The Marriage of Big Data & Customer Relationship Management
Analysis of internal and external data collections should be a focus of all CRM strategies. To find patterns, trends, and make predictions, companies of all shapes and sizes depend upon the marriage of information that forms big data sets.
Mining Internal Data
Every transaction a business makes contributes to the plethora of data we now have at our fingertips. Transaction data collected from relationship building efforts through to the point of sale and beyond, provide the opportunity to evaluate historical sales trends for better decision making in the future. An effective CRM application is essential for tracking and mining this data. While a CRM that’s customized for your unique business needs is always preferable, even “off the shelf” applications provide opportunities to record every interaction with your customer, in addition to demographic and relationship details. Curious about which industries buy from you most often? Or, perhaps you’re more interested in which industries buy which products at which price? Certainly, your accounting platform might offer insight into the financial details, but what about information around how those relationships are built? Are we more successful communicating with our prospects and customers via email? Via Twitter? Or, are we still doing business face to face?
Connecting External Data
With the overwhelming number of posts, tweets and snaps these days, understanding external perceptions of your organization and your industry can be difficult. Social media and other forms of communication have given us the opportunity to take a more global look at our company’s position in the marketplace. Of course, a customer’s proclivity to leave a positive review of a company or product is based on how connected they feel to the brand. If a customer feels they are part of what sociologists call the “in-group,” they will reach out to share with others hoping, they too, will join the group. But, how do we recognize prospective “in-group” members? How do we know our prospects, customers, and referral sources are engaging with our brand? Again, CRM can be an effective solution. Many CRM applications now offer ways to connect a customer’s online presence with their CRM records, centralizing your company’s social media impact in a tangible database and offering opportunity for trend analysis and more.
Ultimately, the combination of internal and external information allows for the analysis of a larger dataset. Techtarget.com describes it as a process to “uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information.” A business on top of their marketing game never feels blind. Leverage your CRM platform to analyze big data, keeping your company efficient and competitive in today’s disruptive economy.
The SYNACT team helps small- and medium-sized businesses implement CRM in a zero-conflict, all-inclusive service model that ensures they get the tools they need to serve their customers. If you want to learn more about utilizing CRM to collect and analyze big data sets, get in touch by emailing SYNACT at firstname.lastname@example.org.