Nexa Lab Blog – “The customer is king.” The popular saying is always repeated whenever we talk about sales and marketing. Learn more about what a customer insights is and how to gather it using CRM software.
While that saying isn’t entirely true, it is roughly what every business does nowadays to get their product to the market.
Even though fulfilling everything your customer wants can’t be right, you’ll always need to learn about their needs so you can serve them with better products. That’s why you need to gather customer insights so you can better understand their preferences, behaviours, and pain points.
Customer relationship management (CRM) can be a software solution to help you get customer insight. But how?
Let’s explore more about what customer insights are and learn how to get them using CRM software.
What Are Customer Insights?
Customer insights are the deep understanding of your customers’ behaviours, needs, and preferences that you gain through analysing data and interactions.
These insights go beyond basic demographic information and dive into the motivations, pain points, and decision-making processes of your customers. With that insight, you can create a better product to serve your customer
Customer insights can highlight patterns and trends that aren’t always obvious.
For example, you might discover that a particular segment of your customer base tends to make purchases at specific times of the year. Or, certain product features are more valued by one demographic than another.
With this knowledge, you can customize your offerings and communications to better meet the needs of your customers.
Moreover, customer insights can help you identify opportunities for upselling and cross-selling. You can suggest complementary products or services that they may find valuable if you have insight into their needs and preferences.
This not only increases your revenue but also demonstrates to your customers that you understand and care about their specific requirements.
Another important aspect of customer insights is the ability to anticipate future needs. You can achieve this through deep analysis of historical data.
Some of you might already know that past data is not always reflected in future trends. However, as the name implies, this insight can help you anticipate what your customer needs based on their past preferences.
How do I get Customer Insights With CRM Software?
CRM systems are powerful tools for gathering and analysing customer data, but to truly harness their potential, you need to approach data collection and analysis strategically.
The first step in getting valuable insights from your CRM is to ensure that you’re collecting the right data. This means going beyond basic contact information and transaction history to include details about customer preferences, feedback, and interactions across all touchpoints.
To gather this data, you should integrate your CRM with other business systems, such as your website, social media platforms, and other software like professional service automation (PSA).
This integration allows for a 360-degree view of each customer, capturing their journey from initial awareness to post-purchase support.
Once you’ve collected the data, the next step is to analyse this information effectively.
Many CRM platforms offer built-in analytics tools that can help you identify patterns and trends in your customer data. These tools often include dashboards and reports that visualise key metrics, making it easier to spot important insights at a glance.
But if you are looking for deeper insights, you’ll need to use advanced analytics techniques.
This might include predictive modelling to forecast future customer behaviour, sentiment analysis to gauge customer satisfaction, or segmentation analysis to identify distinct customer groups with similar characteristics.
It’s important to remember that gathering insights is an ongoing process.
Customer preferences and behaviours can change over time, so you should regularly review and update your data and analyses.
Set up automated reports and alerts within your CRM to keep track of important metrics and notify you of significant changes or trends.
More in Nexalab’s blog: What is Analytical CRM Benefits? A Comprehensive Guide
What CRM Features Can Help You Get Customer Insights?
One thing that you should remember is that one CRM software will have different features from another.
However, in general, here are the important features you need to gather customer insights according to a post from stoneridgesoftware.com.
- Dynamic Segments: Allow you to automatically add contacts to segments based on specific criteria, making it easier to target specific customer groups with tailored messages.
- Customer Analytics: Provides valuable insights into customer behaviour, preferences, and buying patterns, enabling data-driven decisions and personalised marketing strategies.
- Sales Analytics: Offers detailed sales data and metrics, such as revenue, pipeline health, and sales team performance, to optimise sales strategies and forecast future performance.
- Reports and Dashboards: Consolidates data from various sources into visualisations, providing real-time snapshots of key metrics and KPIs to monitor progress.
- Interaction Tracking: Records all interactions with customers, including emails, phone calls, meetings, and social media interactions, to maintain continuity and build stronger relationships.
Another thing to remember is that not every CRM software has the feature above. So, if customer insights are the one that you want to get, make sure to look for CRM software that has deep analytic functions.
Aside from what we’ve mentioned above, another important feature is integration.
While those features might not directly help you in getting customer insight, connecting with other sides of your operations will give you a better view of your overall business performance and customer interactions.
For example, integrating your CRM with professional service automation software (PSA) will open the opportunity to get insights such as project profitability and resource utilisation, which can ultimately improve customer satisfaction and retention.
Integration itself is another topic to cover, but you can always consult with experts like Nexalab. Since integration can be technical, it is important to get insight from experts about the process and how to maximize the benefits of connecting your CRM with other software solutions.
More in Nexalab’s blog: Autotask Mailchimp Integration: How To & A Complete Guide
Conclusion
That’s all you need to know about gathering customer insights with CRM software.
Remember that the key to success with CRM insights is not just in collecting data, but in using it effectively. Regularly review your insights, test new strategies based on your findings, and continually refine your approach. With the right CRM system and a commitment to data-driven decision making, you can transform your customer relationships and gain a significant competitive advantage in your market.
Investing in CRM software is a smart move for any business looking to improve sales, marketing, and customer service. But to get the most out of your CRM, it needs to work with your other tools.
Nexalab’s App Integration Services can help you connect your CRM with other essential platforms, like PSA software, for example. This means you get a complete view of your customer data, automate repetitive tasks, and personalise your customer interactions. It’s a solution that helps you get the most out of your CRM investment. Contact Nexalab today to explore how App Fusion can drive your business forward.
