In financial institutions, such as banks and insurance companies, customer information is one of the main resources required to generate profits. Knowing how to use information and how to use it correctly become the most important factors in the successful business of these companies. At the same time the number of clients in the organizations is counted in millions. Companies that are implementing a customer-centric strategy have already passed the implementation of CRM-systems and established processes of communication with clients. But the most successful players of the market have understood that the interaction with clients is not enough. A necessary condition for business development is not only to maintain customer loyalty, but also to analyze the information available about them. Therefore, after mastering the operational CRM, companies tend to launch projects to enhance the use of analytical CRM. And do not forget that you always have the opportuniti to order development software for movers.
Analytical CRM in banks
Operational CRM allows banks to start collecting information about customers: various statistical data reflecting the nature of the customer, his needs and desires. Once the operational CRM processes are well established, the need arises for an analytical solution that can improve the accuracy and effectiveness of marketing campaigns, plan sales more carefully and improve customer service.
Analytical CRM combines the data accumulated from operational CRM with data from other information systems of the financial organization (ABS, scoring systems, ERP, web portals etc.) and makes it possible to discover hidden patterns, understand clients' needs and the factors that motivate them to buy new products and use additional services. Analytical CRM allows you to anticipate customer expectations and increase customer loyalty.
Analytical CRM for working with clients
It is known that the cost of returning a lost customer is much higher than the cost of retaining him. That is why banks and insurance companies have to maintain a high level of customer loyalty in order to maintain their position in a highly competitive market. This will be easier to do if you know them well.
Analytical CRM allows you to quickly process information and present it in a variety of ways. Thus, you can easily create customer segments, determine exactly which segment a particular customer belongs to, and offer him suitable information and products in time. For example, the client went to the bank for a simple consultation and told the employee something new about himself. After the data is added to the CRM-system, they are instantly processed by the analytical subsystem and the bank employee is offered the most relevant products or services for the client.
Evaluating the effectiveness of sales and tools for their growth
Information on transactions, sales and payments available to analytical CRM from the accounting system of the bank or insurance company allows for analysis of the product line based on customer needs and evaluation of sales volumes in the context of different customer segments. This allows you to draw conclusions about the effectiveness of departments to work with different groups of customers and sales of different products.
Analytical CRM tools help to compare needs of clients and products of the company and also estimate how this or that product corresponds to interests of a certain client segment. This feature can be used to develop new products that will best meet the needs of customers or to optimize existing products and services by changing, for example, the terms of service.
At the same time, the information provided by the analytical CRM can be useful not only to the bank's product departments or sales directors but also directly to the sales managers who work with customers because they can monitor their work process and adjust it, if necessary. The ability to see your KPIs further motivates employees to work more productively and efficiently.
Service and analytical CRM
Using analytical CRM, you can improve the quality of customer service and predict the load on the departments involved in consulting customers and solving their problems. For example, depending on the customer segment to which he belongs, he can be offered a certain level of service or choose the appropriate strategy when communicating with him. It is also possible to analyze appeals and identify the most problematic topics, as well as to compare the number of appeals and sales to plan further workload on the relevant appeals.
Analytical CRM in marketing
In marketing, analytical CRM is used to analyze the effectiveness of completed marketing campaigns and the development of new campaigns. By analyzing data on sales and customers for the period of the marketing campaign, it is possible to understand how the results achieved correspond to the plans that were laid down at the beginning. For example, you can compare how closely the target customer group the campaign was designed for matches the actual customers of the products. You can also evaluate the channels that have proven most effective for selling products to customers.
Analytical CRM also allows you to determine a company's current position on the market. All information about customers is collected in the CRM system and allows to develop more accurate and effective marketing campaigns in the future and more realistic forecasts of their effects.
Analytical tools in the CRM-system is a kind of a core of building relationships with customers. After all, for quality work with them, it is important not only to accumulate information, but also to take full advantage of opportunities for its analysis. Modern CRM-systems solve all major challenges of customer relationship management, combining the functions of operational and analytical CRM. Today, analytical functions are included in most comprehensive solutions, for example, in Microsoft Dynamics CRM, in addition to standard analytical reports, a mechanism for managing objectives has been implemented and special dashboards have been developed to reflect the integral results of the company as a whole or individual business processes. This kind of functionality allows you not only to evaluate the results, but also to always see the prospects for growth and development.
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