2 min read

Machine Learning Usecases 01- CRM analytics

CRM analytics, also known as customer analytics, refers to the process of interpreting the data within your CRM software to uncover valuable insights that will impact business decisions. The overall purpose is to better understand your customers so you can sell to them as effectively as possible.
Machine Learning Usecases 01- CRM analytics

Every software program your business uses is likely filled to the brim with data, ripe and ready to be analyzed to unleash actionable insights. When it comes to finding ways to improve your selling processes and customer relationships, your customer relationship management (CRM) software will provide all the information you should need.

How CRM analytics can help your business

Here are a couple of examples as to how CRM analytics can make that happen for your business.

Shows a clear customer journey

CRM analytics has the ability to layout a clear customer journey for your business to follow and act upon. Every customer goes through a journey, starting when they don’t even know your business exists, to the moment they pay an invoice and become brand advocates.

When buying impulsively, the entire journey happens almost instantly. But when it comes to large purchase decisions, the customer's journey will be significantly longer, include various decision-makers, and require multiple conversion points. For example, if a business is thinking about investing in a new software tool, they would conduct primary research, collect and review proposals, and consult key stakeholders.

When dealing with a process that can take months, it’s important to have software in place that can give sales and marketing team members the ability to manage the customer's journey all the way to close (and beyond). The right CRM software will look at the areas of the customer journey where buying signals occur and track key metrics that a business needs to understand satisfaction rates. These data points are then analyzed to reveal methods that businesses can implement to improve their processes for selling and nurturing customer relationships.

Indicates a change in lead status

As pointed out in the examples above, there are key indicators in the process of a buyer's journey that indicate a desire to move from disinterest to purchasing your product or service. This transition is mirrored in any type of customer transaction.

Your CRM should provide easy access to analytics dashboards and reporting features that showcase these indicators and how they impact the business and forecasting. When a business is considering purchasing a solution, the seller’s CRM should track key items like website visits, touchpoints, social media engagements, if forms are filled out, if webinars or other events were attended, and more.

On their own, these items might not mean anything, but the right analytics will show trends among certain customers based on the frequency or significance of their engagement.

Probyto AI allow organizations to build and manage such usecases and track the benefits of AI adoption in their businesses. Currently, FREE 60 minutes AI Consultation is being provided to the registered users in the Probyto AI Demo platform. If you haven't registered yet, register now to Probyto AI Demo.

Source: https://learn.g2.com/crm-analytics

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