What is the importance of CRM analytics?

Engaging customers is becoming increasingly challenging with the passage of time. Traditional offline marketing methods have become practically outdated and bear very little fruit. Spam advertising tactics have also become a lost cause as consumers have evolved beyond the typical ads that pop up everywhere they look. Instead, customers have come to expect a personalized approach from companies that want their business. And here, we’re not talking just about the notion of addressing someone with their first name in an email. Instead, companies need to look beyond that and really make that extra effort to engage potential customers. CRM software solutions certainly have the ability to make that simpler for companies. Today, MoversTech delves into the importance of CRM analytics and what can come of it. Keep reading to learn more.

What is CRM analytics?

By definition, CRM analytics is a process that enables companies to gather customer-related data through a user-friendly interface. A company can then analyze that data to gain the insight necessary to better understand its target audiences and tailored higher-impact digital marketing strategies to maximize the number of leads it generates.

The overall importance of CRM analytics lies in gaining the ability to fill in that constant gap between statistics and real-time engagements with customers. Like in all aspects of life, the more data and intelligence you gather, the higher your chances of converting traffic into leads and customers are. When properly set up and applied, analytics can give your business the competitive edge it needs to come out on top.

Ten reasons why CRM analytics plays such a vital role

Effective segmentation

The ability to group your target audiences based on different criteria makes it easier to tailor your advertising campaigns to their specific needs. CRM analytics fit into this by helping companies examine the demographics and behavior of their customers. The result of this data analysis is the ability to perform effective segmentation and to mold marketing campaigns based on specific criteria (gender, age, relationship status, demographics, interests, etc.)

More accurate ROI reporting

The goal of any activity that a business puts resources into is to see a return on investment from it. One of the ways to achieve this is by establishing which groups of customers bring in the most revenue for your business. And this is where the implementation of CRM analytics and integrations comes into play. By measuring metrics such as Customer Acquisition Cost and Customer Lifetime Value, we can measure profitability and thus get the most ROI out of CRM data. This further allows companies to decide how much to invest in customer retention as well.

Proactive customer support

With CRM analytics, businesses are able to identify common issues that customers experience with services/products. This in turn helps in predicting potential problems and addressing those problems, be it via FAQ sections or engaging customer support procedures. At the end of the day, the data that comes from analytics can improve the overall quality of content on your website.

Campaign optimization

It’s important to have a clear understanding of how your marketing campaigns fare in terms of impact and engagement. And analytics can provide you with that data, putting your business in a position to discover potential flaws and improving future campaigns to better target audiences. Based on that feedback, you can determine which campaigns received the most engagements and which generated the most conversions, compare them with others and see why. That way, you can optimize your CRM email marketing campaigns or other advertising channels for your moving business.

Discovery of new trends and opportunities

CRM analytics helps you analyze conversations and trends within your social network and industry. Whether we are discussing what your competitors are doing or what trends your audiences are into, you can use it to your advantage in creating new content that will incorporate those trends into your own brand and offer. Additionally, you can use competitive analysis to further improve your own products/services to cater to the needs of customers.

Predictive modeling

With the detailed insight that comes from historical data in a CRM, a company can forecast a variety of models that can help push your business forward:

• ROI;
• Product/services perception;
• Customer concerns;
• Competitors;
• etc.

These are all factors that you can analyze through your CRM to gain an edge and achieve market leadership.

Better user experience

Any technical issues that you might have on your website can show up through CRM analytics. Based on this data, you can determine whether your site visitors have issues navigating through your website, bouncing from specific pages, the average duration of sessions on your website, etc. All this serves to help optimize your web pages to provide a better user experience and contribute to the overall rankings of your moving company website.

Advanced personalization

One of the essential ways to ensure the success of your business is to master nurturing moving leads on a long-term basis. And personalized engagement with customers plays a big part in that endeavor. As such, CRM analytics can make it easier for you to connect with customers in the best way possible by giving you the relevant information about them such as their personal interests and preferences. The better your understanding of customers is, the easier it will be for your to create content that speaks directly to them. And this results in a higher level of trust and loyalty toward your brand.

Integration of sales and marketing efforts

One of the many benefits of CRM implementation is that it provides businesses with holistic insights related to the journey of the customer. It goes beyond the simple notion of marketing campaigns and website performance. So long as you have customers that are already in your sales funnel, CRM analytics gathers data that can help marketers combine past efforts from all your departments to provide a full customer experience.

Comprehensive approach

With the right CRM solution on your side, a business can go beyond simply addressing customer queries and fundamental needs. Instead, you can develop an omnichannel approach to catering to the advanced needs of your customers. By doing this, you can lay the groundwork for creating a brand name that will resonate with a full-service approach to customers.

Start taking advantage of CRM analytics today

Going beyond the ten reasons we explained here, CRM analytics has a lot more that it can offer to businesses looking to boost performance. Of course, simply having the option means little if you lack the experience and skill set to take that data and turn it into something more. With MoversTech, you can not only get a CRM platform custom-made for your business but also a unique software that will help your business grow its online presence and expand through revenue. Contact us today for a demo!