ANALYTICAL CRM
1 Analytical CRM may be defined as a decision support system that is targeted to helping senior executives ,marketing, sales and customer support personnel to better understand and capitalize upon their customer needs, the c customer buying cycle.
2
Analytical CRM consist of applications
that enable business to analyze relevant data in order to achieve a more
meaningful and profitable interaction with the customer.
3
It uses customer data for analysis,
modeling and evaluation to create a mutual relationship between company and its
customers.
4
It helps to better understanding of
customer behavior.
5
The analytical CRM solution enable the
effective management of a customer relationship. Analysis of customer data can
a company begin to understand bahaviours,identify buying patterns and trends
and discover casual relationship.
Key features of Analytical CRM
• It
integrates and inheriting all this data into a central repository knowledge
base with an overall organization view.
• It
combines and interacts the value of customers with strategic business
management of organization and value of stakeholders.
• It
determines, develops and analyze inclusive set of rules and analytical methods
to scale and optimize relationship with customers by analyzing and resolving of
all questions.
1
NEED OF ANALYTICAL CRM
• CUSTOMER
ACQUISITION
• CUSTOMER
ATTRITION(slow destruction)
• TIME
UNTIL ATTRITION
• REVENUE
DOLLAR MODEL
• CUSTOMER
UPGRADE
2
PURPOSE OF ANALYTICAL CRM
• Design
and execution of targeted marketing campaigns to optimize marketing
effectiveness.
• Design
and execution of specific customer campaigns, including customer
acquition,cross selling, up- selling, retention.
• Analysis
of customer behavior to aid product and service decision making.
• Management
decisions
• Prediction
of the probability of customer defection
• Analytical
CRM generally makes heavy use of data mining.
• Importance
of analytical CRM
• Make
more profitable customer by providing high value services.
• Retaining
profitable customer through sophisticated analysis.
• Addressing
individual customer needs and efficiently improving the relationship with new
and existing customer.
• Improves
customer satisfaction and loyalty.
• Find
and explore useful knowledge in large customer database.
• It
helps in classifying customers, predicting customer behavior.
•
Steps in analytical CRM process Step:1
Problem formulation
• Segmentation
of clients
• Acquisition
analysis
• Relation
analysis
•
Channel or approach analysis. Step:2
preparation
Step:3 Definitive
analysis
• Statistical
techniques
• Data
mining
•
Machine learning techniques Step:4
Visualizing
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