Thursday, June 19, 2014

Four Insights Gained Through Analytics Begins With Benchmarking Information

CRM is a large investment for companies of all sizes. But when an organization takes the time to implement their CRM solutions right, they learn a lot about who they are as an organization and begin to build goals around their new CRM features. The expected outcome includes more efficiency across the board. To dig deeper into what your CRM is doing for you, an analytics component needs to be included.

Benchmarking Information Over Time
Your best shot at knowing how your clients behave is by tracking data over time. When you benchmark you know where you’re performing well and where you need a little help. It’s the key indicators that become obvious through benchmarking. For instance, your biggest key indicators are probably retention, customer satisfaction and how much money you’re spending per call. When you are tracking
benchmarking information, you’ll know what areas need to be brought up to industry standards.

2. Pinpoint Your ROI
It’s difficult to determine if your CRM is paying for itself if you don’t have the data on which to base any hard facts. Analytics help you to demonstrate the value of your CRM. A chief financial officer thinks this way all day, and without analytics, that CFO can’t get to the bottom of anything related to the value of the
CRM. Furthermore, without the analytics information, your organization won’t know what areas of your CRM need more attention.

3. Get to Know Your Customers
One of the biggest attractions to CRM is its ability to provide more actionable information about your customer. When you understand their preferences, you know how to build products for them and build a marketing campaign that will attract them to that product. Through analytics you can investigate your customers’ history of transactions with your organization.

Furthermore, you can also look for your best customers, the ones who spend the most money on your services, and cater to their needs. CRM analytics have the ability to put customers in genres or groups that have similar behaviors. Your goal is to maximize their lifetime value, which is what digging deep into the data will allow you to do.

4. Build More Accurate Future Models
Benchmarking information over time allows for more accurate predictive modeling, which means you’ll have a more timely reaction when a customer is on the verge of making a decision that could cost you money. For instance, predictive modeling works when you’ve analyzed your data and found pinpointed customers who might be on the verge of doing business with you again.

To make sure they come back to you instead of going to a competitor, you could make an effort to market directly to them to make sure they know about a product that will interest them. You’ll know from the data you’ve benchmarked what products they’ve liked in the past and how much they’re willing to spend, so you can be proactive with your approach.

Your best data comes from your salesforce. Make sure they’ve got the tools they need to make sales reports by contacting
Front Row Solutions today. We’ve got a mobile app that will keep those sales reports coming in, quickly and easily.