ENTREPRENEURSHIP / AUG. 24, 2014
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4 Ways Big Data can Improve Customer Relationship Management

Big data has so many prospects and needless to say the world of CRM is not exempt from its potential uses.

At its most basic, big data is about mining large amounts of data for specific, relevant information that can allow for informed decisions to be made. In the world of CRM this has a number of significant benefits.

The customer experience is often at the heart of what makes a business successful. The way a consumer sees and interacts with your business is a large part of why they want to deal with you and big data can help greatly.

Being able to find predict customer’s needs, answer queries quicker and provide a better service is what great CRM is all about. This is achieved through finding associations, separating patterns and tracking trends to help create a better customer experience. So, let’s take a look at some of the way that big data can do just that.

Contact

Customers have numerous points of contact with a business in this day and age. From call centres, to social media, to email, to text – there’s a raft of ways they can contact and deal with companies. Big data can take this data, analyse it and then segregate it to group consumers by their actions. This can be very beneficial for a business as they can utilise this data to find the customers they most want to attract. The business can then provide these customers with special offers and encourage them to come back repeatedly through privileged treatment.

Prediction

One of the other notably beneficial advantages that big data can bring to CRM is its ability to facilitate consumer prediction. Taking large amounts of data and drilling down into it to find patterns and occurrences for customers in general and on a more specific level allows brands the opportunity to forecast what the consumer wants. This allows them to then provide a better service to the person.

As an example, take the trialling of iBeacons in conjunction with Big Data to improve the CRM experience. When a consumer walks into a shop their previous purchases, as well as other data can be recognised via a link between a store related app for their smartphone they have downloaded and the iBeacon.

This is all connected to big data on the specific customer, who when they walk around the store will receive push notifications based on the past purchases or actions in the store. These notifications from the iBeacon can be related to specific things the individual is interested in and can be anything from information on new items to discounts. It brings the online experience, offline and by doing so can be a very positive thing for the consumer and store alike.

Benchmarking

As well as using traditional CRM methods such as those cited by Tubzvendingfranchise, high tech CRM and big data can work wonderfully together to help companies track their performance in a raft of customer related areas. This can also be compared to competitor’s strategies. By benchmarking in areas such as customer satisfaction, revenue per call and a range of other areas a brand can see how well it’s satisfying its customers and whether it’s above or below industry averages.

Real Time Data

Big data allows for up to the minute data and though a lot of businesses don’t tend to use this velocity to their benefit, it can be very powerful if they learn to do so. However, the potential for up to the minute details are significant and allow a business to be dynamic and truly respond to responses in real time.

So, get ahead now and succeed!

Image from iBeaconblog.co.uk

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