4 ways CRM data analysis adds value to your business

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Author photo: Andrew Suh

Andrew Suh

Product Manager

Track the health of your business – through your customers

Knowing who your customers are, how they behave, when they purchase, and why is incredibly valuable information. But many companies are still stumped with how to get these customer behavior insights.

The answer? Your CRM.

CRM analysis provides customer and sales trends and insights that can dramatically improve your customer relationships, marketing efforts and profitability. We’ve gathered some helpful nuggets to show you exactly how to get the most value from CRM data analysis.

What is CRM analysis?

CRM analytics is data derived from your CRM. CRM analysis is how you use that data to improve your sales process, customer relationships and marketing campaigns. It comes down to analyzing customer analytics and customer behavior to generate leads, close the deal, and retain customers.

There are several types of data analysis in a CRM solution: some is specific to the sales team, while other data is more pertinent to management.

Across a business, CRM analysis requires the collection and evaluation of several types of data:

  • New opportunities (and the activities surrounding them)
  • Lead sources (and the performance of each source)
  • Purchase data (including date, frequency, amount, purchasing patterns, etc.)

Using these combined metrics, companies can assess profitability, conversion rates, sales cycles, sales pipelines and more. You can also conduct lead management, track goals, and participate in sales forecasting to improve your sales funnel process.

Let’s dig a little deeper into how a CRM strategy for analytics can add value to your business.

4 ways CRM analysis helps businesses grow.

So, what does CRM data actually do for businesses?

1. Allows for customer segmentation: A CRM gives you the power to segment your customers into meaningful groups. With Copper, you can organize your contacts using tags, notes, categories and activities and easily filter, sort, and segment by any criteria or type of customer information.

This is important because segmentation is critical for scaling your business, and it’s the cornerstone to better personalization. When you segment based on CRM analytics, you’re segmenting based on actual behavior – not just preconceived ideas of how people might behave.

Without it, you’re forced to segment based on aggregated data and stereotypes. And if you’ve been in business a while, you know that our preconceived ideas about customers are rarely spot on. Using a CRM tool like Copper, you can segment based on customer behavior and actual activities instead of biases.

2. Provides insight into customer retention and churn: CRMs track many metrics inside the customer journey, including wins and losses. In noticing specific patterns, you’re powered with the intel to enhance your customer loyalty and retention.

With insights like our Lost Opportunity Report, sales reps can easily see why they’re losing sales and how much it’s costing. From an admin level, you can see when the losses are happening, whether they’re new or old customers and the salesperson in charge of the lost deals.

CRM solutions analyze every part of every customer’s journey and combine them into easy-to-digest data. This helps you identify customer interaction and sales trends that can unlock the secret to higher retention and less churn – possibly even increasing customer value.

3. Enables forecasting opportunities: The deep insight into customer behavior and the sales cycle allows you to more accurately forecast future earnings. Without CRM analysis, companies have to use historical data to predict future earnings.

While historical data can be useful, it’s also not totally accurate, especially in abnormal times (here’s looking right at you, 2020). Using CRM analysis, you can predict data based on the circumstances in your business right now.

4. Provides insight for marketing strategies: Marketing requires data and testing. Without it, marketing campaigns can feel a lot like trying to chop vegetables without using your hands. CRM analytics tools give your marketing team accurate, usable insight into customer experience and satisfaction and your sales pipeline.

For instance, your marketing team can pull reports like our Source Performance Report to see which marketing sources are performing best. Additionally, it can help align your marketing and sales teams by allowing them access to the same information. Who couldn’t use more sales and marketing alignment, right?

So, how can you start using CRM analysis software in your organization?

Accessing CRM analytics to grow your business.

The best way to access CRM data is usually via your CRM reports. Reports and dashboards allow you to see all the relevant customer and sales data in easy-to-digest tables and charts, which you can then use for CRM analysis.

Here at Copper CRM, we know how powerful CRM analysis can be. That’s why our reports and dashboards allow you to really take control of your CRM data to help improve customer relationships and grow your business.

Want to see how easy CRM analysis is with Copper? Try us for free.

Try Copper free

Instant activation, no credit card required. Give Copper a try today.

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