Optimizing your Processes: CRM and Big Data
As social media grows ever deeper in the business and personal spheres, so does the need for the spheres to adjust to them. With a few exceptions (e.g. Turkey recently banning Twitter), they have become pervasive: even more so than the Motorola RAZR V3 flip phone in its heyday. Businesses in turn have picked up on the trend and are starting to realize its inherent power, giving them reach beyond their wildest estimations. Now, CRM is dependent not only on people, but also on the Big Data that they create for your business.
What’s more, integrating Big Data with CRM will improve the processes within your CRM solution immensely by virtue of manifesting correlations, patterns, and trends among your customers. These three aspects will better inform you on the way you should build the customer experience, and thus maximize your profits.
We will present five reasons from TIBCO Spotfire’s Business Intelligence Blog to integrate:
- “Better Customer Understanding. CRM analytics can integrate all customer data points including call center, the Internet, email and social media to group customers according to their behaviors. This allows a company to identify the most profitable customers who should receive special offers or get preferential treatment to boost their lifetime values.”
- “Better Understanding of the Customer-Facing Operations. Analytics will provide proof of how the company is performing in terms of service, sales and marketing. Most CRM projects are launched to drive down costs in these areas; without analytics to demonstrate the ROI of CRM, moving into new areas, like linking CRM with social media, will be hard to justify.”
- “Decision Support. After defining the value of customer-facing operations, changes can be made to drive operational investments. Companies can answer questions around building new call centers or outsourcing based on this analysis.”
- “Predictive Modeling. Predictive analytics will allow a company to forecast how customers are going to respond in the future based on their past behaviors and their segmented demographics. For example, a telecommunications company could find out how likely a customer is to turn to another carrier when his wireless contract expires.”
- “Benchmarking. CRM analytics will allow a company to track over time how well it’s performing related to a strategy or to competitors. Benchmarking analytics in areas like customer satisfaction, retention, cost per customer service call, and revenue per call will expose operational areas that are lagging behind and those that are up or above company and industry standards.”
If you feel that your CRM implementation is less than satisfactory, drop us a line or two, and we’ll get in touch with you to evaluate your needs.