In the current scenario, most of the enterprises are in the process of deploying huge Big Data related initiatives. This integration of Big Data into a CRM solution is enabling companies to predict their customer trends, analyze customer behaviors, more accurate calculation of ROI and improves overall customer service.
What is Big Data?
Big data can be used to define a massive quantity of fast-moving data that is more than the processing speeds of most of the enterprises. General tools and analysis procedures are not adequate to analyze and store this massive quantity of datasets.
Vendors define Big Data as the latest technology that stores and processes a large quantity of data. This data can be of the transactional format like social media data or analytic data like clicks etc. It may also be unstructured data or structured data and may include images, text, audio or video.
Uses of Big Data:
Big Data incorporation in the organization allows them to collect detailed and more accurate product performance information, helps in the management of product inventories, records, and analyses customer sentiments that can help in boosting the performance.
Big Data is used to collect and analyze the data for better management of the companies. Companies are able to take a real-time business decision using Big data low-frequency forecasting and high frequency “nowcasting”.
Big data segments the customer in narrower bands that help in providing more precise products and services to every customer.
Big data can also be used to improve the future development of products and customer services.
Use of Big Data in CRM:
Big data can provide new and powerful business tools to the companies which can help in better management of customer relationships. It can identify sales opportunities and better analyze the customer’s response towards the products by integrating internal data along with social media reviews and reactions.
The integration of Big data into CRM is a great way to bring the customer’s perspective while making a business decision. CRM and Big data can be used to recognize associates, find patterns and identify the latest trends that can help in increased customer engagement which in turn will lead to generating greater profits.
Following are some of the most important advantages of incorporating Big-Data into CRM:
Improved Customer Analysis:
CRM and Big Data segment the customers into different categories depending on their action by analyzing all the customer touch points like email, social media, call center etc. Big data can mine the customer trends and use it for developing products based on customer’s need and for designing promotional offers.
For the organizations, Big data can provide all the sales, marketing, and customers service feedbacks in a well-analyzed manner. This can be very helpful for them in predicting and determining the business ROI.
Improved pattern analysis
Businesses can find all the marketing attribute data for their content and combine it with deployment data (like the time and place of live content, how much it was promoted, the audience strength, etc.) and cross-reference it with performance data (like customer experience data, social media data, internet click-through data, click-conversion data, etc.) to find out detailed patterns about what works and what doesn’t.
By making the use of Big Data and CRM, the businesses are no longer left to guess the impact of their marketing changes on customer’s experience, and hence lead to formation of a stronger, more detailed and more efficient marketing strategy.
Big Data can analyze the customers’ reaction and establish the value of product into the market in terms of Customer’s need. This can present the clear picture of the product's doing and hence the business can make upgrade, corrections or can take any other necessary step depending on the customer’s need. Hence, the use of CRM and Big data can help businesses in better decision making.
By analyzing the customer’s behavioral history and demographic data, Big Data gives the businesses an ability to predict a customer's future response.
Big Data enables the organizations to implement comprehensive Benchmarking over a period of time. This allows them to study vital business indicators like sentiments of customers for the particular product, cost vs. revenue analysis per service call, and so on. This way the lagging business areas can be identified and then companies can make use of various tools to improvise the concerned area and improve their performance.
Analysis of Cart Abandonment Data:
One of the ways in which Big data improves the customer trends is by focusing on cart abandoners as this is the major area of order loss. The Cart abandonment data can be analyzed and relevant survey can be sent to the customers asking the problem they faced which led to the incomplete purchase. The customer service representatives can even call them to look over their problem and encourage them to complete their purchase. Also, the results from cart abandonment data and surveys can be used to further improve the product and can make up for a better customer experience.
Various websites such as Gambling.com tracks and collects every click that the user makes on any webpage right from entering the website. They also collect the channel through which the user entered their website such as Facebook, email, twitter. Hence this adds up to a huge quantity of data that needs to be analyzed using Big Data for drawing conclusions like what activity user performs just after visiting the website, which is usually the idle tabs, etc. this analyzed data can then be used for optimizing the website that can lead to more conversions and hence results into increase in sales.
The top companies utilizing CRM like Oracle, Microsoft, Salesforce etc. have begun to invest in Big data. Through a quick and efficient analysis of the huge volume of data, the Big Data is surely going to expand its application areas. Hence, Big data can be a very strong positive step forward for your organization by optimizing your CRM solution investment.
Are you looking for a Big-data CRM? Advanz101 has done many projects for our clients from US, UK, Australia, Canada and most of the geographies across the globe. We are experts in providing all kind of CRM Services Including Salesforce, SugarCRM, SuiteCRM, Zoho, MS Dynamics.
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