In a nutshell, customer segmentation should be applied to all your client-facing activities. As this will improve the quality of your services and lies the foundation for building a loyal audience.
Living in a digital age, we have access to the various types of information; some organizations get obsessed with data collection, yet the more doesn’t mean the better.
As a managing director at Navigate Consulting Ltd., Nick Baggott says “Digital channels provide you with so much information that it can be overwhelming. I always try to get clients focused on capturing behavioral rather than demographic data. Behavioral data is more accurate, robust and predictive”. In fact, the use of the behavioral data and its analysis will improve your customer segmentation and communication.
Jill Dyche, a data strategist, and co-founder at Baseline Consulting, shares her ideas and emphasizes that “the biggest issue by far is knowing where to start. Finding, accessing, integrating, and deploying information—not to mention putting policies in place—is hard work. And it’s a set of processes that requires discrete skill sets. Executives often underestimate the need for specialized tools and skills”.
Considering marketing requirements in analytics, Ginger Conlon says that “having basic analytic skills is becoming table stakes for marketers. It’s important to know what questions to ask in the first place, and what data to use to answer correctly those questions. There are technologies that can help, and data scientists who can lend their expertise, but today marketers need at least a basic understanding of how best to move from hypothesis to conclusion”.
Currently, data-driven approaches are used in all business processes, and Fabrice Cathala says that “the key issue with standard CRM reporting engines is that to build meaningful reports you have to have a good understanding of your CRM under the hood, its “data model”. The appearance of new analytic tools allows a marketer to work out various scenarios for boosting the success index. Fabrice also states that “looking into a vast amount of relevant data from the past can help the system cleverly to detect unnoticed trends and provide some insight into the future. That’s predictive analysis and it’s a game changer that can for sure help solving strategic problems”.
Wrapping all up, we can surely say that the amount of data doesn’t mean it is useful and relevant. Before setting up reporting tool of your CRM, consider what records types you need to gather and analyze for improvement of overall company performance. This task may take some time, but you will save more time and efforts during analyzing irrelevant data.
P.S. Want to get more guidelines on the CRM analytics setting up? With this ebook “CRM Analytics Workshop. How to Set Up Effective Metrics” you will figure out where to start and how to plan your business analysis.
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