How predictive analytics will transform CRM experience

There is a popular saying in our Indian culture that goes as “Atithi Devo bhava” same could be said about a customer in the world of business. Any business would cease to exist without a customer therefore customer satisfaction is a necessity that can be ensured by providing quality services and proving to them that the firm cares about them.

According to data given by the Corporate Affairs Ministry, there are 11.89 lakh registered active firms in India alone, as of 2018. Hence, in this competitive age, a healthy customer-business relation is the key point in running and maintaining a successful business. CRM (Customer Relationship Management) is a software tool that is used by many firms to enhance their relationship with the customer. In simple words, it is a direct link between a customer and the firm. CRM has made it effortless for firms to know their individual customer by gathering and storing information about the customer, their activities and history with the firm. When the firms know their target audience they can adapt to their behaviour and interests, providing them with the desired service which gives the customer an enriched personal experience that leads to customer satisfaction hence forging trust and loyalty.

Using predictive analytics in CRM is taking it a step above, from just knowing your customer to predicting future events by analyzing their activity. Predictive analytics analyzes the stored data, processes it and then develops a model for the firm which makes a prediction on the future behaviour of customers as well as leads.

Predictive analytic CRM is a blessing in the business world and will soon become a necessity for any firm trying to expand its sales. It provides a lot of perks to a firm that can be used in boosting sales and aiding its growth.

With this technology, the firm can monitor customer’s consumption trends on various platforms which help in developing strategies according to the customer as well as leads interests. It can also be used to target the audience with services similar to their last purchase.

One of the key features of this technology is processing and analyzing the stored data and categorizing between a profitable customer and a risky one. With this useful information, the firm knows who to target thus leading to efficient sales.

With the increase in firms the competition increases and to survive in this highly competitive market one must know the art of targeting leads and turning them into satisfied customer. Predictive analytics CRM is just the right tool for that, not only does it brings sales and growth to the firm but also provides a personalized experience to the customer and hence maintaining the sanctity of the customer-business relationship.