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The Best 5 SuiteCRM Analytics in Use in Today’s World

By September 3, 2020August 18th, 2021CRM Essentials

Like Hansel and Gretel dropping bread crumbs in the forest, consumers generate pieces of data with every digital action they take. An estimate from IBM suggests that consumers generate 2.5 quintillion bytes of data every day. Most businesses interact with their clients by utilizing customer relationship management (CRM) but they struggle to exploit the vast pools of data that accumulate in their CRM software. An overwhelming 71 percent of CMOs told IBM that they feel completely unprepared for the rapid growth of customer data. 

Compliance + Technology

Half of the equation for success is, of course, getting your employees to comply with data entry policies. You can’t draw insight from data that is fragmented, incorrect, or missing. The other half of the equation lies in employing the best tools for mining, evaluating, and organizing your data. This article will focus specifically on CRM systems with built-in or addable analytics tools designed to turn raw data into insight.

CRM analytics tools help you organize your data into decipherable sections and develop a working knowledge of the bigger picture. Common features include:

To that end, here are five of the best CRM analytics in use today:

  1. Segmentation
  2. Forecasting (sometimes called “predictive analytics”)
  3. Automatic notifications (triggered by events, such as purchase patterns)
  4. Real-time analytics (the most sought-after business intelligence feature, according to our recent buying trends study)
  5. Benchmarking (to keep you apprised of performance)
  6. Profitability analysis
  7. Visualization tools

Some CRM analytics tools are fully functional out-of-the box. Other products are purchased separately and integrate with compatible CRMs. We’ll look at some examples of both.

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Direct customer feedback:

It is still at the top, but it is now available via direct and indirect means; e.g. mined data from communities and social channels. "This avoids the distortion of surveys, which are often answered mainly by those with an axe to grind, or call center call reasoning, which is often subject to human interpretation or limited choice of classification," explains Mitch Lieberman, Sword Ciboodle Product Strategist. "It should be clear that while these are the most useful, these sources take the most energy and work to interpret correctly."

Comprehensive view of the customer:

It is essential, and necessary to provide a consistent customer response regardless of who in the company is communicating, or understanding customer behaviors for improved marketing campaigns, loyalty programs or actions from enrollment to referrals to impact on repeat business. Additionally, CRM systems should capture customer data from within and without the company to include social media, store visits, partner visits, company blog comments, and online buying patterns. CRM analytics can then generate demographic, behavioral and psychographic insights so that you are aware of the customer's satisfaction with service, price changes, response to marketing offers, etc. Ultimately, this complete albeit complex view "should reveal the customer's ecosystem and sphere of influence," says Balaji. "Do I know my customers' family and office members? Are they my customers as well? Is social media playing a role in influencing my customers' behaviors? Can I measure the advocacy influence of my loyal customers?"

Measure engagement levels:

So that you know how active your programs are, how popular your offers and your partners are, and how well all of this action, or lack thereof, translates into increased customer share and incremental revenues.

Measure and track escalation:

It is response efficiencies such as FCR (first call resolution) be that via online chat, email or phone channels. Customer satisfaction primarily boils down to two things: customer satisfaction with the purchase and customer satisfaction with problem resolution. Your analytics need to measure how often problems arise with a specific product or service so you can fix the problem in manufacturing, the supply chain or in-service delivery and thereby extinguish the problem at the source and end such complaints permanently. But it also needs to alert you to problems beyond the technical scope. "If a customer goes online to self-serve, then calls the call center, this is clearly an escalation point and indicates a failure on the web which must be addressed—or a customer behavior that must be accepted or modified through social engineering, rather than technical means," says Lieberman. You need business analytics to tell you which situation exists so that proper steps can be taken to ensure better conversion rates and increased customer retention.

Measure and track customer value (Life Time Value or LTV):

So that you know the actual value of a customer relationship. If you look only at the sales record for a customer, you can incorrectly assume profitability of the relationship. A high-dollar client that is expensive to serve and manage may actually be unprofitable when all is said and tallied. Conversely, a customer that spends less with you but is profitable to serve can often be enticed to spend more without sacrificing your profit margin. Thus, a customer's past buying record does not tell you everything you need to know in determining overall profitability of the customer. Make sure you have an accurate calculation of actual customer value.

In all probability, you’ll need CRM analytics beyond these five. “CRM Analytics at their most useful are the ones that reflect KPI (key performance indicators) — if you own a bakery, your KPI could be how much product volume you move, or how many times your best accounts buy from you a month, but that is in stark contrast to what your KPI should be if you were a law firm or a dental office,” says Adrian Sanders, CEO and Chief Value Migration Architect of VM Associates, a cloud-based business development consulting firm.

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To know more info about SuiteCRM analytics

Nasir Khan - CRM Author

Nasir Khan - CRM Author

Deployed robust sales, marketing and customer support automation systems and implemented industry best practices/processes across verticals such as BFSI, Manufacturing, Real Estate, IT, ITES, eCommerce, Education etc.,