Magazine article CRM Magazine

Enter the Age of Analytics

Magazine article CRM Magazine

Enter the Age of Analytics

Article excerpt

THE ECONOMY and the competitive landscape are forcing customer strategists to become increasingly accountable for their CRM investments and projects. They need to prove that their CRM strategies are paying off. To do this, they must measure what they're managing. Most professionals understand this and are collecting great customer data with their transactional CRM systems. However, with information streaming in from multiple sources (e.g., traditional phones, email, the Internet, mobile devices, and social media), it's easy to become distracted and overwhelmed by the deluge of customer data.

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That's why we've assembled this month's feature package, which focuses on three kinds of analytics: predictive, speech, and Web. Predictive analytics has been raising a lot of eyebrows because of its contribution to the bottom line. Organizations can use it to find prospects that closely match their most profitable customers and to minimize customer attrition by identifying who's most likely to leave. In highly competitive environments, predictive analytics can make a big difference. To see how, read the feature, "CRM + Predictive Analytics: Why It All Adds Up" (page 20).

The second feature reveals the promise of speech analytics. What's particularly interesting is that, similar to social media monitoring tools, speech analytics can identify what customers are thinking. Considering the substantial investments organizations make to get customers or prospects to pick up their phones and call them, why not capitalize on this interaction by listening to customers in a way that leads to trend spotting and actionable insights? Many organizations do that through random call monitoring, but this practice often covers only a tiny percentage of calls.

Speech analytics enables organizations to record 100 percent of the calls and flag those that need attention. …

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