How to Use CRM as a Powerful Predictive analytics tool?
Depending on how you handle it, a change could be either an opportunity or a misfortune. This means that one always needs to keep ahead of the changing trends and preferences.
CRM-based Predictive analytics tool provides you with right insights and optimal point-of-view that allow you take the right decisions. CRM predictions and reports let you keep a pulse on organizing data. This enables you to make the right decisions that propel your business in the right direction.
You can also keep track of changing market dynamics and market situations to evolve your business.
Why CRM Business Prediction is Important?
As per the phenomenon of butterfly effect, a small change at the right time could make an incremental positive or negative change in the end. Otherwise, an ability to make discernibly simple observations could make the biggest change in a future.
In a business set-up, you are constantly making decisions one way or another. Even lack of action is a form of decision making. In this situation, you need to have an eye on making the right decision at every turn and opportunity.
In-order to make a positive change, you need to have the ability to measure diverse business metrics. By measuring anything, you can push it to the right direction.
By increasing the quality and extent of measured metrics, you can start making critical insights into normal processes and activities. By implementing CRM-based data reports and Predictive analytics, you can cover more metrics and form more critical insights.
CRM could be integrated into multiple aspects and facets of your business to increase the extent of data collection. This could leverage more accurate prediction. It helps you to collect important data that keeps you ahead in a changing environment.
Given below, are the three main aspects of Predictive analytics that enable Businesses to make smarter decisions.
Zero-in on your Right Marketing Efforts
When running a marketing and sales campaign, you can often get mixed signals about employee or campaign performance. Often, this could be a partial result or combines multiple campaign objectives to provide a desired effect. You can also get confused about periodic market variations and fluctuations that are realistic of modern marketing and sales scenarios.
Sales CRM reports help you consolidate multiple campaigns and employee contributions to a single dashboard. You can also filter-down reports to specific time period or individual location to evaluate your campaign effectiveness.
Consider the example given below. This filters the status of lead follow-ups on a given time scale of months. You can also analyze the status of each lead on a given time scale.
By plotting various analytical graphs, you could examine multiple points of views and collect right insights.
By simply categorizing multiple factors, you can segregate multiple factors affecting your business decisions. You can also follow periodic fluctuations normally associated with multiple marketing and sales campaigns.
Predict Sales Opportunities and Understand Customers
By handling leads and prospects through a CRM, you establish a calendar-oriented sales funnel. This lets you predict the possibility of each prospect or lead buying your product at a given time period.
A sales funnel is characterized by leads converted to opportunities and opportunities converted to sales.
This means that you can accurately evaluate and set status of each prospect at each point of time. This could be useful at predicting upcoming sales opportunities for every month or quarter. It allows you to focus on the right prospects or leads, which helps you to further increase conversion ratios.
You can also predict upcoming sales opportunities and ways to maximize leads turnover across multiple stages of the sales funnel.
Manage Organizational and business Prejudices
With passing time, all business people accumulate prejudices and preconceptions about particular situations. As these changes are not essentially rooted in data, these are often vulnerable to errors. The fast-pace and changing trends make these more vulnerable to errors.
With CRM, you can collect and consolidate multiple streams of business data into a single platform. This enables you to verify your business data with collect data and information. Thus CRM predictive analytics tool ensures that your decisions are rooted on solid reality.
Business people can also update their business knowledge and make more informed decisions.
An ability to accurately understand the current progress and environments enable you to make changes that make incremental future improvements. Integrated Predictive analytics lets you understand and iterate key business aspect to make consistent improvements.