CRM Analytics - Customer Analytics
Executives in the areas of consumer marketing, customer relationship management, customer retention, revenue management have to take care of issues such as customer attrition, response rate, marketing ROI as these factors have a direct impact on business revenues and profits. Data Analytics have proven to be a good tool for them to take good decisions upon such matters. Customer analytics have enabled them to manage better customer lifecycle, know their customers and predict their behavior.
CRM analytics comprises all programming that analyzes data about an enterprise’s customers and presents it so that better and quicker business decisions can be made. CRM analytics can be considered a form of online analytical processing and may employ data mining. As Web sites have added a new and often faster way to interact with customers, the opportunity and the need to turn data collected about customers into useful information has become generally apparent. As a result, a number of software companies have developed products that do customer data analysis.
CRM analytics can provide customer segmentation groupings, response modeling, attrition modeling, loyalty analytics, cross-sell modeling and RFM analysis. Data collection and analysis are viewed as a continuing and iterative process and ideally over time business decisions are refined based on feedback from earlier analysis and consequent decisions.
Companies like Fractal Analytics have lead their clients to have a better productive customer relations in terms of sales and service and improve in supply chain management (lower inventory and speedier delivery) and thus lower costs and more competitive pricing.
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Tags: Fractal Analytics, CRM Analytics, Customer Analytics, Customer acquisition, Customer Retention, Customer Value Management, Customer Segmentation, Consumer behaviour, Cross-sell model, Consumer Analytics, Customer Attrition, Attrition modeling
