The big trend in the CRM industry is Big Data. This data may come from your CRM solution, social insights or third-party sources.
At the end of the day, all that counts is your ability to use your business data to make more informed decisions. But between raw data and informed decision-making is the all-important step of data analysis.
Big Data is set to offer companies tremendous insight. But with terabytes and petabytes of data pouring into organizations every day, traditional architectures and infrastructures are not up to the challenge. IT teams are burdened with ever-growing requests for data, ad hoc analysis and one-off reports. Decision makers become frustrated because it takes hours or days to get answers to questions, if at all.
Most companies integrate these data insights with their CRM solutions. This includes attaching insights to customer profiles, creating targeted marketing and e-commerce campaigns, better servicing customers via the contact center or self-service, and making real-time offers via the internet. While some CRM’s include meaningful data analytics tools, all provide the foundation to turn data insights into sales, marketing and customer service excellence.
If you’re keen to jump onto the data-driven decision-making bandwagon, here’s what you’ll need to get right:
1.Data quality. Take an inventory of the customer data you have and its quality. Make corrections to alleviate data quality issues. Supplement data with third-party data sources (demographics, behavioral, lifestyle, technographics) for a richer understanding of your customers. It’s amazing what information is available; you’d be foolish not to use it.