Let’s take a closer look at Analytical Customer Relationship Management…
According to SAP, Analytical Customer Relationship Management is a consistent suite of applications that help you to measure, predict, and optimize customer relationships.
It has to do with software that you have, that you can now use to analyse data that you have about your customers. This at times can help you to take corrective action where necessary in order to serve customers better.
Analytical Customer Relationship Management uses customer data for analysis, modelling and evaluation in order to create a favourable relationship between customers and the organisation.
Through Analytical CRM, you are able to see patterns that are common to all your customers. This will now help you to come up with strategies that will assist the organisation to serve customers better and give them exactly what they are looking for.
Analytical Customer Relationship management also includes all programs that study data about an enterprise’s customers and present it in a way that it can be used for making better and faster customer decisions.
Analytical CRM can be seen as the process of analysing all the information that we have about our customers in order to see patterns that are common to our customers.
Analysis of customer data will help us to see what our customers have in common which will help to come up with products and services that meet their needs. In this article, I want to talk about different areas that you can use analytical CRM to improve customer satisfaction and engage customers. Follow me as we look at all this together.
#1 Loyalty analysis
Loyalty can be defined as the ability to prevent losing your customers to competitors. Loyalty analysis provides answers to questions such as average defection rate of your customers.
You want to know at what rate customers are leaving your organisation. You also want to know how strategies that you have introduced are helping you to retain your customers.
#2 Customer segmentation
Customer Analytics will also help you to divide your customers based on the characteristics that they have in common.
You will be able to come up with products and services that appeal to a large number of your customers. This will help you to score customers and improve customer relationship over time.
#3 Customer profitability
Under customer analytics, customer profitability deals with identifying historical, current and projected value of customers. You are able to look at the purchase history of your customers and see how much a particular customer is spending on your products or services. This will help you to come up with a loyalty package for your customers.
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