What is Analytical CRM? - Main features and benefits - SoftwareSuggest (2023)

Analytical CRM systems collect data about customer interactions and analyze them to improve internal and external processes. It runs in the backend and is responsible for the secure data storage of the data. Customer data is entered into the CRM and the information is processed to provide the necessary information.

Let's break down the different aspects of analytical CRM and why they are essential for companies –

What is Analytical CRM?

Analytical CRM is used to analyze information from customer data collected by the system. It helps businesses make decisions by understanding consumer behavior and buying patterns. Built-in tools also help discover and execute new marketing campaigns, giving businesses a competitive edge.

Data from different channels such as live chat, phone calls and face-to-face conversations are stored in one place, contributing to the transparency of customer preferences. This helps companies isolate customers and plan their marketing and sales strategies.

Analytical CRM works in sync with operational and collaborative CRM to improve customer satisfaction.Functional and collaborative CRMHelp everyone generate leads and facilitate communication between team members. These CRM systems can benefit from the advanced data classification and processing tools that Analytical CRM offers. This can help track, share and report customer data. This ensures synchronization between the different areas and teams of the organization.

What are the features of Analytics CRM?

Let us try to understand in detail the role of analytical CRM and its relevance

1. Anticipate trends

Analytical CRM analyzes past sales metrics and current trends to help forecast sales. Algorithms, machine learning and business intelligence (BI) help companies get optimized data to deliver the best results with the least human effort.

2. Understand the customer lifecycle

Data from multiple channels can be analyzed and used to understand the customer lifecycle. This analysis can also help companies create customer profiles and understand their preferences. With a deep understanding of consumer behavior, businesses can expect profits.

3. Segregate consumer data

TheCRM functionThe software can track leads across all channels and break them down into individual customer profiles. With customer rating, companies can achieve desired customer profiles and rate them accordingly. Highly specific key elements help classify different customer tiers. This helps in planning and executing targeted marketing campaigns.

4. Predict consumer behavior

Predictive marketing modeling can help companies predict customer behavior. This gives businesses a clear picture of what works best for marketing. Sales tracking also provides insights into how the sales process can be further improved.

5. Secure data storage

Analytical CRM securely stores data in one place and makes it available for analysis. Feedback forms, call center information, billing/invoices, websites and other databases can be quickly pulled to complete the picture.

6. Enables electronic processing of analysis

Online analytical processing (OLAP) allows companies to organize disparate data sets in one place. Users can "scroll up" for a larger image and zoom out for details on specific aspects. You can also separate sections of data for comparative analysis.

The benefits of analytical CRM

Below are some of the benefits of analytical CRM:

1. Better customer experience

With Analytical CRM, companies can gain a complete picture of the customer lifecycle. By creating customer profiles and understanding their preferences, businesses can capture potential customers and then convert them into customers. These tools can provide a better customer experience and meet their needs more efficiently. Studies also show that using CRM software can increase sales conversions by up to 300%. A solid understanding of customers increases customer loyalty and enables companies to scale.

2. Results-oriented marketing activities

CRM systems work on pattern recognition, which helps in strategic planning. The information collected can be used to effectively assign tasks and direct resources. Effective and research-based campaigns lead to better results and more customers. corporate useCRM analytics software sales up 29%.

3. Optimize resource usage

Analytical CRM helps streamline marketing efforts by reducing time, money and staff. This helps companies run targeted campaigns with minimal resource consumption. In addition, it helps companies avoid outdated marketing methods.

4. Real-time decision making

Analytical CRM helps ensure flexibility and availability of data for real-time decision making. With different data sets on a single platform, decisions can be made quickly through comparative information. By using CRM tools, sales reps can shorten their sales cycle by 8-14%. Rapid decision-making gives companies a competitive advantage and leaves room for other initiatives.

Functional CRM vs Analytical CRM

Analytical CRM and functional CRM are categories of software with different capabilities. Let's see the difference between them -

These two types of software work best when combined. Many vendors have developed platforms that integrate analytics tools into broader CRM functional frameworks. TheDifferent types of CRMSoftware systemHelp bridge the gap between consumers and businesses.

How do I get started with Analytical CRM?

A free trial is the best option before signing up for a paid version of CRM analytics software. At the same time, buyers can test the tools on offer and learn how they support their business. Although analytical CRM requires a learning curve, it's not difficult to use. With time and practice, professionals can use the software effectively.

Many vendors offer high-quality training programs and live support so you can quickly get up to speed with the software. If you are a large company that has not yet realized the benefits of Analytical CRM, now is the perfect time to invest in CRM and watch your business grow!

Analytical aspects of CRM

CRM systems analyze various business processes for better understanding and profitability. Let us understand the analytical aspect of CRM.

customer analysis

Customer analytics can generate reports on consumer behavior. These reports help businesses gain a comprehensive understanding of their customer base through profiling. Analytical CRM identifies specific customer segments and offers the best business solutions. It may also inform you about future products and services.

Sales Analysis

Sales analytics help gain a comprehensive understanding of a company's entire sales process. The resulting insights are critical to understanding the sales cycle and re-strategizing. This helps in forecasting future sales and profits. Additionally, it can be useful for changing organizational priorities and assigning vendors.

market analysis

Marketing analytics is a great way to plan, manage and scale your marketing campaigns. These tools will give you a clear idea of ​​how to allocate resources for your campaign and understand how to market your product. It may also provide information about new marketing opportunities.

Service Analyse

Service Analytics helps integrate information from teams, surveys and customer sentiment analysis to provide insights about itBenefit and customer satisfaction.This helps the company to focus on customer service and direct resources to the right location. Additionally, users can analyze service costs and balance costs against revenue.

Channel analysis

Channel analytics provides insight into a company's performance across different channels, including social media, live chat, email and voice. Cross-channel insights can better understand customer preferences and improve public communication.

Best Analytics CRM Systems to Consider:

With so many analytics CRMs to choose from, it can be difficult to choose the right one. Here is a list:

1.Infor CRM (Saleslogix)

Built on a powerful platform,CRM informationis a CRM solution that enables marketing teams to add value to business relationships. CRM consists of many tools such as −

• sales unitAssist in customer relationship management and reporting on the sales process
• Marketing toolIt helps in tracking multi-channel marketing campaigns. Executing targeted campaigns and timely initiatives helps build lasting relationships with customers
• Customer service Measurement unitTrack and resolve customer support issues effectively. This module enables efficient and responsive service using advanced monitoring and troubleshooting tools

Preis

$65 per month.

Free Trial -30-day free trial for 3-5 users (UK organizations only)

Lack of

• Infor CRM tends to run slowly, making it more difficult for power users
• Requires all contacts to have an account. This limitation will force companies to have data structures that are not suitable for their needs
• Infor CRM does not allow disclosure of information to non-CRM users

2. Salesforce Analytics Cloud ή Salesforce Einstein

Salesforce Analytics Cloudis a cloud-based analytics program that helps build predictive models from underlying datasets. The information displayed is optimized for all screen users. Moreover, these features are affordable to meet the needs of different users.

Salesforce Analytics Cloud not only analyzes relevant productivity trends and declines, but also enables users to understand why.

This tool enables fast planning and execution. Another popular cloud add-on is Einstein Analytics. Tracks KPIs and metrics that determine which deals are most likely to close. Also, the narration function helps to automatically create slideshows/presentations, facilitating the sharing of information.

Preis

Salesforce Analytics Cloud offers two pricing options:

Einstein discovered the user– $75/user/month billed annually

Einstein Analysis Plus(Advanced Analytics with Built-in AI) - $150 per user per month, billed annually

Free trial period- usable

Lack of

• Salesforce is expensive for small businesses
• No 24/7 customer service

3. Zoho Analytics

Zoho AnalyticsProvide detailed data analysis and combine it to create interoperable reports and dashboards. This helps companies get a clear picture of the state of the business across all departments.

The user interface is highly visual and features extensive analysis tools and collaboration features. The system is very secure and sets smart data alerts to warn of outliers and anomalies. With over 500 business app integrations out of the box, Zoho Analytics is ideal for any type of business.

Preis

Basic plan (2 users)– $22 per month, billed annually. $25 per month, billed monthly

Standard plan (5 users)– $45 per month, billed annually. monthly fee at $50

Premium Plan (15 users)– $112 per month, billed annually. $125 per month, billed monthly

Corporate plan (50 users)– $445 per month, billed annually. $495 per month, billed monthly

All paid plans are available for free trial. To add more users, there is an additional fee of $8 per user per month on top of the monthly fee.

Lack of

• Lower UI customization
• Generated reports are available only on Zoho servers. The data cannot be accessed outside the application

4. Zendesk Explore

Zendesk Exploreis an analytics and reporting tool that pulls data across channels to measure customer interactions. Explore offers the best analytics with built-in dashboards. This helps teams of all sizes track metrics and improve performance. exploratoryCustomer serviceThe Services can be accessed via email, phone, chat and social media.

Preis

To use Zendesk, users must purchase a Zendesk Support Professional or Zendesk Suite subscription.

Optimized design –Free access to Zendesk Support Professional and Zendesk Suite

career planning -$9 per user/month billed annually, $12 per user/month billed monthly

Lack of

• Creating complex reports is difficult
• Zendesk numbers are not updated in real time

5. Next step

NextIt provides analytics tools for marketing, sales and customer support. The tool offers CRM, chat, phone calls and surveys in one package. Speech analysis allows segmentation of local data. In addition, businesses can access detailed call summary data, sales activity, call logs and trend analysis. Users can also send text messages through the Nextiva app.

Preis

Basic plan (1-4 users)– $35 per user per month, billed monthly

Professional plan (1-4 users)– $38 per user per month, billed monthly

Corporate plan (1-4 users)– $55 per user per month, billed monthly

12, 24 or 36 month contract terms are also available.

Lack of

Implementing Nextiva and training team members was a time-consuming process.

6. SAP HANA

SAP HANAis an internal CRM solution for managing sales and service orders. The tool is known for its fast processing and seamless integration with Sybase ASE. SAP HANA offers a multi-node solution that increases uptime and minimizes the risk of component failures. It also helps simplify data modeling by converting data into JSON documents. SAP Hana supports multiple programming languages ​​and performance analytics.

Preis

Profi-$22 per user per month

Single App Version -$43 per user per month

multi-app version$130 per user per month

Lack of

• HANA is expensive. It is suitable for organizations that need to process large amounts of data
• Runs only on SAP and SUSE Linux certified hardware

arrange custodycustomer satisfactionAbove all, investing in a good analytical CRM system is imperative to achieving customer retention and revenue growth. If we're missing CRM systems, let us know in the comments below!