Insight is an enormously valuable business tool and one that can shape all kinds of decisions, from strategy to budgets. The more accurate the insight, the greater the opportunity to streamline business systems and create new ways to generate profit. The combination of CRM and data analysis provides an effective way to open the door to greater insights that can produce powerful changes in your business. If you’re looking for opportunities to make your business more profitable bringing these two systems together is the perfect place to start.
Why the CRM?
The CRM is a goldmine of information about your customers, the relationships you’re creating, as well as the connected operations and sales. It’s not just a practical tool but an information resource that is perfectly designed to work alongside data analytics to give you the opportunity to get your business to do more.
How can CRM + data analytics = profit?
Get to know your customers
Many businesses fall down when it comes to understanding their customers and getting to know who they really are and, importantly, what they really want. The insights into customer behaviour that can be generated by applying data analytics to CRM can reveal a lot, not just about current customer behaviour but future decisions and needs too. Being able to anticipate what your customers want is a powerful tool for engaging them in your business. It feeds into improving the overall customer experience and creating stronger customer relationships that result in long term loyalty.
Opening the channels of communication between sales and marketing
These two key teams are all too often disconnected within a business and this can be responsible for a wealth of lost opportunity when it comes to generating profit. Connecting the two enables both teams to work better together by sharing key information, objectives and goals. If your marketing team better understands what the sales team is working towards it can feed into a more effective marketing strategy that has the power to generate more leads. Equally, a sales team that has the benefit of the analysed CRM data has more insight into the development of a lead, which could generate much higher rates of sales.
Better strategic decision making
Strategy comes up again and again in the context of increasing profit; the only way for strategy to be truly effective is when it is informed by insight. Combining a CRM with the power of data analysis puts business information at your fingertips, from sales to KPIs. With this kind of information, perspectives are more accurate, better informed and profit-driven decision making is optimised.
Improving customer experience
The insights gained from CRM and data analytics reveal where problems lie and can help to create a better overall customer experience by providing the opportunity to improve. This kind of information also feeds into real time resolution, giving your staff more to work with when a situation arises and increasing the chances of customers going away happy. Happy customers are much more likely to return to purchase.
Insight is the key that many businesses need to unlock profit making potential. If you’d like to know more about how a Single Customer View could help to increase your profitability get in touch.