In today's world where there are tons of businesses aiming to gain an audience, it is very difficult to attract potential customers and boost sales. Have you tried predictive analytics to improve CRM though?
What is CRM?
Customer relationship management or CRM is a technology used by businesses to manage all of their relationships and interactions with their existing or potential customers. CRM can also be considered to be a database where companies store data to analyze it later.
Predictive analytics can help these businesses to provide better user experience to their consumers and thus also boost their sales.
Is Predictive Analytics same as Data Analytics?
Though the terms may seem similar, but they provide completely different outputs.
Data Analytics reviews the stored data to finds out information about the past. Whereas, Predictive analytics studies the data and uses different algorithms to predict trends that can show up in the future.
There are many ways in which predictive analytics can help businesses to improve their relationship with customers and improve their CRM experience.
Let's look into some of them.
1. To Provide Better Customer Service
One of the most important things that makes a company stand out and gain loyal customers is its customer service. Predictive analytics can help a company to improve CRM experience by providing the customers with better solutions to their queries and thus improves sales. Also, based on the received and predicted consumer complaints, businesses can work to improve the product and resolve the issues reported so as to reduce those complaints.
2. To Boost Customer Engagement
Besides resolving customer complaints, boosting customer engagement is a way to boost sales. Businesses can use predictive analytics to predict when and how customers will engage with the business to look for a product. Companies can be one step ahead and suggest their customers the products that they seem to be interested in. This improvement in the CRM experience not only boosts sales but also stimulates the consumer to become a loyal customer.
3. To Improve Marketing Tactics
Predictive analytics can help businesses to predict the volume of customer calls or chat requests in order to suitably staff its call centre. It can also predict the average length of calls or online chats to determine whether the call centre is overwhelmed.
4. To improve Product Quality
Predictive analytics can also help brands to create new products or improve their features based on customer interaction to align the sales, product design and customer service.
These are just a few ways in which businesses can use predictive analytics to improve the CRM experience. To sum it up, Predictive Analytics is the need of the hour for any brand to make a mark in the industry.