Improve Your Sales Outcomes by Using CRM Predictive Analytics

Organizations typically utilize multiple sales tech software to bring in more customers. However, having more of these tools doesn’t necessarily equate to more products sold. Sometimes, the only thing that your sales and marketing team needs is the right CRM system and its predictive analytics to secure more deals.

So how can CRM predictive analytics boost the company’s sales outcome? By discovering qualified leads, organizing prospect contact, tracking call outcomes, proving better product prices, and retaining more customers, the secured sales of a company may increase steadily thanks to CRM predictive analytics.

What CRM Predictive Analytics is and How it Can Improve Your Business

Customer relationship management (CRM) software serves as the anchor for the sales team in an organization. In 2019, around 74% of businesses in the country utilize CRM for better access to their customer data. However, most of these businesses are not aware of the full capabilities that the right CRM software can bring them. Most CRM software feature AI-informed predictive analytics which can help the organization boost sales outcomes.

Predictive analytics is simply the utilization of historical data on customer behavior to create a more accurate prediction of future results. Thanks to machine learning and other technology like CRM software, predictive analytics can parse more data and produce more accurate predictions without requiring long manual processing hours.

There are several predictive analytic theories out there, but only three of them can help you create smarter decisions about improving the sales in your company.

3 Types of Predictive Analytics

1. Sequencing

This type of business analytics is about analyzing the probability of a potential customer buying the product if they perform other actions. For example, if a person downloads a whitepaper and clicks a pricing page, what’s the possibility that they will buy the product too?

The concept of sequencing came from the works of A.A. Markov, a Russian mathematician. His works about probability theory state that an action is equally likely to happen if the two previous actions occurred first. All you have to do is observe the historical patterns of actions A and B to predict the likelihood of action C happening.

2. Cross-Selling

Cross-selling utilizes the analytic data to predict what companion products a buyer may purchase. The best example of this predictive analytics is the “frequently bought with” suggestions – an effective marketing strategy found in online selling sites like Amazon.

This strategy has a higher success rate for existing customers than potential ones. Using the key customer data collected by the CRM, it’s easier to analyze their buying habits and suggest companion products whenever they visit a pricing page.

3. Lack of Action

While the first two types are about interpreting the existing data about a customer, lack of action focuses on the behavior of the customers that have stopped buying from the company. One of the possible reasons why a customer’s communication with a brand wanes is due to an unsatisfactory product or service. By identifying the cause of their dissatisfaction, it’s possible to reach out and save the relationship.

CRM is helpful in this case because the software can analyze trends or patterns that you can use to create a “fall-off” model. By combining the pattern collected in the “fall-off” model and the sequencing data, the team can identify which buyers are likely to buy the product.

5 Ways to Boost Your Sales with CRM Predictive Analytics

Predictive analytics has become widely used by different companies and organizations because it is an effective sales strategy to boost sales outcomes. Here are five ways that CRM predictive analytics can help your business grow:

1. Discover Qualified Leads

Lead scoring is a practice that’s much older than machine learning or predictive analytics itself. It’s the method of determining which among the potential buyers are likely to purchase the product using luck, guesswork, and spreadsheet data. But with the recent advancement in technology, lead scoring has become more accurate and less time-consuming.

CRM predictive analytics allows the sales team to determine which among the interested parties can become customers, as well as how long they can continue buying from the brand. By identifying which potential buyers to focus on, the team can dedicate most of their time and efforts to fruitful transactions.

The predictive analytics today can allow the team to access important information about the buyer, such as how similar the product is to the customer’s needs and how far a potential customer is from buying the product. It can even predict which member among the sales team is likely to secure the purchase.

2. Organize Prospect Contact

Analytical solutions like CRM predictive analytics allow team members to have more productive transactions. With the right information, agents will have to spend less time on the wrong transaction.

The right information can advise the team which customer to call and when it’s best to call them. CRM predictive analytics analyzes the information about the potential buyer, including the number of calls needed before a conversation is reached. It also includes data such as email open rate and length of sales talk time from past interactions.

These kinds of information help the sales team form a strategy and the marketing team plan a campaign while reducing administrative tasks and increasing contact time with the prospect. – Read More

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What is cloud manufacturing software?

Affordable, modular software is available to small manufacturing businesses looking to overhaul their processes, reduce costs and minimise risks. 

Cloud manufacturing software is an excellent solution for decreasing confusion and manual effort at your firm, while enhancing customer satisfaction. 

But how can you decide on the most suitable cloud manufacturing software for your business?

We’re no longer in the era of ‘one-size-fits-all’ platforms 

Different firms have different business processes. This means they need the most appropriate types of software for their needs. A standardised platform that requires major customisation and significant reorganisation in order to lock its complete functionality is simply no longer good enough. 

The range of types of manufacturing company out there – with their varying processes and demands – further complicates the task of coming up with the right software to cater to these needs. 

At a high level, a cloud manufacturing platform should: 

  • Provide information about current orders 
  • Enable the planning and execution of manufacturing tasks 
  • Allow the tracking of time, materials and activities for each order 
  • Forecast material needs and issue purchase orders 
  • Schedule production 
  • Monitor wastage and problems in relation to delays and defects 
  • Connect to other business processes like sales, stock and finance 
  • Provide all-round visibility of your firm’s manufacturing operations 

Choosing a cloud solution grants you further advantages such as ease of access, an intuitive interface, and integration with other platforms like finance or CRM. Flowlens software, for instance, combines CRM and manufacturing platforms within one solution.

Pick the software that caters to your firm’s manufacturing style 

Various forms of cloud manufacturing software exist to suit different styles. Lower-volume manufacturing businesses naturally differ from high-volume businesses in their requirements. There are also differences between the requirements of equipment manufacturers (OEMs) and component manufacturers, unless the former produces everything in-house. 

The Flowlens cloud manufacturing platform is largely geared towards the needs of small and medium-sized equipment manufacturers and dealers. This focus enables us to provide the most capable and relevant possible product for these businesses. 

While there is other cloud manufacturing software on the market that is said to support multiple manufacturing modes, you will often discover that even these platforms originate from one specific process. – Read more

Learn More About Flowlens

5 Reasons Why You Should Choose a Cloud CRM for Your Business

If your business or org is considering customer relationship management, here are a few key cloud CRM benefits that might help cement your decision.

Customer relationship management is one of the most important aspects of a business. That’s precisely why enterprises invest a lot of money in selecting the right CRM tool.

In the last few years, cloud technology has revolutionized the way organizations have adopted CRM. According to an IBM report, in 2008, only 13% of organizations used a cloud-based CRM, but the share increased to 87% by 2017.

In addition to being agile, a cloud-based CRM also enables organizations to access data from anywhere from any device, which in turn helps a geo-distributed team accelerate the decision-making process.

According to a Grand View Research report, the global CRM market is estimated to grow up to USD 114.4 billion by 2027.

Owing to the enterprise digitalization and remote workforce requirements, a great deal of this growth will comprise implementation of cloud-based CRM tools.

Here are a few key cloud CRM benefits for businesses

1. Cost Efficient

Moving to a cloud-based CRM is a financially sound decision. It saves a huge, upfront investment on the infrastructure and allows the organization to outsource the maintenance work to a consultant at a fixed cost.

Unlike the traditional, on-premises model, organizations can operate on a pay-as-you-go subscription model.

2. Anywhere, Anytime Access

With organizations now spread across geographies, anytime-anywhere access is a primary requirement for efficient collaboration and faster decision-making.

Unlike on-premises CRM, the cloud-based CRM allows access to data from anywhere round-the-clock. This feature enables global teams to have less dependency on each other for data sharing and reporting and helps them save a lot of time that would have otherwise been wasted on coordination.

3. Always Up-to-date

Automatic updates in the cloud ensure that the CRM is always up-to-date with the latest features, including the latest security patches. In a traditional, on-premises CRM, updates must be proactively planned and executed.

Due to intensive planning involved in updating an on-premises CRM, major enhancement updates keep getting delayed.

4. Flexible

Very few on-premises CRM tools are flexible and channel-agnostic, whereas a cloud CRM offers a lot of flexibility. With cloud-based CRM tools, organizations can buy tailor-made solutions specific to their needs.

Related: The Market for Global SaaS Customer Relationship Management (CRM) is Growing

For example, small and medium enterprises can get started with the minimal features that can help them with their current work and expand their capacity eventually as needs grow.

With a Cloud CRM, if required, organizations even have the flexibility to downsize. – Read more