How Smart Companies Use CRM Data to Predict Customer Orders
An enterprise resource planning (ERP) system does well when it comes to providing an information about what customer have purchased and when they have paid for it. It does less well, when it comes to describe the customer i.e. what type of customer is? How big their order is? How often do they purchase from the company, how much time company has spent to retain the customer and so on – It is because, the data regarding the Customer is stored in the customer relationship management (CRM) system.
With concepts like ‘Big Data’, IoT and Industry 4.0 shaping industries across verticals, it comes with a little surprise that B2C companies are being affected by it. In fact, it come across as a boon for high velocity industries like fashion and FCMG who have to deal with a lot of demand, inventory and vendors. In these industries, it is always needed to be prepared for rise in demand and change in fashion. Being able to predict the demand pattern, preference and change is something that companies can do by using Big Data.
A CRM software will always have data of all consumers from the start. Data will be regarding their contact information, what they have purchased and also what have they wish listed. Here are the ways that a Smart company uses data to predict customer orders:
A lot of companies have many systems integrated with their main ERP software. From POS system, CRM System to inventory management system. It may be from one provider or from many. The company needs to have a single software implemented at all the levels to get the accurate data, prevent data leakages and data overlapping. After that the company needs to get information from all departments to know all the aspects of the customer – their buying behavior, credits if any, their quantity, etc. Disconnecting with multiple plugins and having a uniform software helps to bring all your data in one format and processing of reports is also faster.
Data Scientists: With the advent of Big Data, there has been a surge of requirement for Data Scientists all over the world. These analysts take the available data and process it to get a meaningful information and analyze various aspects like trends, preferences, buying patterns, etc. For companies who are into B2C primarily, hiring a data scientist is a preferable move to streamline demand and supply chain pattern. A CRM software integrate with the website will already have the details of customers, their past purchases and related data. The Data Scientist will just need to pull out the data from there and treat it for expert analysis.
It is very necessary to get the predicted information to the respective departments at right time. This is very important key to success. If your team has the relevant information regarding the upcoming trends in their hand, they can act on it on immediate basis. Sage CRM system is good at recording calls and scheduling next events. It also provides information about existing open issues or problems that customer is facing currently so salespeople are informed about all customer activities prior to making contact. The information got from the data scientist will help the inventory team to stock up only the items that are required and avoid unnecessary cost by piling up lesser demanded items. It will help the marketing team to also plan their season related campaigns and sales team to pitch the loyal customers.
We all know that Google uses the concept of re-marketing to boost the brand awareness and to induce the buyer to buy more. A B2C company can use this concept the refine their recommendation which the consumer sees whenever he logs in. A refined recommendation suggestion can help increase sales and make the consumer purchase the goods. Suggestions and recommendation of the products also helps to sell items that are not more visible or purchased. Again, an analysis of how much the recommended product is being sold when prompted, will help to understand if the recommendation strategy works or no. Recommendation also helps in refining the study of customer and predicting the customer orders using CRM data. Although this process maybe a little complicated and some CRM software will not be able to manage the dynamic connection, there has to be a window to at least make sure that latest and accurate information must be available to the data scientist so that they can interpret accurately.
There is a lot of interaction and information which is passed between a consumer and a brand online. The consumer may be aggrieved, wanting something, appreciating something. The hazard of Social Media is that it is the next thing to word of mouth and being a brand, you need to know all that is being spoken about you on the social platforms. There are many Social Listening tools that help monitor the conversations. A smart CRM like Sage CRM already comes with Social CRM which is already replacing the traditional CRM Software. All these tools help in bringing marketing in sync with what is happening on the social media and plan the campaigns accordingly.
To know more how a smart CRM software can help you predict customer order, SMS SAGE to 56767 or write to Sage Software Solutions Pvt Ltd at email@example.com for a free consultation.