Earlier when technology and business processes weren’t two sides of the same coin, organizations had no choice except for conducting all sales and marketing operations through their gut instinct.
And then boom!
Predictive Analytics appeared as a blessing in disguise for such organizations. Predictive Analytics uses data, statistical algorithms and other similar functions to predict future events using historical data. The road from what has happened to what will happen goes through the
gateway of Predictive Analytics.
The information has become an asset for all of us today. It is with the help of this gathered data/information that organizations have become enterprising nowadays. Predictive Analytics has varied application ranging from health care to marketing to what not. One of the major applications of Predictive Analytics is Customer Relationship Management (CRM). As technology is driving today’s generation, it has become quite necessary for companies to connect with their target audience digitally. If they fail to give a personalized experience to their customers no matter how great their product is, it will automatically lead to the heavy downfall of their business growth. Hence it quite important to be technically sound and this is where Customer Relationship Management or CRM comes into dominance, it is basically an approach to deal with the relations of any organization and to make these relations grow stronger. These relations include not just customers but also potential customers, suppliers, colleagues, and other individuals.
Sales and management are one of the key fields wherein CRM is used.
The deadly combination of Predictive Analytics and CRM will help companies in maximizing their revenues and not just this but it’ll also help us to get a better picture of customer insights and many other benefits as listed below:
1) With clearer customer insights, different strategies can be developed for different type of customers. Companies can also segregate their target customers who are more likely to be interested in their offers and for the customers, it will be easier as they’ll be notified about various products based on their past buying patterns.
2) Predictive Analytics has various algorithms which collect the data from various companies. This can help in devising various marketing and promotional strategies based on this data.
3) As the responses of customers are recorded, it can be used for problem-solving. The organization can cater to the needs of the buyers by studying the conduct and responses and hence help the customers get what they actually require.
The coupling of predictive analytics and CRM has vital applications in surveilling customer behavior. This can help to boost marketing campaigns, enhance the relationship with potential customers and all together help any trade grow efficiently.
And this is how we know that Bill Gates was right when he said: “How you gather, manage, and use information will determine whether you win or lose.”
Author:
Ananya Singh
EIE Department, 4th Year
KIET Group of Institutions, Ghaziabad
Having read this I thought it was very informative. I appreciate you taking the time and effort to put this article together. I once again find myself spending way to much time both reading and commenting. But so what, it was still worth it!