Delivering an exceptional customer service has been the top priority of every business. But this has not been an easy feat for most of them.
Reason: Exceptional customer service requires holistic and deep customer understanding and coordination of engagement across every touch point. And this can only be possible when companies have two BIG elements: Big Data and Analytics.
According to the research by IBM, Expert Insight – 91% of companies have limited or no understanding of their prospects and customers. They cannot identify exact reasons for:
- Which marketing campaigns are generating more ROI?
- Which prospects are likely to convert?
- Which customers are ideal for up-sell or cross-sell?
- Which actions increase/decrease conversion?
This is because they do not have complete customer insight with actionable information. Example:
How customers interact with the business?
- What are the common attributes, characteristics and demographics of the customers?
- What are the activities of the customers (i.e. behavioral data, usage and payment history)?
- What are the generic opinions, preferences and needs of the customers?
How businesses get correct customer insights?
Customer insights enable businesses to enhance the customer experience. And to get precise customer insights, businesses need to implement a CRM solution. Having a CRM solution by the side, companies get empowered to identify:
- Digital Analytics: Sales funnel and Conversion metrics.
- Behavioral analytics: Attributes, Characteristics, Demographics and Customer journey
- Social analytics: Customers’ sentiments, voice, feedback and network relationships
- Predictive analytics: Ideal time for up-sell or cross-sell; how to reduce churn and improve lifetime value.
With all these analytics, businesses develop and improve their customer service that translates into
- Increased revenue
- Improved conversion rates
- Better customer loyalty.
Overall, CRM solution helps target prospects and customers based on intent and interests. Most importantly, they reduce customer churn by helping companies identify problems before customers complain. Hence they act proactively, providing problem resolution beforehand.
Ken Bisconti, IBM Customer Analytics Business Leader comments – ‘’CRM solution is the best tool to understand and analyze customer analytics. Not only does it help companies understand what and why customers are doing but also how to execute and automate engagement based on those insights.
Regular users of CRM solution develop skills and capability to understand customers throughout their journey and lifetime relationships. They use digital, behavioral, sentimental and predictive analytics techniques to optimize customer experience.’’
If you too want to use customer analytics to track customers across stages of maturity, and gain insight into customer behavior and interactions across multiple channels – opt for a custom CRM application NOW.
Google ‘custom CRM’ and get the list of custom CRM solution providers. Go through their past credentials, expertise, team of resources and choose one that matches your business and financial requirements.
Tip: Go for a cloud based custom CRM application. Find out the exact status of your sales, marketing and customer service activities and take remedial action anytime anywhere.
