Leveraging a CRM to Analyze Customer Behavior Patterns and Forecast Revenue

Customer satisfaction and experience are two primary factors that drive customer-centric business today to heights. It’s no secret that almost all enterprises collect their customer’s details and have a secured database. When this data collected from various platforms increases in terms of volume, veracity, and value they become Big data.

Leveraging the benefits of this big data in businesses can help in analyzing behavior patterns of customers and helps in attaining high CSAT (Customer Satisfaction rate). What becomes important and helpful here is an efficient CRM (Customer Relationship Management) that can manage and organize big data in an efficient manner.

Before getting into details, let’s understand Customer Data Analytics

It is simply the process of making business strategies by collecting and analyzing customer data as well as tracking customer behavior patterns. This information helps businesses to understand their customers more effectively and increases customer loyalty rate.

Most organizations leverage data with analytics to predict customer behavior and provide customers with personalized experiences.

Garner says, “Customer analytics is the use of data to understand the composition, needs, and satisfaction of the customer. Also, the enabling technology used to segment buyers into groupings based on behavior, to determine general trends, or to develop targeted marketing and sales activities.”

How to analyze customer behavior using a CRM? 

Analyzing customer behavior patterns is imperative for both data analytics and better customer service. Customer behavior is nothing but understanding your target audience, their buying patterns, habits, and social trends. Prediction of customer behavior using CRM is quite an easy task with all its features. 

Here are some ways by which you can easily analyze customer behavior patterns using a cloud-based CRM like Kapture CRM.

  • Customer Segmentation – Segmenting your customers based on their demographic variables, buying frequency, online presence, etc. helps businesses to maintain an organized record of different types of customers and thereby provide personalized experiences. CRM solutions like Kapture have an organized customer segmentation feature that helps you retain your loyal customers. 

Recent research conducted by Accenture revealed that “41% of customers switched companies because their personalization was poor. Personalization fails if you do not segment your audience accurately.”

  • Customer Engagement – Keeping your customers engaged frequently with accurate resolutions to their queries is an effective way of analyzing behavioral patterns directly. For instance, Kapture CRM has an omnichannel presence that integrates multiple platforms. This way agents can easily communicate with customers and directly collect information from a centralized location. 
  • Efficient Data Management – It is not merely about storing customer data. For customer analytics, the focus should also lie on minute details like locality, product category, specific customer queries, etc. With an efficient Data Management system, Kapture CRM provides businesses with an intelligent way of analyzing customer data and behavior. 
  • Customer Lifetime Value (CLTV) – It is a metric that indicates the total revenue a business can expect from a single customer. Tracking CLTV using CRM is an effective way of analyzing customer behavior and segregating loyal customers. 

Now you know how to make most of your CRM using customer behavior data.

Role of Behavioural Marketing in CRM system

Behavioral marketing is quite common today. It is a way of marketing using personalized advertising and content intended for specific target audiences. With the emergence of CRM, a new wave of behavioral marketing has hit customer-centric businesses. To be precise, CRM is a standalone tool for behavioral marketing. 

For instance, Kapture CRM provides a personalized experience for customers using features like a customer database, tracking performance, customer segmentation,etc.

  • Lead Management – Managing leads is an easy task when you have a detailed customer database which is segmented accordingly. Targeting audiences with their preference is simple using these collected data. 
  • Better Customer Service – Providing customers with accurate resolutions is important. With an organized record of each customer, history of queries, patterns of resolution, etc, agents can provide service in exact touchpoints. Features like the Self-Service portal, where repetitive questions are automated to FAQ’s, reduces customer waiting time and boosts CSAT rate.
  • Automation – Take for instance Kapture CRM, it automates every process of your marketing. Extracting data from the Customer database employees can easily send customized emails, texts, messages, etc, to specific target audiences.

 This is how an efficient CRM makes behavioral marketing everyone’s piece of cake!

Sales Forecasting Software 

Sales forecasting simply means calculating the estimated revenue of your business over a period of time. A sales forecasting software like Kapture’s sales CRM creates this report of expected sales based on historical trends, data of industry behavior, etc. It prepares your sales team with expected sales and helps in forecasting revenue ( estimate of your revenue over a particular period)

According to Idea Plus Business, “Sales forecasting is highly important for any business to make accurate and informed business decisions and to estimate the company’s future revenue”.

Kapture sales CRM comes with features like:

  • Pipeline Management – Prioritizing leads accordingly for easy conversion
  • Source Mapping – Tracking your leads and gaining data by monitoring customers
  • Email triggers lead – Sending regular emails about leads to track progress
  • Integration – Integrating every platform onto a dashboard

Here are few tips on how to leverage your CRM for better sales forecasting

  • Plan your business effectively by getting access to updates of sales generated and track top deals on demands using a CRM 
  • Add accurate functionalities to your CRM from a sales perspective
  • Choose a CRM that integrates every digital media platform and this way sales representatives can easily connect with prospects, track insights, etc. 

Book your demo today and mark your brand’s identity in this competitive market with an efficient CRM software. 

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