In today’s Engagement Economy, it’s all about staying connected, staying fluid— not just because you have to, but because you want to. Why? Because engaging means winning and disconnection means dissolution.
Over the past few years, data has become the new face of market research with smarter companies leveraging the data in CRMs. Why? They don’t call it “Big” Data for nothing. Ok, we all know by now that data is important in making decisions, but can it really give your company a competitive advantage?
From cost efficiencies, better targeting, and better tracking of customers and potential customers, data is the new seawave of opportunity for many industries, allowing them to understand customer behavior much better; strategize based on customer trends and statistics; and generate leads from their target audience.
Although CRM applications have been around since the 90s, it’s only in recent years that data from those systems are being credited for bulwarking companies from competitors. This is largely attributed to the proliferation of cloud-based marketing applications like Hubspot and Marketo as well as iPaas data integration tools that make it possible to integrate these marketing applications with CRM applications like NetSuite, Bullhorn, Sugar, and Salesforce. Companies who long have had to pull data from multiple entry points to make sense of it all, now have the convenience of consolidating their customer data into one system. The result— more comprehensive customer data and a more efficient means of reaching customers.
Although data integration isn’t a newbie concept, the weight of its value continues to rise across many industries. The energy sector, for instance, is one of the ripest for leveraging its customer data although the industry is still exploring how to extract and apply the data. Meanwhile, there are a few other industries that are already reaping benefits from harvesting their data. Here are just a few of them.
What 8 Industries are Doing to Unlock the Power of Data in CRMs
#1: Finance and Banking
The banking and financial management industry initiates millions of transactions a day with a burgeoning pool of data to extract from. And there’s no doubt that financial institutions are becoming smarter. According to IBM, 71 percent of companies report a competitive advantage through leveraging customer data compared to only 36 percent in 2010. More than half of these financial institutions report using data primarily for customer-focused objectives.
What we’re seeing from this industry is a need to integrate their asset management system with a marketing automation system (MAS). This connection allows these financial companies to perform lead scoring for firms that would buy into assets.
The insurance industry is one of the more obvious ones that rely heavily on data in CRMs. Yes, insurance companies use predictive analytics to manage risk, but according to Insurance Business America, the industry is expanding its use of customer data to capture a $2.4 billion opportunity in the market.
Insurers, reinsurers, and insurance brokers are leveraging data in CRMs and integrating it with XYZ marketing automation system to execute everything from targeted marketing campaigns, personalized products, and usage-based insurance to more efficient claims processing and proactive fraud detection.
The E-Commerce industry relies heavily on web analytics, such as prior searches or purchases, to make recommendations for future purchases. Typical integrations involve e-commerce platforms like Shopify, BigCommerce, and Magento with MAS and CRM systems.
E-commerce companies integrate customer data into a marketing automation or CRM tool to facilitate communication with customers more efficiently during the order process. One example would be a system-generated response (via a CRM application) if a customer leaves items in their virtual shopping cart and fail to check out within a given timeframe.
Data in the healthcare industry is used for a wide range of decisions within the value chain, manufacturing, sales and marketing. When it comes to customer-centric interactions, we are seeing a rise in healthcare companies looking to integrate Salesforce with a marketing automation tool.
Data integration is relied on heavily for both B2B and B2C markets. Durable medical equipment companies upload customer data into their marketing automation systems to generate communication to target healthcare providers. Insurance companies and healthcare institutions can also leverage their data in CRMs to promote education and personalization of service.
As the automotive industry continues to face challenges such as cost pressure, competition, globalization, and an ever shifting market, manufacturers and dealers are recognizing the potential of big data to improve customer retention, the customer experience, and even quality. What are they doing?
Automotive dealers integrate DealerSocket with marketing automation systems to facilitate contact with a potential customer after a lead comes in. When leads are generated via a campaign and then converted to an opportunity, the data is synced to the CRM application for the salesperson to take action within minutes. This could be a lead coming in by webform or email. That lead is routed to a specific salesperson based on their value and the stage of potential car buying.
Schools, universities, colleges, and other educational institutions house large amounts of student data. This data is currently being leveraged to customize programs, improve student retention, and improve recruiting, both nationally and internationally.
To centralize and make sense of its data, institutions within the education sector look to integrate CRM systems, like Ellucian, with various marketing automation systems. This allows organizations to efficiently execute components of their marketing strategy such as drip campaigns to prospective students based on event attendance.
Big data in the transportation industry is improving the customer experience with real-time updates. Train companies use customer data to determine seating capacities at any given time and alert passengers. Customer service has also improved as transportation companies are now able to compile complaints efficiently via CRM tools and respond effectively via MAS tools.
Typical integrations within the transportation industry involve synching Microsoft Dynamics with a marketing automation system for the purpose of achieving cost optimization for value-based customers during the marketing and sales process.
Just like the education sector uses data to improve student recruitment, employment agencies and company recruiters also extract candidate data from CRMs to improve their recruitment and management efforts. Candidates are synced from recruiting systems, like Bullhorn, to the marketing automation system (MAS). This integration provides recruiters with the ability to track emails from a marketing campaign and notify candidates about job openings.
Want to learn about how to make better data-based decisions for your company? Read Vertify’s blog, Improved Data Quality, Automation & Better Decision Making.