Used properly, big data analytics derived from CRM helps companies to reduce the time to market for new products and services, track and refine email marketing messages, and introduce automation for various campaigns. However, despite its promise, big data is often too large and encompasses too many aspects of a business to be useful. Without a proper solution, companies risk wasting a lot of their marketing budgets when they don’t use big data properly.
The challenge for a lot of marketers is using all of the data generated by the CRM solution and assembling it in understandable and actionable forms. To overcome this, it’s essential to choose an advanced platform such as Microsoft Dynamics CRM that can pull in information from various sources and has powerful analytics and reporting capabilities built in.
Microsoft Dynamics CRM can capture and build reports on a trove of information including:
- Purchasing decisions and behaviors among consumers
- Trends in the interest levels of consumers pertaining to services or products
- Responses to certain campaigns, and tracking of those responders throughout the cycle, from the “prospect” tag to a completed sale
- Identification of a prospects interest in a certain product or product family
- Data from other channels such as social networks can be integrated into CRM for a more detailed view of the customer
Key marketing benefits of CRM-driven Big Data include:
- ROI can be boosted due to better targeting and timing of campaigns resulting from data review
- Cause and affect correlations between brand content/offers and consumer actions can be found through data analysis
- Automated rules and messaging can be setup to keep correlations active, which can improve conversions while reducing costs
- Predictive modeling is possible with big data. Businesses can better predict customer actions in the future, so they can alter campaigns accordingly and adjust sales target numbers if necessary.
- Benchmarking of various metrics are a vital way to judge customer feelings, retention numbers compared to costs, and other areas that should be reviewed over time. Management wants to see the longer-term ROI of capital investments, and big data can provide the desired context to justify investment decisions.
In addition to benefiting customer-facing efforts, CRM data can also provide insights into internal operations. The efforts of staff members in sales and customer support can be tied to customer satisfaction, sales from high-value customers, and other metrics. Data can uncover operational bottlenecks and provide management with a roadmap on how to alter the sales cycle, adjust customer service channels, or perform other actions that make the customer’s journey easier.
Trends Lead to Targeting
An important aspect of CRM-based big data is using it to identify trends. These trends could be patterns in demographics as they correlate to sales, past to future purchase correlations, and lead conversion trends during certain times of the year. If marketers know which customers are converting at faster rates than others they can offer different cross-sale products to either group to encourage initial or repeat buying. It enables more than just targeted A/B testing campaigns to different groups, but the ability to offer different content and learning experiences based on the consumers’ preferences.
Additional targeting opportunities using big data:
- Build lists of the most valuable customers and then use those demographics to target prospects. Use big data to correlate for example income level, location, and purchasing decisions to narrow down the search (and messaging) for new leads.
- Social media data can be combined with demographics and buying decisions to produce a picture of the customer that was all guesswork years ago. Understanding the customer at this level is crucial for brand building and targeting.
Searching for a CRM platform that will provide data in an easy-to-understand and actionable form? Let one of our TechBlocks experts help you pick the solution that perfectly aligns with your business goals. Visit www.tblocks.com/crm-solutions/ to learn more.