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You can segment your clients into various categories using CRM analytics tools, such as age, gender, spending habits, etc., for seamless marketing and sales management.
Irrespective of how flexible your CRM software may be, it is likely that there will always be restrictions for it to completely meet your business needs. However, the use of custom-designed third-party apps can help remove these restrictions. These apps may be designed to fill in the gaps in your CRM solution, potentially solving CRM performance issues.
In a measurability perspective, customer relationships are primarily defined by events. Events such as completed sales, new sign-ups, money spent, etc., are important trackable metrics that businesses may take advantage of. CRM analytics tools can identify and record these stats, and moreover alert relevant departments in real-time.
CRM analytics, also known as customer analytics, is a term that describes the various programs and processes that are used to capture and analyse available and relevant customer data, and to present any findings from that data in a simple, user-friendly manner. With the help of the findings from the data analysis, your business teams may be empowered to make well-informed business decisions. While CRM analytics is useful for businesses of all sizes, it is particularly critical for large organisations that have a huge database of customers. So for those in sales, customer service, marketing, or any other department for whom customer tracking is important, CRM analytics is the go-to tool.
CRM analytics software is a single, unified platform through which your team members may access relevant information for each and every customer, to be able to provide them personalised service. This makes for excellent customer relationships, business retention, and eventually, good business.
CRM analytics tools track data points of customers such as sales and engagement. CRM analytics tools convert data into reports that spell out trends (such as increasing sales), identify what they mean, and take action. Therefore, it eliminates the need for manual tracking of data and reports creation. CRM software programs also save time by allowing you to directly create reports and dashboards without leaving the page.
Moreover, external customer data such as website visitor or product engagement data may also be tracked by some high-end CRM solutions. This is possible due to built-in APIs, integrations, and data feeds.
For example, if your CRM analytics show that 25% of new customers cancel within the first 60 days, but 75% of new customers who are subscribed to the product past 60 days stay on, you may want to develop a new 60-day customer retention program.
Advanced analytics features are offered by a number of CRM solutions out there. One of the best available CRMs that offers advanced analytics is EngageBay CRM. With EngageBay, you can easily track and measure customer and prospect interactions that take place before and after the sale. A simple and easy-to-use interface helps you quickly create custom reports and saves your business valuable time.
CRM analytics offer extremely actionable insights to enable your teams to make better-informed decisions. Quick and seamless access to information for better decision making and customer interactions. Moreover, elimination of routine manual reports creation activity saves businesses precious time, and enhances productivity.
The capabilities of your CRM solution will determine the types of CRM analytics reports you can create. In a majority of the available CRM solutions, reports such as pipeline and sales reports, including sales forecasting reports may be created. In EngageBay CRM, you have both project management and service features and therefore, you can create project milestones, status reports, and also service and ticket reports.