{"id":5304,"date":"2014-06-09T06:28:12","date_gmt":"2014-06-09T00:58:12","guid":{"rendered":"http:\/\/ivyproschool.com\/blog\/?p=5304"},"modified":"2024-11-15T15:09:13","modified_gmt":"2024-11-15T09:39:13","slug":"how-to-gain-business-insight-with-crm-customer-relation-management-analytics","status":"publish","type":"post","link":"https:\/\/ivyproschool.com\/blog\/how-to-gain-business-insight-with-crm-customer-relation-management-analytics\/","title":{"rendered":"How to gain business insight with CRM (Customer Relation Management) Analytics"},"content":{"rendered":"

Which are the customers most likely to do repeat purchases?<\/i><\/p>\n

Which are the customers least likely to do repeat purchases?<\/i><\/p>\n

Which customers lead to the most profits over a given period?<\/i><\/p>\n

How likely is a customer or customer segment to buy a product similar to one already purchased?<\/i><\/p>\n

\u201cCustomer is king\u201d, is a well known mantra that has defined the trajectory of a business. Understanding customers and relationship building has become core to any business operation today, for basic survival. Enter the concept of the Customer Relationship Management (CRM) that concentrates on the customer as the core of business operations. However, as businesses grow, the value derived from CRM is often diluted within the scalability and usability of business operations. The trend today is instant or speedy access to customer insights, to interpret and act upon.<\/p>\n

In a cut-throat retail environment, where every tool is tapped to gain more customers, maintain customer loyalty, increase profits and expand operations, analytics is leveraged to mine and process customer information for decisive action. Where retailing is not just about a competitive edge, but also survival – as economic instability, increased competition and hard-to-please customers, applying the right analytics tool is also critical to decision-making.<\/p>\n

So how do you define CRM analytics?<\/b><\/p>\n

\u201cCustomer relationship management (CRM) analytics<\/strong>\u00a0collect, organize and synthesize consumer data captured across the organization to help healthcare payers solve customer-facing business problems through reporting tools, dashboards, portals and other methods. It encompasses three critical business processes \u2014 marketing, sales and customer service \u2014 and pulls data from many sources to make it available to multiple users across a payer organization.\u201d \u00a0– \u00a0From Gartner<\/a>.<\/p>\n

Webopedia<\/a> describes CRM analytics as an automated processing (like OLAP) of customer data in order to make better business decisions. This includes exploiting behavioral data to identify customer segments and markets (for \u00a0direct marketing), predicate analysis, or to steer future product and services offered.<\/p>\n

\u201cCustomer analytics is considered to be a type of\u00a0OLAP (Online Analytical Processing), a category of software tools that provides analysis of data stored in a database. It is also an important element of a CRM system.\u201d<\/p>\n

Benefits of applying CRM analytics<\/b><\/p>\n