Using CRM Analytics to Gain a Competitive Advantage & Increase Sales

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CRM analytics comprise of the applications and programs used to analyze a company’s customer data and present it in a way that is conducive to business decision making. 

It takes the process of data collection further by applying in-depth analysis of the data, extracting useful information from it and presenting it in a comprehensive manner offering cross-functional insights.

CRM analytics can offer various benefits to a company like

- segmenting the market
- understanding customer preferences
- personalizing client communication
- predicting future trends and opportunities
- making product and/or service changes based on customer needs
- discovering new or lost revenue opportunities
- monitoring customer activity and much more

The benefit of such a system is increased productivity across all business spheres, especially sales, marketing and services.

How can businesses make better decisions through CRM analytics?

Businesses are increasingly using CRM software to facilitate informed decision making. CRM analytics not only converts raw data into applicable information for decision making but also ensures that this information is easily accessible to the various functions across an organization. 

The key purpose is to make data available securely whenever and wherever required so that timely decisions may be taken.

One of the key essentials of implementing CRM analytics is to integrate it with the overall business strategy. These must be used in reference to the ultimate business objective to derive the right type and amount of information for decision making. 

Analytics can be the most useful when managers understand what the key business issues are. Once these are isolated, valuable information related to them can be easily retrieved and used for arriving at practical solutions. Managers are also often tied up in integrating data across various platforms as they are constantly fed information from different teams and departments. 

Bringing this data together and synchronizing it is another advantage of CRM analytics. In this way, one can ensure that no crucial information is missed out on while taking critical decisions.

CRM solutions offer a dynamic platform for organizations to answer to business challenges with multi dimensional CRM analytics. Interactive software ensures that users get well acquainted with their business data while at the same time have easy and quick answers to various business queries. 

Managers can get a real-time analysis of complex business problems from multiple perspectives. This helps them get a holistic understanding of the situation for improved decision making. One can get insights into the present state of the business, in terms of productivity, areas of efficiency and non-efficiency, individual team performances and more.

How Businesses can Increase Sales with Predictive Analysis

Every company wants to put their sales on full power. But the unknown attribute of fickle customer preferences often throttle it. That's when predictive analysis comes into play, by making the unknown known.

Many businesses ranging from retail to banking are using predictive analytics to increase sales and maximize their profits. As the name goes, predictive analytics involves making predictions based on concrete data, not gut feeling. So, how can you use predictive analytics to increase sales? Read on to learn more.

1. Delivering customer intelligence
Big data is useless if your business can’t leverage from it. Predictive analytics crunches the big data and turns it into smart actions. Data garnered from customer habits and interactions at touch points helps them to point their resources in the right direction.

It helps you to utilize all the information that you have about your customers effectively, allowing you to know what your customers are likely to buy, why they are motivated to buy from you, and when they are most likely to make the purchases.

2. Quickly converting prospects to sales
Predictive analytics within CRM solutions help you to predict trends and come up with marketing techniques that will help you to increase your sales. That means sales on a high speed lane instead of rough terrain.

In addition, you will learn how your customers think and be able to understand them better. This will help you to not only improve the performance of your business, but also to make informed business decisions.This means that you can use predictive analytics to turn a prospect into a loyal customer.

Once you know what your most loyal customers want and collect vital information on your prospects’ activities, easily predict the likelihood of these prospects to buy from you. Cross selling through CRM solutions has never been so easier. It is always wise to concentrate on leads that have a higher possibility of conversion.

3. Calendaring sales pros for maximum productivity
Calendar is one the most common time management function. But sadly, not commonly used for optimizing sales. It stands (often) for scheduling (boring) meetings with no tangible results. Smart calendars in CRM software helps to change that by providing detailed actionables, plans for a day.

Smart scheduling takes into consideration that planned time is not engraved in stone and automatically adjusts revised timings. This ensures that your reps utilize their time for the best.

4. Increasing cost effectiveness
Wrong leads assigned to wrong resources will only result in one outcome, failed conversions with increased overheads. A well allocated prospects will increase the chances of conversions. Pairing the right lead with the right executive will result into faster conversions with minimum costs.

Stiff competition and tough economic conditions are pushing many businesses to come up with ways that they can use their data to increase sales without straining themselves. Predictive analytics allows businesses to target customers with laser accuracy, converting shoppers into into loyal customers.

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