Analytical CRM is a type of CRM in which the data is aggregated related to the clients’s interaction. Analytical CRM aims in augmenting customer satisfaction and the increasing customer’s retention rate. It captures the actions and interactions with the customers in the dashboard. The data collected can be related to customer practices and interactions. The information can be utilized to see customer trends and propose new innovative products in the market. This is most probable method to influence customers. Analytical CRM is a powerful tool as it provides information for better measuring the marketing campaigns of the products and services. These ways helps business to get a succeed.
Features of Analytical CRM:
- Analyzes and evaluates customer data according to rules set by business and generates report to improve customer relationship and interaction.
- Assist business to segment various customers and run more customers centric marketing automations to augment sales.
- Organizes all vital data regarding customers from several channels or sources and build up a knowledge base or data base for an organization.
- Lead analysis of the product and services can convert an individual to a prospective customer.
- Defining business scenarios and working on the probability of retaining more customers.
- Monitors and tracks customer’s engagement rate.
- Supports top management to do clear view for financial forecasting and planning.
- It analyzes the campaigns and assists to measure the campaigns, ads and other activities.
- Analytical CRM foresees the customer’s behaviour according to the market trends, activity and patterns.
- Identifying and determining the potential customers according to the market condition and methods to retain customers.
Analytical CRM incorporates information that supports a decision which must be taken in every aspect. These include the aspect of marketing, sales and support or customer relationships. Analytical CRM transforms data to knowledge. Merged with other data sources and an appropriate business intelligence solution, the software can also be used to pursue the approach of analytical CRM. The combined databases and the exchange of information between them ease the processing. The valuation of the data collected in the operational systems makes it probable to link the data.