Skynet is the future!
Big Brother is here with predictive functionality becoming an increasing requirement in CRM Systems.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” (Geoffrey Moore)
With the multiple channel communications at an all-time high, CRM systems need have analytical
locomotives behind them that offer the flexibility to provide real-time offers, marketing communications and feedback to customers based on predicting what they will want next or what kind of product or service they might buy next. This can lead to increased sales, better customer relationships and reduced churn rates.
Let’s take a look into the factors affecting this trend:
Performance enhancement: Now users have access to real time data sources, they can to run more complex queries giving them further foresight for data planning.
Integrating the customer viewpoint across all touch points: in the CRM world building up the SCV must be synonymous throughout their entire journey.
Technology: Customer value creation: Gives access to the information they need, providing an entirely new level of customer insight that has the very real potential to maximize revenue growth through more powerful up-selling and cross-selling in real time
Everyone needs access to CRM: In the past CRM was reserved for only the marketing departments, but in recent times there is a need for elements of CRM platforms to be used throughout the entire business and not solely held by a central department.
A need to respond to customer demands in "Web time”
Benefits of predicative functionality in CRM solutions:
Content Recommendation- Predictive analytics can identify content which is most engaging to your customers, and make recommendations as to which pieces they should use. This saves user going through a central database of assets and having to learn about all the content that is available at their disposal.
Churn rate - Predictive analytics determine comms, assets and vouchers which are likely to churn and take action using your content. For example personalisation of landing pages, instead of being taken to a generic page. These pages can filled with content based on a customer’s profile in real time.
All departments need access to analytics. Predictive analytics also enables marketers to pass on a large amount of lead intelligence across all departments including the shop floors.
Customer Insight. The more a customer’s profile is built up with real data the more you’re messaging and communications can be tailored to meet their interest and needs.
Real-time CRM segmentation-. More sophisticated segmentation which then results in a laser focus on the right time with the right message.
All this can seem a bit daunting but you have to start somewhere and remember its often better to walk before you run! Atreemo has a number of built in processes to help you tackle these intelligent CRM practices. From the simple use of analytics to identify the optimal time to send campaigns for the best deliverability and or highest read rate, to using automation to trigger offers based on a customer’s previous purchases, value and time since last purchase.
If you would like to hear more about how we could assist you in regards strategies to increase your customer base please don’t hesitate to contact us.