CRM & Big Data Analytics

The Importance of Big Data:

What is this Big Data everyone is talking about these days?

Big Data can be defined as the huge volumes of data being generated everyday that can be mined for information. The data can be structured or unstructured and is often characterized by the 3 Vs: extreme volume of data, wide variety of data types and the velocity at which the data must be processed.

Where does this data come from?

The data is generated from multiple sources such as social media platforms, server logs, web clickstream, mobile apps, database stores, business records etc. Interestingly, limitless data will be generated with real-time sensors embedded in devices that will be connected to the internet in what is know as “Internet of Things”.

But this data is insignificant without the tools that can process and analyze it.

How can CRM leverage Big Data?

The possibilities that Big Data offers are endless but you need to have the right tools to derive detailed insights from heaps of data. If companies want to reap the full benefits of big data, they first need to invest in Customer Relationship Management software. A CRM can keep track of the data trail that customers leave on various online platforms and present the data in a rational and coherent way.

Why integrate Big Data with your CRM?

1.Predictive Modeling

The tastes and preferences of today’s digitally empowered customers are constantly evolving. Big Data empowers businesses to predict how customers are going to respond in the future based on their past buying behaviour.

The better the recommendations, the higher the conversion rate.

2.Market Analysis

Every brand has a story to tell and a story to sell. The need to know your customer base for targeted marketing has become more important than ever. With CRM & Big Data, customer trends can be mined and used to predict needs, directing product development and promotional efforts.

3.Superior Customer Understanding

By integrating big data with CRM, companies can now easily find out how their product or brand is perceived by the customers online. They can use the data to identify their weaknesses and revise their marketing and sales strategies.

This will both improve customer retention and enrich customer experience

4.Drive Revenue & Growth

Big Data provides companies with accurate performance metrics, helping them to make more informed decisions. Sales team can generate leads and close deals faster knowing their target audience.Moreover your customer service staff will have more information at their disposal when serving customers.

Bottom Line:

According to Gartner, Big Data will be the next “disruptive technology” and will transform customer relationship management industry. By integrating Big Data and CRM, businesses can revolutionize the way they market their products and serve their customers.

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