How to Use CRM Analytics to Understand Your Clients Better

CRM Analytics offers you reports about your clients’ purchase history and how well your sales and consumer services unit approaches them. It also helps you monitor the customer support efforts of your company, validate the clients’ data, examine the clients’ behavior, and generate higher leads. You can divide the most vital CRM analytics into three more extensive lessons of critical data.

Even when you believe you have come with the best services or products in the world, you will need to look for individuals who agree sufficient to buy what you are selling. With CRM data analytics, you may determine who is buying, who may purchase quickly, and how you can maintain your clients. Read further to learn more about CRM analytics, how it can help you, and tools that can help you the most.

Table of Contents

1. What is CRM Analytics
2. How CRM Analytics can help your company
3. What types of Metrics should you track on CRM Analytics?
4. Flavor CRM as your analytical CRM

What is CRM Analytics

CRM analytics is data that determine your organization’s income and consumer support performance. CRM analytics additionally offers purchaser information that you could use to make cleverer business decisions. Typically, you will use a CRM software program to achieve CRM analytics and automate all of your data gathering and report generation.

For instance, CRM analytics can:

• Assist salespeople in prioritizing potentialities primarily based on the engagement and association with the most interested people.
• Alert salespeople regarding at-risk offers for course improvement and offer visibility into high-profit deals.
• Provide a visual illustration of key metrics by combining them into a significant report for sales managers and leaders.

How CRM Analytics can help your company

While there are unique features a CRM must offer to work effectively, another side of its capabilities is providing data and analytics. Business analytics is the root for successfully changing prospects into consumers and consumers into brand advocates.

Here are a few examples of how CRM analytics can make it happen for your company:

1. Shows a clear customer journey

Analytical CRM can put out a straightforward consumer journey for your business to track and act upon. Every consumer goes through a journey, from the point when they didn’t know about your company to when they pay the bill and convert into a brand advocate. When shopping impulsively, the complete journey takes place almost immediately. But when it is about making larger purchases, the consumer’s journey is significantly longer, involves many decision-makers, and needs various conversion factors.

When dealing with a procedure that can take months, it is essential to have a software program in hand that can offer sales and advertising crew the strength to manage the consumer’s journey all the way to close and after-sales. The appropriate CRM software will study the areas of a consumer’s journey where purchase alert arises and track key metrics that an enterprise requires to determine satisfaction rates.

2. Indicates a change in the lead status

Your CRM should offer easy access to the analytics dashboard and reporting functions that display the indicators (discussed above) and how they affect the business and future. For example, when an enterprise is buying a solution, the CRM must track critical objects, the number of website visits, touchpoints, social media interactions, whether forms are filled out or not, events and webinars were, attended, and more.

On their own, these objects may not mean anything; however, the proper analytics will display trends amidst specific consumers based on the regularity or significance of their interaction.

3. Offers insights into customer retention strategies

Analytical CRM can also offer insights into consumer satisfaction by calculating both positive and negative indicators based on their activities. Tracking such things as open cases, inbound and outbound calls, and conversation topics can all tell if a particular consumer is getting their money’s value or jogging into trouble after trouble. For example, a consumer opening case to file a complaint against a product gives a complete signal instead of a consumer using the same way to renew their contract.

Both moves require a reply from your crew but different types of responses. In the former case, your team must correct it via consumer service. In the latter case, your staff can follow up with chances to cross-sell or up-sell. In either case, examining the indicators will provide data that helps in making efforts to satisfy or preserve consumers more.

4. Segments your customers

Lastly, CRM analytics can assist your business in dividing consumers into various segments. Mainly if your business is yet in the procedure of scaling to the point where you want it to be, you may be wondering that your business has only one consumer base - the one that purchases your products. While all of them have one thing in common, segmenting them further and placing them into various segments can assist you in selling to them more efficiently.

Using CRM analytics to organize clients collectively based on their attributes and actions, just like the consumer’s role, purchasing record, and assist request, will let you advertise your product and sell them more effectively.

5. Offers insights into customer retention strategies

Analytical CRM can also offer insights into consumer satisfaction by calculating both positive and negative indicators based on their activities. Tracking such things as open cases, inbound and outbound calls, and conversation topics can all tell if a particular consumer is getting their money’s value or jogging into trouble after trouble. For example, a consumer opening case to file a complaint against a product gives a complete signal instead of a consumer using the same way to renew their contract.

Both moves require a reply from your crew but different types of responses. In the former case, your team must correct it via consumer service. In the latter case, your staff can follow up with chances to cross-sell or up-sell. In either case, examining the indicators will provide data that helps in making efforts to satisfy or preserve consumers more.

6. Segments your customers

Lastly, CRM analytics can assist your business in dividing consumers into various segments. Mainly if your business is yet in the procedure of scaling to the point where you want it to be, you may be wondering that your business has only one consumer base - the one that purchases your products. While all of them have one thing in common, segmenting them further and placing them into various segments can assist you in selling to them more efficiently.

What types of Metrics should you track on CRM Analytics?

CRM software provides a wide range of analytics to measure. The most critical metrics are below:

1. Pre-Sale

Most of your connections with the clients are established before they buy whatever you are selling. After all, customers don’t purchase products without learning about the product and the brand. That is why the vital CRM analytics to track are:

• New leads

  Your sales crew is likely to spend a lot of time approaching potential new clients or sending offers if applicable. Therefore, you must track those activities to check how well they are converted to sales.

•  Prospects

  Before your sales crew discovers leads, they find potential clients. Chances are they contact them via telephone call and send email to the potential clients—track such activities to learn what is functioning and what is not.

• Personal interactions

  Making a call and sending an email is one thing, but reaching to someone is another. Track the number of calls and emails that result in conversations, how frequently these calls or discussions occur, and how long they last. If those conversations turn to immediate consumer actions, then track those as well.

•  Website engagement

  Some CRM software includes equipment to discover people who check your company’s website, subscribe to newsletters or connect with you on social media platforms. With this record in hand, you acquire an entirely new group of potential clients to approach. Once you reach out to them, you can start establishing a client relationship and collecting consumer data.

• Additional engagement

  Free product demos and samples are a great way to acquire new consumers. It is also applicable for inviting first-time consumers to be online or in-person events. You must track how frequently these strategies transform to sales - doing so can tell future choices. You might need to follow this metric per sales representative to ascertain what underperforming representatives can learn from high-performing ones.

2. Post-Sale

After a prospect becomes a client, there is no assurance that they will stay like that only. That is why collecting post-sales CRM metrics is also essential. The most vital metrics involve:

• Problem tracking

  Record the problems that your customer’s problems with your products or services and solve recurring issues to gain utmost client satisfaction. The fewer working problems the client faces in your products, the more likely they will keep purchasing from your brand.

•  Additional purchase

  If you sell one product with leads, the consumers will buy other products too. In this scenario, you could use the data you gained about your customers’ other purchases to learn which products you will advertise to them in the future.

• Purchasing pattern

  If your client buys your products or services on a trial or subscription basis, look for consistency or diversity in their past orders to understand how likely you are to preserve them as your clients. When you get a hint that specific customers might stop buying from your company, try to maintain them by offering them discounts, promotions, or different consumer loyalty benefits.

•  Segmentation

  After a sale goes through, you can examine just one consumer or extrapolate your enterprise to all your consumers. Then, utilize post-sales data throughout many clients to segment your clients into the most - the least - likely to continue buying your product or service, or better yet, purchase different products.

• Spending

  No consumers spend in identical ways. A purchaser on a monthly subscription plan worth $10 every month may not affect your sales as effectively a buyer who makes a yearly purchase of $1,500. Ascertain every buyer’s effect on your sales to determine how many resources to allot to every connection.

•  General project management

  When one sale is completed, another sale can begin. Utilize your CRM’s task management system to discover critical activities like successful sales so you can approach your clients for future purchases, whether of the same or different products.

Flavor CRM as your analytical CRM

With Flavor CRM, your analysts will earn the ability to foretell how the clients will acknowledge certain stimuli (products & services) based on their behavioral records and past choices. As a result, it will allow your analysts to decide more efficiently and answer the most relevant questions in organizations; when, where, and how to allot sources for future investments and products.

Your sales agents and marketing administrators will thoroughly analyze and study all the clients’ touchpoints. These include social media platforms, the internet, web clickstream, email, and inquiries made through telephone calls. Just think, how helpful this information can be to business analysts. Your crew of marketing analysts will be capable of better forecasting customer preferences, envisioning the following elements, and solving other troubles that contain diverse business decisions.

Key Takeaway

Regardless of the size of your company or industry vertical, having a CRM integrated with data analytics competencies has become a compulsion to assist spot growing trends and discovering new opportunities. In addition, the conventional functionalities of a CRM no longer allow businesses to offer terrific customer support because of the ever-evolving marketplace dynamics and converting CRM software program developments.

Data requires to be extracted and analyzed to obtain deeper client insights. The important reason why Flavor CRM is highly recommended is that it is that one CRM that provides substantial flexibility to companies since it can be seamlessly integrated with third-party data analytics software.