Some basic concepts of predictive analytics can deliver huge gains from a CRM programme.
But the word itself - predictive analytics - often sounds terrifying to growth-focused SMEs, who want only conversions from their CRM.
Should they be terrified? Is it really so complex as it sounds?
Or is it just a simple question that needs a simple answer?
Ask yourself: "What change in A leads to the greatest change in B?" and then substitute A with "sales approach" and B with "conversions". That's basically it.
The best part of it all is that you don't need to use some complex software - most of CRM programmes have tools for that.
By mixing the power of Predictive Analytics with CRM you can find out effective ideas how to turnover money.
For example, look at such thing as the customer's spot.
Analyze what unites most of your customers today. If they are in food retail you can think that your natural prospects are other food retailers; but what if you suddenly notice that your customers started using you after staff costs became an issue?
If you help in solving it, you have opened up a whole new area of prospecting any other company where headcount expansion is faster that turnover. Let me say - that's a lot of companies.
One more positive point is that your CRM database might already have those insights. Just don't forget that the key principle of Predictive Analytics is looking at data across multiple criteria. So even if your sales strategy is focused on some certain sector with your existing customers, look for other descriptors that can unite your roster.