Analytical CRM
Analytical CRM analyses data (gathered as part of operational CRM, or from other sources) in an attempt to identify means to enhance a company's relationship with its clients.
More about Analytical CRM
The results of an analysis can be used to design targeted marketing campaigns, for example:
- Acquisition: Cross-selling, up-selling
- Retention: Retaining existing customers (antonym: customer attrition)
- Information: Providing timely and regular information to customers
Other examples of the applications of analyses include:
- Contact optimization
- Evaluating and improving customer satisfaction
- Optimizing sales coverage
- Fraud detection
- Financial forecasts
- Price optimization
- Product development
- Program evaluation
- Risk assessment and management
- Strategic Marketing
- Operational marketing
Data collection and analysis is viewed as a continuing and iterative process. Ideally, business decisions are refined over time, based on feedback from earlier analyses and decisions. Most analytical CRM projects use a data warehouse to manage data.