Sometimes technology makes me feel like a 60 year-old mom trying to operate a VCR or – God forbid – a GPS. I feel confused, old, and mostly sure that the device is in fact, not working properly. And try as I might to stay on top of marketing, technology and business trends, there is always something that has me Googling for a user manual and longing for a simpler time. But knowledge is power my friends, and any SME engaging customers online and through social media knows that Customer Relationship Management (CRM) Analytics tools can make them faster, more responsive and more competitive.
According to Techopedia.com, CRM Analytics “refers to applications used to evaluate an organization’s customer data to facilitate and streamline business choices.” Adding it measures the “effectiveness of customer related processes and ultimately provide customer categorization, such as profitability analysis, event monitoring, what-if scenarios and predictive modeling.” InfoWorld, the leading technology resource for IT managers and decision makers to identify new products and strategies to modernize IT, believes that CRM analytics provide businesses with key information about customer segmentation, profitability analysis, customer behaviors and openness.
(Just imagine what life would be like if you could get that kind of feedback from your spouse!)
We are talking about millions of exchanges here: hundreds of opinions and a lot of “suggestions.” That’s a lot of talking, and, like any good conversation, successful CRM hinges on good listening. Customer Relationship Management (CRM) Analytics practices good listening by capturing information and data from and/or about consumers engaged in the broader conversation with a business or service provider. Sometimes completed through online analytical processing (OLAP) CRM Analytics often rely on data mining to answer the who, what, when, where, and why that determine customer decision making.
So what are we looking for?
To uncover clients’ behaviors and create detailed profiles of who they are as individuals or groups, businesses must look at their data from a few different perspectives. Channel analytics reveal clients’ preferred modes of communication and interaction telling business the best medium through which to access their audience. Service analytics are the key to improving and expanding on services offered and can even optimize service delivery to save businesses time and money. When looking at the bigger picture, marketing analytics can assist with management of full-scale marketing strategies and can create a road map to prospecting new opportunities.
CRM analytics replace the Don Draper hunches, feelings (and drinking) with consistent and accurate data-sets capable of optimizing relationships with customers and predicting their behavior over time. Sophisticated analysis means businesses can provide quality service that reflects needs as reported by the client. Businesses and service providers go to great lengths to create their brand, perpetuating its essence until it becomes a virtual person with likes, dislikes and interests of real live human being. It is CRM analytics that ensures the virtual-brand-person is having the right kind of interactions and discussions with the right people at the right time.