Why I need a CRM, CDP and BI system? – Why collect and analyse data?
Systems for collecting, mapping and managing data are essential for operational management in the company. Analysts make key decisions based on data for the company, marketers for the brand, and salespeople for efficient sales and service of their customers. What are CRM, CDP and BI and what role do they play in business?
Analytics in business is invaluable. Analytics portal.pl points to the fact that the role of business analysts is to work within a better understanding of the needs of the business and to support the development team in understanding what changes need to be made to the system to make the products responsive to market needs. As for developers, it should be clearly emphasized that analysts do not serve only in IT, although that is where they see their greatest role. Optimization and strategy are, or rather should be, the domain of every company, regardless of industry. Analysts minimize risk, costs, while taking care of business relations with the environment, providing clear reports and information. However, you do not have to be a business analyst to influence company decisions.
According to many psychologists, analytical skills are a personality trait that determines the way we perceive our environment and act in it. The Gallup Institute even calls it a talent. Analytical is a talent of cause-effect thinking, and people endowed with it are able to draw accurate conclusions and inferences from a limited set of data.Sales departments i Marketing cannot remain passive in this aspect, as the process of collecting, analyzing and making appropriate decisions requires close cooperation among business structures. Each department has different needs hence the need to implement appropriate IT systems which will be able to correlate analytical activities (marketing, BI, UX), operational (PR, sales, UI, developers) and structuring (HR, office).
What to use CDP for?
We have already written about the growing interest in CDP platforms in the context of marketing trends that await us in the near future. Marketing will develop this technology, especially as politicians fight increasingly hard against BIG TECH in the name of protecting our privacy. New regulations and laws limit marketers’ scope for action and cookies are less and less relevant. Performance measurement is expected to analyze various sources of data from the customer journey and will likely rely on analytics from CDP, cohort analysis and deeper relationships with ecosystem partners.
What is CDP anyway??
According to Microsoft, a CDP platform is a unified database that brings together data from all sources. This platform is accessible to other systems against which it does not combine data, but instead immediately analyzes it and provides statistics to create recommendations and a comprehensive profile of each customer based on their behavior and purchasing decisions.
What is CRM?
A CRM system application is a platform for managing customer relationships. The specificity of CRM will depend on the needs of a particular company.
There are communication CRM, which are responsible for recording and handling all contacts that customers have with the company. As dobresystemy portal rightly points out.eu most frequent application of this type of CRM is in departments Call Center, BOK and Customer Assistance, where it serves as a pillar for delegating tasks, reducing the risk of repeat contacts, without abusing customers’ patience or your time.
We also distinguish Operational CRM, which, instead of recording communication, is used to collect and share information about customers, which will allow for comprehensive customer service. It is a system which helps to automate sales, marketing and sales support processes. This type of system focuses more on actions and activities rather than recording processes, as is the case with communication CRM.
As the third of the systems, we can distinguish Analytical CRM, whose application we see in a comprehensive analysis of the information held on customers and their behavior. This is important for companies that want to base their decisions and plan their actions according to a more structured strategy that is in line with the behavior that customers present. The analysis should also help to catch critical weak points in the service, to be able to change standards and minimize the risk of their actions.
CRM is a tool that should serve the company and its needs. It should therefore be a system tailored to the employees who work in it and the customers who are served by it. It is worth noting that it can bear the hallmarks of all the subtypes mentioned earlier and combine their functionality to suit the entire corporate machine as one consistent control tool. What’s more CRM has ease of implementation, all kinds of data can be archived on it, access to which can be granted through an administratively assigned function, which greatly facilitates collaboration.
What we call CRO?
As indicated by the mamstratup website.pl, according to Google only 2 percent. up to 4 percent. Visits to the website end up in conversions. This is equivalent to as much as 98 percent of. users will leave our domain without making any purchase decision.This is important for the product side itself, as it drives conversions.
The State of Ecommerce 2021 report, from Catalyst and Kantar, shows that up to 45 percent of. of people visit the product page at the time of purchase, and 41 percent of people visit the product page at the time of purchase. of those surveyed said that it had a decisive influence on their purchase. Interestingly, only 37% of e-commerce professionals focus on product page optimization, which is one of the components of CRO, or conversion rate optimization process.
The bottom part of the media funnel fills up quickly, which does not allow for scaling sales when we do not increase budgets. Conversion optimization is supposed to be based on A/B testing of websites and is supposed to use Quantitative and qualitative methods for studying the ease of purchase and the factors that encourage it. It is a typical UX work, as small changes in terms of usability or PDP design are often checked here, which ultimately affect how much money the company will make on sales of its goods and services.
The role of Business Intelligence in practice!
We live in times of constant digitization progress, growing information noise and increasing competition. For brands, this means both opportunities for growth as well as huge danger. Information is king, and whoever uses it skillfully is able to manipulate the market. Computerworld portal.pl also mentions the phenomenon of knowledge-based competitiveness. So getting and using business intelligence efficiently is crucial from the point of view of the decision makers responsible for which way the whole corporation is going. Of course we have analytical and reporting programs that help with business reports and statements, but there are already more advanced mechanisms that we call Business Intelligence, or BI. The most popular are PowerBi from Microsoft and solutions Salesforce, type Datorama or Tableau.
BI are modern tools that can analyze any information in any context, allowing you to manage performance, predict unexpected random events, or support specific business processes. Skilled analysts can use advanced statistics to predict the state of entire markets and the trends that will emerge, allowing a company to “get ahead” or even be a trendsetter.
Analysis of the internal environment, the accompanying market, and business relations is important for making the right decisions, and factual analysis will contribute to building the company’s history, which, if properly conducted, will serve as a case study for posterity! Analytics and agile operations are part of the success of any major business.