Using Analytical CRM Tools to Grow Your Business

Analytical CRM tools manage relationships between customers and businesses. They track customer interactions and analyze customer data, as well as store demographics and behavior in a central database.

You can use a CRM analytics software to discover many things, such as the sales cycle and customer relationships. On top of that, it gives you sales predictions and marketing strategies to keep customers.

Here are some examples of what can analytical CRM modeling tools discover:

1. Customer life cycle (or customer lifetime value)
2. Predictive analytics on churning customers
3. Optimize customer relations through segmentation
4. Opportunities to cross-sell and up-sell
5. Customer sentiment analysis
6. Planning marketing campaigns and evaluating their effectiveness
7. Forecasts of future sales volumes
8. Recommendations of products
9. Best strategies for customer retention

The best analytical CRM tools also automate and streamline sales, marketing, and customer services. So it results in a more efficient and effective customer engagement.

Let's take a better look into what an analytical CRM software can discover and how it does it.

Customer Lifetime Value (CLTV)

CRM analytics tools can calculate the customer lifetime value. CLTV is the predicted revenue a business can expect to generate from a person over their lifetime as a client.

It also provides insights into the effectiveness of customer loyalty programs. By understanding how it works, businesses can prioritize their efforts on profitable customers.

With good analytical customer relationship management, they are able to better allocate resources and make data-driven decisions.

Churn Prediction

What can analytical CRM modeling tools discover besides customer information on their profitability? Well, they can predict the likelihood of customers churning or discontinuing their relationship with a business.

With this information, companies proactively take the following steps to retain customers:

• Identify early warning signs of customer dissatisfaction,
• Address issues,
• Implement targeted retention strategies, such as promotional marketing campaigns.

Customer Segmentation

CRM tools can identify different segments of customers based on data. It uses analytics and reporting metrics such as characteristics, behavior, preferences, and other variables.

This allows businesses to tailor their sales, customer service, and marketing strategies to specific client segments. Resulting in more targeted and effective customer relations.

Cross-Selling and Upselling Opportunities

A good CRM analytics software identifies cross-selling and upselling opportunities through consumer behavior. The software uses market analysis, marketing analytics, and customer data to understand their preferences and purchase patterns.

This way, businesses can offer relevant products or services to existing customers. Resulting in increased sales and customer loyalty.

Sentiment Analysis - What Can Analytical CRM Modeling Tools Discover?

Analytical CRM features can analyze customer interactions to determine client sentiment and satisfaction levels. It provides insights such as customer inquiries, feedback, reviews, and social media posts.

Using an analytics and reporting tool, businesses can:

• Understand customer emotions,
• Identify areas of improvement,
• Take necessary actions to enhance customer experience and loyalty.

Campaign Effectiveness

By analyzing customer response data, an operational CRM system can evaluate the effectiveness of marketing campaigns.

Sales and marketing teams can measure the success of their marketing efforts, optimizing campaigns and making data-driven decisions.

Product Recommendations

A CRM software offers personalized product recommendations to customers based on relevant data. It includes actionable insights into their past purchase history and browsing behavior.

This helps businesses enhance customer experience, drive cross-selling and upselling, and improve customer satisfaction.

What Can Analytical CRM Modeling Tools Discover - Sales Forecasting

An CRM analytics platform uses historical sales data to predict future sales performance. With the help of an asset management tool, businesses can organize demand planning, inventory management, and resource allocation.

Customer Behavior Patterns

CRM modeling tools can uncover patterns and trends in customer behavior. They include purchase frequency and recency, product affinity, and channel preferences.

By understanding customer behavior, businesses can tailor their marketing and sales strategies accordingly. As well as create personalized customer experiences.

Best Analytical CRM Systems to Consider

1. Salesforce Einstein (Best Analytical Customer Relationship Management overall)

Plans and Pricing

• Einstein Discovery User– $75/ mo
• Einstein Analytics Plus - $150/ mo

2. HubSpot Marketing Analytics (Top CRM Data Analysis for Marketing)

Plans and Pricing

• Free - $0/ mo
• Starter - $18/ mo
• Professional - $792/ mo
• Enterprise - starts at $3,300/ mo

3. Zoho Analytics (Great Analytical CRM for Small Teams)

Plans and Pricing

• Basic plan (2 users)– $22/ mo
• Standard plan (5 users)– $45/ mo
• Premium plan (15 users)– $112/ mo
• Enterprise plan (50 users)– $445/ mo

4. Zendesk Explore (Great CRM Analytics Tool for Customer Support)

Plans and Pricing

• Lite Plan- Free with Zendesk Support Professional and Zendesk Suite
• Professional plan- $9/ mo

5. Insightly (Top Analytical CRM for Medium and Large Business)

Plans and Pricing

• Plus - $29/ mo
• Professional - $49/ mo
• Enterprise - $99/ mo

6. Freshworks Neo Freshsales (Good for Sales Process Analytics)

Plans and Pricing

• Growth - $15/ mo
• Pro - $39/ mo
• Enterprise - $69/ mo