and effective cyber-resilience module, with preparedness strategies in case such an event occurs will ensure that no financial or reputational loss is incurred by the company. Employees must be trained to strictly adhere to company data usage policies, with repeated warnings of dire actions to follow in case they do not. Creating protected and restricted files, which can only be accessed by a select few will also help this cause. This can be done by using a filter at the very step, wherein sensitive data is immediately directed to and stored in restricted files as soon as it is collected. Also, certain businesses that rely on external supply chains for their incoming raw materials should ensure that these outsourcers and business partners have well maintained security practices in place as well. Therefore, although data stored usually has certain inbuilt security features, by the addition of more stringent settings, data can be thoroughly protected without any worries of misuse or abuse.

The entire point of CRM solution software when it comes to big data is to ensure that it is thoroughly processed and then suitable inferences are drawn. Once the employees are trained and they get into the habit of using CRM, big data will hardly seem like the daunting monster it is perceived to be. Rather than treating large data as an uphill task, it should be treated as a challenge that will yield positive outcomes which will benefit the entire organization. Thus, although big data may seem like a scary and overwhelming undertaking at first, with the help of a suitable CRM software, starting with baby steps, this data can be smartly integrated and analyzed to uncover hidden gems in the form of existing customer trends and predictive market trend information that can give a company an edge over their competitors and encourage repeat business from loyal customers.

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4 Key Reasons CRM for Insurance Ensures Higher Profits

Insurance companies are all about the management of risks in ways that mutually benefit the organization as well as their customers. However, insurers traditionally have been known to shy away from bets that are highly risky, allowing them to pay out less than they receive. This gives them the opportunity to enhance profitability by making investments using the amounts received via insurance premiums. The attitude prevailing for the longest time in this industry has been that if the bet is sure and safe, why take unnecessary risks by changing too rapidly or drastically?

Oscillating and highly unpredictable stock market performances across the globe create several difficulties for insurance companies, and forecasts say that the trend is likely to continue. In response to this phenomenon, the typical revenue-churning mechanisms of the insurance industry have not really been performing up to expected standards. As a consequence, a whole lot of pressure is created on insurance organizations to seek out fresh ways to ameliorate revenues and lower operating costs, in order to offset dwindling ROIs.

Enter CRM for insurance
Trust is a vital essential when it comes to money matters. By offering streamlined and professional services coupled with conditions that are attractive as well as mutually beneficial; insurance companies are able to establish long lasting and trusting relationships with their customers. For the most favourable consequences, systems that help lower costs and elevate profits are crucial. A comprehensive and efficacious Customer Relationship Management (CRM) solution comes into the scenario, and helps achieve this goal. Also, ‘insurance industry specific’ business requirements are fundamentally the driving force behind a majority of insurance projects where the “power of cloud” has been capitalized upon.

In a broad sense, CRM solutions applied in the insurance industry help bring to fruition the following larger, fundamental objectives:
1. Transforming the sales force
Holistic view of an Account
Most often, insurance companies capitalize on new opportunities by modifying and adapting their offerings in accordance with ever-changing needs of growing, evolving markets. To illustrate, the life insurance industry has to constantly handle complex payouts that need to be attended to after one of the policy holder’s demise, as a result of which the industry has developed great expertise in managing the same. However, in order to constantly retool services and products, the industry requires highly flexible sales automation tools, primarily so that their sales force can always stay abreast of every latest offering. CRM solutions help achieve the same.
2. The mobile way
Activity management on the go
Today, every facet of business has to be made accessible on smart phones, tablets and the likes. The insurance sector is no different, and every sales person in this industry has to offer products, services and support on mobile devices. Accordingly, insurance firms also need to make their CRM software more ‘mobile’ so as to speak. The driving business logic is simple – to give field agents quick and easy access to complete broker and client information so that they are able to approach customers with the most appropriate and profitable proposals, and crack the best deals. The streamlined tools offered by CRM software are instrumental in ‘going mobile’ in the true sense.
3. Optimization of contact center
Ensuring compliance to SLAs
Insurance organizations strive to ensure that every single inbound call is resolved by the customer service agent who first receives the call, i.e. FTR (First Time Right). It is no surprise that insurers have therefore been maintaining a tight ‘contact center’ focus for quite some time now. With the added dimension of social media in contemporary businesses, a clear relationship has been proved between business returns and technology investments. These days, a lot of business is taking place online, in real time, through social channels like Twitter, LinkedIn, Facebook, etc. By investing in a holistic, modern CRM solution, insurance companies can seamlessly integrate diverse customer data originating from a variety of sources including social media - at the same time, the quantity as well as ‘issue resolving’ quality of calls that agents can handle on a per hour basis witness a boost.
4. Social ‘listening’
Analyze user generated profiles
Insurance companies can pick up important business cues by scrutinizing customers’ social media profiles and thereafter streamline their offerings more intuitively. Understanding this, several insurers are going all out to adopt social technology rapidly so that they are well equipped to pursue fruitful projects. By closely monitoring social networks to check for favourable mentions, and also attend (in real time) to distraught clients in need of urgent assistance, insurance organizations show that they are actually “listening”. Direct linkages between social platforms and CRM solutions help achieve all of this and more. Some of the other significant benefits of Insurance CRM:
  • A CRM solution provides instant access to all the requisite customer data at just the touch of a button, thereby enabling insurance companies to offer superior and extremely professional services to their clientele at all times.
  • Since every employee is armed with exhaustive and up-to-date information at any given point in time, they are empowered to offer customers the right information as and when required. Customers therefore appreciate the reliable services and stay loyal to the organization.
  • Document management (forms, offers, minutes of meetings, reports, contracts, letters etc.) is made a lot easier with CRM software. By enabling the storage of various kinds of documents in a central database, CRM systems help internal as well as external employees to access any document as per their need and convenience. The speed and ease with which documents can be managed and found, largely elevates workforce efficiency.
  • An insurance CRM solution helps link all departments and subsidiaries to a single knowledge database. Insurance companies comprise of a huge network of branches, field personnel, and numerous independent advisors. All of them need constant access to a centralized information repository that contains comprehensive, complete and updated data.
CRM systems help consolidate and centrally store scattered information, thus allowing subsidiaries and departments to have quick and easy access to the same information at any given time.

Having understood the fundamental advantages of CRM in the overall insurance industry, let us take a look at how CRM software specifically benefit the Life Insurance and P&C Insurance sectors.

Life insurance

  • Speed and real time collaboration: CRM solutions assist in faster resolution of cases and also in increasing underwriting throughout the organization.
  • Driving sales growth: An integrated and all round customer view made possible by a CRM software helps in highlighting crucial sales opportunities among new leads as well as existing clients.
  • Management of claims and policies: CRM software when utilized in the life insurance segment help in achieving a centralized policy information view. This view which is shared across the various product lines and departments, can then be leveraged to create better marketing strategies and also for trend analysis.
  • Document management: Insurance document management systems that are surfaced in CRM software bring about a seamless experience for insurance personnel.
  • Systematized marketing: With a comprehensive CRM solution in place, an insurance company can create unified, multi-channel marketing campaigns. Simplicity in tracking responses and close rates is also made possible. A standardized customer view helps streamline marketing efforts with a single voice, and targets for ROI enhancements can be easily reached.
  • Multi-system integration: Customized and existing application systems and underwriting policies can be integrated with a single, complete customer view.
  • Performance management: CRM solutions not only help bring about a 360 degree customer profile view, but also an all round agent profile view. The systems create clearer visibility into each interaction – be it phone calls, emails, call reports, tasks, appointments, etc. Further, agency visits throughout the company are simply compiled into a single customer view. All the Key Performance Indicators (KPIs) which are stored across varying, multiple systems can be easily and wholly integrated enabling dynamic measurement of various aspects – such as performance by line of business, agency segmentation, loss ratio, historical agency data, submissions and premiums year-to-date, net promoter scores and a lot more.

Property & Casualty (P&C) Insurance
The above mentioned advantages outlined for Life Insurance apply to P&C Insurance as well. Apart from this the following additional benefits are also achieveable with CRM success:

  • Consolidated policy holder information: CRM solutions help identify important connections between household members and policy holders. CRM also brings about the requisite integration between sales, marketing and service departments/functions thereby allowing service representatives and agents to access information across various departments, channels, product lines and/or intermediaries at amazing speed.
  • Exclusive business entity models: A good insurance CRM solution helps build exclusive business entity models that bring greater visibility into the connections between policies, agencies, agents, household members and clients. The consolidated customer view helps in efficacious deployment of CRM strategies designed specifically to suit to needs of the insurance industry.

In the insurance industry, CRM solutions bring about prolific transformations from being policy-centric to becoming agent and customer centric organizations. CRM software enable insurance companies to have an all-round customer view and thereby conduct sales, marketing and customer service activities more effectively and efficiently.

Contemporary, forward-looking insurance companies are more than willing to embrace modern CRM technologies and approaches; and revise their existing business practices so that operating costs can be lowered, revenues can be significantly boosted, and absolute customer satisfaction can be achieved. This is because the insurance industry now understands that in order to reap handsome rewards, intelligent management of risks is an imperative. For every industry in general and the insurance industry in particular, not taking timely action to battle with a difficult economy and dynamic market conditions is by far, the biggest of all risks.

8 Reasons CRM Software Reduces Expenditure and Increases Productivity

8 Reasons CRM Software Reduces Expenditure and Increases Productivity
Increasing organizational efficiency with CRM
When considering the implementation of a CRM solution, most companies think of the obvious reasons this software can benefit their business - increase sales and revenue! What most people don't consider is that CRM software is an effective and proven way to reduce costs.

So that’s a great double whammy – increase sales and cut costs, which again, means more revenue! A few simple things to consider-
  • The cost of initial CRM setup and implementation?
  • Which model - cloud CRM or enterprise CRM? 
  • Software purchasing and licensing costs? 
  • Will there be ongoing subscription costs? 
  • Are there upgrade fees?
  • Will the CRM solution be cost-effective and future-proof? 
  • Deployment of software (converting all business operations to the new software, training users and sometimes loss of productivity while training them). 
So, before implementing CRM, first be clear on what type of system best suit your company’s needs. You want to be sure the CRM software solution you choose will be worth the money and lead to a good return on investment (ROI) in the middle and long term.

8 ways a CRM sofware can effectively reduce costs for your business:
1. Simplify secure information sharing across the company
CRM supports integrated functioning across all departments. All departments and roles can use the system and view all interactions taking place with the customers from across applications. Also, activity management ensures open and closed records are accessible to all related participants and stakeholders.

An effective CRM makes access to information easier. No more running around from department to department chasing invoices, quotes, correspondence and digging through your mailbox for emails, or trying  desperately to locate the last interaction customer service had with the customer. Everything is in one place - saving time and costs. Also avoiding delayed responses to customers which causes them frustration.

An integrated IT infrastructure means connecting various tasks, for example, ordering and billing combined into one easy function which improves productivity and lowers administration costs.

2. Lower production costs
CRM solutions, such as those for retail, are able to provide a daily stock inventory which also feeds into the ordering system. Items that are selling fast are identified and can immediately (even automatically) be placed for reorder while items that are not selling are temporarily discontinued. This means the business does not run out of fast-moving stock and does not waste time and money manufacturing products that are not in demand which will end up taking up space in a warehouse and possibly be discarded or perish - a huge waste of money and resources!

3. Reduce new customer acquisition costs 
Acquiring new customers incurs a cost. There is the sales force’s time and their basic salary, travel allowances, cellphone allowances, marketing campaigns, telephone bill (making calls to prospects/ following up on leads), internet bandwidth (email, direct marketing) and a host of other costs to try and land a customer. With an effective CRM in place, as customer satisfaction levels spike, a large volume of referrals and word-of-mouth advocacy is generated leading to an exponential growth in warm leads. In addition, running successful campaigns for target audiences through your CRM solution also ensure larger lead conversions and better win ratios for deals. 

4. Streamline the sales process
Sales force automation helps the sales team work more intelligently. Via the dashboard they can keep track of new leads, schedule a date and time to contact new prospects, book appointments, schedule follow-ups, manage quotes and orders, set reminders and identify stalled opportunities. This significantly reduces the time, and therefore the cost, in closing a business deal. This means faster sales, at a lower cost and frees the sales rep up to continue pursuing new customers which increases revenue.

5. Reduce duplicate customer records
We all know how irritating it is to have more than one sales person or telemarketer contact us with the same proposition. Irritate a potential customer and you’ve lost him for good! Another benefit of CRM for the sales team is reducing duplication of lead and customer records through complete transparency in identifying and displaying suspected names along with a quick follow-up action. Because all relevant members of the sales team can have access to the customer account, each rep can view who has contacted the customer and the outcome. As a result, the sales rep does not waste time and cost by contacting a customer who has already been approached, thereby risking alienating a potential customer who feels harassed.

6. Minimize travel expenses
Sales reps are out on the road most of the time and their travel expenditure can be on the high side.

Now, picture this scene, a sales rep rushes from seeing Client A in one area, all the way over to another area to see Client B and then over to another area to see Client C. Not only is this running up fuel costs, but, in the meantime, the rep has spent hopping the city, he could have seen a few more clients.

CRM solutions enable the sales force to filter and view all clients/ prospects in the same vicinity and schedule his day for this specific area, resulting in less frustration, less fuel consumption, more client visits and a better use of the sales rep’s time. 

7. Improve customer service 
CRM improves agent efficiency by making them capture service issues quickly and with a bird’s eye view of all customer interactions at their fingertips they can deal with the issue effectively the first time and simultaneously build rapport to raise customer satisfaction levels.

8. Create a self-service customer portal
CRM self-service tools include automated systems to help in cost reduction. A 'self service or customer portal' (SSP) is a strategic way to ensure quick turnaround time for creating and resolving cases without pressuring your call center staff.

In addition, customers can use various communication touch points, such as a form on the website, which reduces person-to-person time, administrative costs and overall costs of customer service, to share their queries or request information. The website form can feed back to the CRM software to create a record with basic customer information which can be used to generate automated response messages like informing the customer that their query will be attended to in a few working hours. A quick survey on the website to capture how the customer rates the service becomes a useful tool in measuring the quality of service and identifies areas of concern that need to be improved.

With CRM software, new records can be automatically assigned to the most specialized users through workflow rules on the basis of their type, territory, product, etc. and follow-up action can be ensured through escalation and conditional rules.

While cutting operational costs is important to the bottom line, companies should not do this to the detriment of customer service, but ensure that improving the level of customer experience is still uppermost on their agenda. This is, after all, what translates to a "healthy" bottom line. Happy and satisfied customers equal a healthy bank balance! CRM success increases profits while keeping expenses as low as possible without compromising on the quality of goods and services available for customers.


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3. Why you should gamify your CRM system today?

Implementing Banking CRM to Reduce Churn and Boost Profits

CRM software for banking helps in very successfully achieving a 360 degree customer view through the integration with diverse data from multiple existing core banking systems. This amalgamation not only helps in collating and organizing data stemming for a scattered variety of sources, but it also helps in systematic analysis of vital customer information, ultimately leading to the conversion of the analysis into actionable insights.
Implementing Banking CRM to Reduce Churn and Boost Profits
Broadly speaking, CRM solutions applied in the banking industry bring in several immediate benefits, as outlined below:
Flexible Deployment
Since the financial services industry in general, and banking business in particular, is plagued by complex regulatory and security issues, deployment processes are often delayed. However, a good banking CRM solution offers several options that carefully take into consideration the bank’s security model, budgets, as well as long and short term infrastructure strategies – irrespective of whether the bank is using a cloud, hosted or hybrid approach. This flexibility brought about by state-of-the-art CRM solutions makes them an intelligent choice in the financial services business, particularly banks.

Contemporary CRM banking solutions include enhanced mobile capabilities embedded within them. As a result, these solutions can easily be accessed even when people are on the move, through smart phones, tablets etc. 24 x 7 connectivity is thus ensured and banks can always stay connected to important prospects, clients, and opportunities. A great banking CRM software offers a plethora of mobile options - starting from free mobile browser solutions, to native mobile clients built for specific devices and operating platforms, moving higher up to mobile portal frameworks that the banking environment can leverage.

Integration with Outlook
In order to ensure quick results; and easy, fast user adoption, many banking CRM systems offer access to account information through an experience as close as possible to Microsoft Outlook (since it is most commonly and widely used). All of the bank’s enterprise contacts are comprehensively and centrally managed in the CRM solution, however, the integration between Outlook and the CRM solution allows contacts to surface even individually in Outlook. Workflows within the CRM system are so designed that appointments, tasks, emails etc. can be pushed into Outlook in order to facilitate efficient and timely collaboration throughout the financial organization.

Having understood the general benefits, let us now take a look at the distinctive and purpose built Customer Relationship Management solutions designed specifically for commercial and retail banking; wealth management and credit unions. These CRM solutions when viewed categorically can help understand how they are instrumental in assisting every bank and banks’ team members to service, market and sell efficaciously; and thereby offer an unmatched customer experience.

I) CRM: Commercial Banking

Amalgamation with core systems
Banking CRM is a unified and all-encompassing repository of customer information – and the correct integration of this customer data with sales, marketing, lending, service and other core banking systems is enabled by the CRM.

Process streamlining
Multi-stakeholder process such as RFP responses, onboarding etc. can be efficiently automated and streamlined thanks to the agile workflows that are tailor-made specially to suit the unique needs of commercial banking.

Enhanced collaboration
CRM empower commercial banking units and the other LOB users to collaborate among themselves, increase referrals, and also establisher broader and more meaningful relationships with their clients. Equipment financing, commercial real estate lending, small business lending, mid market lending etc., all will be equipped to share the same customer views, thereby enabling better and more productive coordination about strategies and activities, finally leading to superior business results.

Discovering opportunities
CRM solutions help banks discover increased opportunities to up-sell and cross-sell varied financial products to prospective as well as existing clients. The solutions also bring about growth in revenues by establishing higher levels of efficiency in every client lifecycle stage.

Superlative customer experiences
Banks are able to build a corporate culture that is focused, dedicated, and completely customer-centric. The 360 degree customer view enabled by banking CRM systems also helps members throughout the banking organization across all teams, to sell and service with utmost focus and effectiveness.

II) CRM: Retail Banking

Merging seamlessly with core systems
As in the case of commercial banking, even in retail banking, it brings about a unified and single customer data source that are well integrated with sales, marketing, lending, service and all other core banking systems. Further, in retail banking, when there is seamless integration with branch and teller systems, all the members in the banking organization who are customer-facing can easily become an integral part of the sales and marketing team, as they bring in added value into the bank.

Better account management
With the 360 degree customer view enabled by a CRM solution, banks become more sought after because of the switch that happens from being account-centric to customer-centric. Also, account information can be surfaced  easily rolled up into household accounts. Overall, CRM systems applied in retail banking usher in enhanced household, customer and account management.

Efficiency in marketing
Marketing automation makes it easy to build customer or lead lists as well as create, track, and follow up on targeted cross-selling and up-selling marketing campaigns. True ROI becomes visible when campaign activities are synchronized with referrals and closed opportunities.

Distinctive customer service
Customer relationship management solutions used in the banking industry provide easier access to consolidated customer data sets and tools that automate collaboration across and within departments. They also allow rapid and more focused follow ups which are an essential component of delivering topmost customer service and streamlined service delivery.

III) CRM: Wealth Management

Reporting in real time
CRM solutions when applied in the wealth management arena offer consolidated views of transactions, portfolio holdings and market values. Tracking of commission activities and fees are also made easier. This apart, establishment of internal production objectives, identification of ‘at- risk’ customers and household growth opportunities, and streamlined management of sales pipeline is also made possible by leveraging relationships.

Client Document Archiving and Management
Centralization of investment proposals, research reports, prospectuses, financial planning hypos and other documents become a breeze using CRM systems. Further, the management of onboarding and AML / KYC compliance documentation and paperwork is made less complex, all this in perfect sync with hassle free document system integration.

Service and activity management
Planning, managing, tracking, and monitoring of every communication and activity between financial organizations and their clients become simple using CRM. Additionally, the automated workflows give reminders to support personnel and advisors regarding pending tasks, review meetings, etc.

Management of events
Wealth management involves a host of events required to be held ranging from client interaction/ appreciation events like dinners, lunches; educational and informative seminars on college savings, state and retirement planning, and so on. It facilitates rapid and efficient tracking of responses and consequent opportunities that arise, ultimately helping to thoroughly comprehend the actual ROI generated by the organization’s events.

Contact Household management
CRM solutions applied in the wealth management space help to identify, track and correctly manage relationships between prospective clients, existing clients and households. Also, a holistic, 360 degree view is achieved of the entire financial product portfolio, along with the complete clientele’s household assets and liabilities.

IV) CRM: Credit Unions

Process streamlining
It builds flexible workflows particularly for credit unions, which in turn helps in streamlining and automating cumbersome manual tasks and processes such as account opening, referrals, etc.

Enhanced marketing efficacy
Marketing automation brought about by a well planned and well implemented CRM solution, largely simplifies the process of building detailed member lists and profiles. Creation, tracking and following up on the targeted up-selling and cross-selling campaigns is also made less tedious and time consuming. When the campaign activities are systematically synchronized with referrals and closed opportunities, the true, real ROI comes to light.

Comprehensive MRM Solutions
As discussed above, a holistic, all-round view of members (that CRM systems provide) makes any financial organization give higher weight-age to member centricity in comparison to account centricity. This means that organizational efforts are directed more sharply towards the member rather than the account. CRM allows account information to be surfaced in the system, and thereafter rolled within member household records.

Member retention
Advanced CRM solutions help in identifying in real time which members stand at the crossroads of hardship and which members qualify for additional services, thereby helping in focusing and directing services accordingly, and in proactively being a trusted advisor. This ultimately results in high member retention.

Summing up
Implementing Banking CRM to Reduce Churn and Boost Profits
Leveraging social media profiles to build rapport
Comprehensive and efficacious Customer Relationship Management solutions used in banks and other financial organizations have undergone a major evolution from being merely customer facing applications to an absolute and intelligent customer-centric strategy - a strategy that takes care of the entire cycle beginning from customer interaction, progressing on to branch operations managed through a centralised set of activities. In the hyper-competitive and constantly buzzing world of finance, it is an effective CRM solution that brings order in the chaos!

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Evaluating CRM for Marketing Automation

Customer Relationship Management (CRM) is potentially the most appropriate approach in creating and sustaining relationships with customers. CRM not only translates into business, but, also facilitates inter-personal bonding with the vendor and the customer. Such personal and emotional bondage with people ascertains that the business reaches newer heights of success. These relationships help to gauge actual customer needs and serve them in a better way.

Nowadays, the launch of a new product in the market raises the bar of competition a few notches for every business across industries. The changes in the market happen at lightning speed these days, most business houses cannot sustain themselves merely on their products and services. Every company has umpteen competing companies, the customers are spoilt for choices and are prone to churn. Not only are they very careful before choosing a product; they are also aware of similar products and their reviews - thanks to the social media.

7 reasons CRM software for marketing ensures success
In today’s current scenario where there is cut throat competition, every organization is encouraged to have an erffective future proof CRM solution that can manage ever growing business needs. The following points can define the role of CRM in every organization:
  • Customer information: a CRM software displays a clear view of the existing and potential customers, usually through a single interface with integrated inputs from multiple external systems. This boosts the business substantially by ensuring customer details are readily accessible.  
  • Automated customer segmentation: CRM solutions help marketing teams to focus on taget customers by automatically filtering and grouping them according to economic status, business types, locations, etc.
  • Campaign management: create records with all pertinent details of a campaign including objective, products, participants, leads generated, expenditure and much more to ensure complete clarity and quick ROI calculations. 
  • Campaign communications tools: marketing automation CRM offers users various effective tools to streamline sending campaign literature, brochures, images, etr. to specific sets of people with auto-populated personalized covering letters using templates, mailing lists and mail blasters. 
  • Knowledge management: a cost effective and properly implemented CRM ensures minimal core tasks and repetitive data entry thus reducing the required head count within an organization. Data stored in a CRM system is available always through a secure centralized repository and activity management is optimized through friendly interfaces and various rules.
  • Social CRM: most organizations' key focus these days is social CRM because of its popularity and transparency in sharing user generated posts. SCRM allows permitted users to collate and convert all social posts containing specific keywords.
  • Marketing reports: permitted users can create ad hoc reports to analyze data sliced and diced from across objects to take quick corrective actions or maximize the potential of existing ones. Numerous graphical styles are available and a report scheduler can be configured to email campaign results.
In the present commercial world, the only predominant truth for organizations is to deal professionally with their present customers to keep them and build new ones at a pace faster than the competition. Installing a CRM solution can better the situation and be instrumental in introducing efficient and new ways of marketing in business. CRM software plays a major role in establishing, maintaining and developing long-term relationships between an organization and its clients through consistent delivery matching customer needs and expectations. CRM optimization is made possible through business strategies, information technology and the customer base.

Ensuring Higher Profitability with CRM Analytics

Tracking sales performance for a specific period
The secret of success for any business remains a secret. There is no thumb rule or a one-size-fits-all formula for companies today. Many a times, startups that are the brainchild of a bunch of innovative thinkers who aren’t scared to experiment and take calculated risks, often start making profits earlier than most, while companies that have been running successfully for years may see that they are losing business. One factor that every successful business has in common is that it understands its customers better and to achieve this, what many will find in these well oiled businesses is an up and running CRM software. An impactful and efficient CRM software acts as the interface between customers and companies. However, a new dimension is recently being given more attention in the world of customer relationship management - data analysis. Companies are realizing the huge potential of advanced analytics holding the key to better understanding customer needs and mindsets leading to a clearer understanding of retention, loyalty and advocacy strategies.

Monitoring campaign results in real-time
Why incorporate analytics into CRM?
Under normal circumstances, data is analyzed after a time gap to scrutinize the pre-existing problems that are already  in the setup. This is like performing a post mortem; it is too late to make amends and the disease has already caused the loss of a customer. Analytics done after the problem has set in leads to poor resolution rates and longer average handling time. And, in the case of customer relationships, time really is money. An increased response time is perceived by the customer as an irresponsible and lackadaisical attitude on part of the company. This leads to a high defection rate that can cost the company dearly in terms of revenue and overall reputation.

So, how does including analytics into a standard business model increase the chances of beneficial result oriented actions? CRM solutions can effectively incorporate and focus on data analytics. Initially, CRM software used to help in generating insights after studying the data that was stored as history. The insight was derived after rummaging through the inferences regarding customer reaction, procedure followed, opinions given, etc. However, now, insight can be generated at the point of contact, allowing for better understanding and immediate action. Embedded analytics allows one to combine and analyze insights availed through different sources, all at the same time. This facilitates not only identifying the problem immediately, but, also ensuring the right course of action can be implemented. Thus, this can help to generate real time, immediate result oriented action that can help solve many puzzling challenges, leading to huge financial benefits and happier customers. So, advanced CRM analytics is no longer perceived as an unnecessary and futile investment, but, instead, it is the key to cost reduction and increasing the quality of service by ensuring organizations are continually in-the-loop regarding new trends, forecasted demand and recent changes in buying habits along with pinpointing critical loopholes in customer engagement.

Three steps to implement analytics into CRM
Even when starting out with the analysis of data, there are several factors that could be seen as hurdles like going through the large volumes of data, drawing out a strategy, mapping out investments in assets, changing and reinventing organizational behavior, etc. However, these hurdles can be overcome, if instead data analytics is incorporated systematically, using three easy steps:

Step 1: Deciding what data to use
Nowadays, companies process and add a thousand times more information to their databases every year as compared to ten years ago. This means a huge pile of possibly useful information lurking in an unorganized mess! This data is of use only if it can be effectively accessed and analyzed. Plus, there is always more data to be added and not to forget, data sources that are outside the organization and online search related data, which is dynamic and changing every second. So, analyzing data is like a treasure hunt or cleaning one’s closet, there are gems to be discovered, but, one needs to know where to look. Hence, the first step is to identify and decide on what data is to be used. For this purpose, data needs to be segregated and categorized so that when need be, the relevant data can be sifted through for better accuracy and more efficient analysis.

Step 2: Getting the right kind of resources to insightfully manage the analytics
Considering the infinite amount of data that is stored and processed in every company, traditional analytics is inadequate to deal with these huge volumes of growing data. This doesn’t mean we trash the traditional analytical systems; instead what are needed are major upgrades and enhancements that can help make the CRM more effective with a quicker than before response rate. There are three main areas in the field of analytics which are as follows:
  • Voice analytics: Every time one dials a customer care number, a recorded voice informs us that our call may be recorded for quality or training purposes. In the olden days, telephonic conversations used to be lost and all that one had to rely on were notes scribbled by salespersons and customer care officials. This made it difficult to analyze data and come up with solutions to problems. Now, phone data is stored as either voice data, or the keywords used in the conversation are noted and converted to text, so that voice analytics can also be incorporated into the total analyzed data. This helps to not only identify key problem areas as most people resort to calling customer care to register complaints, but, it also allows businesses to identify newer trends by identifying and storing keywords used during customer queries. This way, the data allows not only addressing key issues but also discovering newer opportunities and trends. 
  • Text analysis: Analysis of text works in the same way as that of voice. Textual data can be obtained from email, comments on the website, blogs and discussion forums, customer connecting platforms such as social media sites, user review and rating sites, news and media reports, web form submissions, etc. This is an important source of data as customers freely discuss and dissect products and services on the web and this allows for candid reviews and feedbacks from real time users of products. Text analysis is often the key tool for uncovering the root causes of customer dissatisfaction.
  • Process analytics: Understanding every event and step that is a part of the customer care process enables further optimization of CRM. The next step after voice and text analysis is process analytics, which aids in understanding any other factors, like structural or procedural ones that could be causing problems. This includes identifying technical difficulties and addressing them. 
It is the proper combination of all these three steps that goes into effective data analytics which reaps vast benefits.

Step 3: Using the analysis results to bring about profitable changes
The whole point of data analysis is to infer what can help guide the company to the right direction and keep it on course to reach the top. The above three mentioned analytics help in finding issues that need to be addressed. The next step is to implement rectification measures, including if necessary, complete organization and operation revamps to increase opportunities while decreasing costs. The analytics also helps to identify keywords that enable businesses to predict their future course of action for achieving better results. This is where the fortune of companies really starts looking up, as what follows is improved sales, increased customer loyalty and more importantly, higher revenue per user.

Most effective CRM software has built-in reports, graphs and dashboards for analyzing data with options to create customized reports with filters to display very specific records or overviews. Advanced analytics not only helps overcome  hurdles, but, also helps devise next best action strategies and lets managers assign specific goals which are achievable and generate better ROI (return on investment).

Data analytics: Statistics speak
Real-time analysis of social networks
Statistics speak for themselves. According to a study conducted at Yale University, the average lifespan of a Standard & Poor’s 500 company is down to sixteen years, as against sixty years in 1959. This shows that there are simply more and more companies mushrooming without a properly thought out plan, leading to a downward spiral after just a decade of operating. So at a time like this, when the risk of failure looms large over the heads of companies, many are opting to use real-time analytics and get to the root of the problem before it leads to diminishing profits and large scale churn.

Several business models, irrespective of how diverse their fields of operation may be are adopting advanced analytics to help generate insights from unstructured data. In a study done in 2010, nearly every two out of three companies surveyed stated that they achieved a competitive edge with the help of advanced analytics. This figure showed a 70% increase compared to the previous two years and the demand is only increasing. It is seen that the demand for data analysis specialists is on the rise - some experts expect the total worldwide business analytics market to reach USD 50.7 billion by 2016. The fact that big names such as Amazon are also contemplating offering analytics as a service shows that this is a field that could be the key to big gains in the future.

Conclusively, it can be said that advanced analytics can help change the face of customer experience optimization. Analytics helps in making CRM softwares more dynamic, adaptable and action oriented through transparency in the outcomes of past and present strategies and clarity in the achievable results from future strategies aimed at enhancing customer experience to grow sales. It’s time for innovation and change with the help of data analysis! Identifying downward trends as they happen or spotting client-salesperson communication glitches at the right time allows one to address the problem before it snowballs into loss of customers and business. Real-time potent CRM analytics provides an organization with actionable information that can be immediately incorporated into the customer strategy for frontend employees. Thus, advanced analytics from Financial CRM software enables realistic insights, allowing for companies to spot negative and positive trends with minimal turnaround time for addressing the related issues or fall-out. In short, advanced CRM analytics will ensure that your customer strategy is future proof and flexible to meet the demands from dynamic changes in worlwide trends.