Customer relationship management (CRM) is essential for any business looking to understand and optimize customer interactions. According to Forbes, “Customer relationship management (CRM) is all about analyzing customer interactions” for businesses of any size.
Forbes adds that insights “harnessed from CRM analytics reports include how your customer service is received, how accurate your consumer data is, your core demographic’s habits and what is the best route to convert promising leads into sales.” Understanding and leveraging CRM strategies requires analytical skills, which business professionals can develop through the online Master of Business Administration (MBA) with a Specialization in Business Analytics program at the University of North Carolina Wilmington (UNCW).
What Is Customer Relationship Management (CRM)?
CRM is a strategy and technology framework that helps businesses manage interactions with existing and potential customers. It centralizes data to improve customer service, streamline sales and enhance marketing efforts.
As Investopedia explains, the term CRM is increasingly used to describe the platforms companies rely on to organize, track and optimize customer interactions. These systems help businesses formalize customer relationship strategies by documenting touchpoints, managing communications and analyzing customer data. By centralizing this information, CRM platforms improve efficiency, streamline sales and service processes, and provide valuable insights that drive business growth.
Modern CRM solutions rely on data analytics to identify customer trends, personalize marketing strategies and improve retention. This makes it key for companies to build robust CRM strategies to ensure proper implementation and usage of their CRM tools.
Customer Relationship Management Strategies and Tools
Successful CRM strategies involve collecting and analyzing customer data to improve engagement and satisfaction. That’s where the tools come in. Businesses use CRM tools like Salesforce, HubSpot and Zoho CRM to store customer data, automate workflows and generate insights from interactions.
According to Business News Daily, CRM analytics help companies track key touchpoints, including leads, prospects and customer interactions. The insights derived from this information can help uncover important customer satisfaction and purchasing behavior. With real-time dashboards and automated reports, businesses can proactively address customer needs and refine their marketing efforts. CRM tools also support multichannel engagement, allowing businesses to interact with customers via email, social media and chatbots.
How Business Analytics Enhances CRM Efforts
Business analytics plays a critical role in maximizing the value of CRM data. Analytical CRM — an approach focused on data-driven insights — leverages predictive and prescriptive analytics to improve decision-making. Predictive analytics (or predictive modeling) helps forecast customer behavior based on past interactions, while prescriptive analytics offers actionable recommendations for improving engagement and sales.
According to TechTarget, predictive modeling “predicts future success by analyzing the customer knowledge base and the patterns and levels of customer engagement.” This allows businesses to analyze historical data and forecast trends to improve customer relationships.
The UNCW online MBA in Business Analytics program’s Predictive Analytics course explores machine learning techniques — such as logistic regression, neural networks and support vector machines — that help professionals build accurate forecasting models. This knowledge enables businesses to anticipate customer needs and personalize outreach strategies. Meanwhile, prescriptive analytics provides actionable insights that help businesses optimize CRM strategies. As noted by CRM.org, prescriptive analytics supports decision-making by recommending the best course of action based on real-time data.
The program’s Prescriptive Analytics course teaches students how to use optimization, simulation and decision analysis techniques to refine business strategies. These skills help professionals translate CRM data into strategic actions that enhance customer relationships.
How an Online Business Analytics MBA Supports CRM Expertise
Earning a business analytics MBA equips professionals with the skills to optimize CRM systems and drive data-informed business strategies. The program’s curriculum blends business fundamentals with analytical techniques, preparing graduates for roles in CRM management, data analytics and strategic marketing.
Graduates of this program can pursue careers as CRM analysts, business intelligence managers and data-driven marketing strategists. With the demand for CRM software solutions increasing worldwide, the need for professionals with CRM analytics expertise continues to grow, making this specialization a strategic investment for business professionals looking to advance their careers.
The Role of CRM Analytics in Business Strategy
Customer relationship management is essential for businesses aiming to improve customer engagement and drive sales. Leveraging CRM analytics allows companies to make data-driven decisions that enhance customer experiences and improve profitability.
UNCW’s online MBA in Business Analytics program provides the analytical and strategic skills necessary to optimize CRM efforts and pursue leadership roles in business analytics. By mastering predictive and prescriptive analytics, professionals can position themselves at the forefront of CRM-driven business strategy.
Learn more about UNCW’s online MBA with a Specialization in Business Analytics program.
