Lets examine the analytical CRM Applications….
Analytical CRM, as I have discussed in my previous article has to do with applications that allows customer centric enterprise to see patterns that are common to their customers and use that as a basis for making business decisions, In this article, I want to look at nine main analytical CRM applications that a good customer centric enterprise must have. Follow me as we look at this together.
#1 Products/services profitability as part of analytical CRM Applications
This aspect of customer centric enterprise analytical CRM applications allows the enterprise to know which of their products or services are bought by customers. It may even dig dip into the reasons why customers are buying such products or service. This will answer the question of whether they should continue to offer it or not.
#2 Customer demographic profiling as part of analytical CRM Applications
This is another aspect of Analytical CRM that allows the customer centric enterprise to divide their customer based on their geographical location . This will help them to know when additional channels or touch points need to be opened in order to serve customers better.
This also allow us to carry out targeted marketing campaigns for customers in a particular location as well.
#3 Customer lifetime value analysis as part of analytical CRM Applications
Another aspect of Analytical CRM that a customer centric enterprise have to look at is Customer Lifetime Value Analysis. It shows what a customer will worth over his lifetime. It is also used to decide whether a customer is profitable or not. This will help them to segment customers based on the value they are adding to the organisation.
#4 Campaign analysis as part of analytical CRM Applications
This is another aspect of Analytical CRM that help us to decide on our targeted marketing campaigns. With Campaign management we are able to analyse our campaigns and decide on what works and what does not work. We will be able to reuse campaigns that works and jettison the one that does not work.
#5 Customer buying behaviour as part of analytical CRM Applications
This is another aspect of Analytical CRM that a customer centric enterprise need to understand if they want to do business from customers perspective. They should be able to know what motivates their customers to buy. When you have this understanding m you will know what customers are looking for in your products or services. This will help organisations to improve on customer retention.