We almost named this blog post Using CRM Analytics to Deliver the Goods & Services Your Customers Actually Want. This title sums up the goal and purpose of nearly every CRM program that exists today. CRM, or customer relationship management, is the cornerstone of customer-first business strategies and marketing initiatives. This customer-centric system allows companies to foster strong relationships with their customers by improving customer service through increased customer engagement. This allows companies to understand and meet the evolving needs of customers, drive customer satisfaction and loyalty, and ultimately extend the customer lifetime value (CLV).
Analytics plays an essential role in CRM Programs by connecting the dots between marketing initiatives, customer actions, and sales performance. Robust reporting and analytics enable organizations to glean key insights about marketing performance and turn them into actionable next steps.
Importance of CRM Analytics and the Intersectionality of Marketing Data, Sales Data, and Customer Data
Leveraging analytics tools in CRM practices allow for enhanced audience targeting efforts. It also creates opportunities for advanced customer segmentation and hyper personalization, while reducing cost and time spent through increased efficiency in marketing deployment and spend. The types of data utilized in CRM Analytics include marketing data, customer data, and performance data.
Performance data includes your standard performance metrics such as revenue, orders, conversions, and even micro-conversions which are mini user actions that strongly demonstrate intent to progress towards profitable action on your website (i.e., adding a product to their basket suggests the intent to place an order).
The culmination of these main data types can not only strengthen the impact to customer sales, but can enhance business strategies across different books of business and lead to cost savings through operational efficiency.
Top 5 Benefits of CRM Analytics:
CRM Analytics plays a vital role in CRM and offers a multitude of optimization benefits. It provides invaluable insights that can either establish or enhance your customer loyalty program. Additionally, analytics helps in understanding and optimizing Customer Lifetime Value (CLV), enabling data-driven business decisions that contribute to heightened overall performance and increased customer satisfaction and retention. Here are our top 5 benefits of using analytics to inform your CRM practice:
How To Get Started Getting Started/First Steps
Incorporating data analytics is an iterative process that demands consistent evaluation, driven by several factors like ongoing data collection, evolving business demands, fluctuating performance metrics, dynamic market conditions, and other pertinent considerations. Below is a high level outline on what to expect on your CRM analytics implementation journey
For more information on how to start tracking analytics for CRM, Web or other tracking needs for your organization, complete this request form for a consultation.