“We were very interested in getting student feedback about the educational content we present on the website and app, so we could make changes if we needed to,” says Ramachandran, CTO BYJU’S.
BYJU’S is India’s largest ed-tech company that offers highly adaptive, engaging, and effective learning programs for students. What is the secret behind their huge success?
They leverage customer insights efficiently to drive growth and meet consumers’ needs better than their competitors do
Thorough research on their target customer (students) and the active use of a diversified mix of insight tools (i.e.; new and old, qualitative and quantitative) helps them to gain the winning edge.
Developing a better understanding of your customer’s purchasing pattern and the motivation behind that is essential in today’s fast-moving market.
New technologies are changing what customers want and how they buy.
Still, many companies spend the bulk of their funds on traditional techniques (e.g., focus groups, interviews, etc) and treat insights as aftermath, which leaves them with a limited and often incorrect view of what customers actually want.
Customer Insights – Understanding the Need
You must be wondering why customer insights are important when you have already conducted thorough market research before introducing your product.
The answer is simple –
Market Research gathers information about the market, the competitors, the environment and customers. It deals with facts and figures and answers the “what” aspect of customers and market, like “what type of camera is needed in a smartphone?”
Consumer Insights completes your market research by answering the “why” and “how”, like “why are customers inclined towards a smartphone with better camera quality.
It identifies the motivation and other factors that influence customers’ perceptions before and after buying a product.
Customer Insights is the ultimate hack that you need to see how consumers talk and think about your services/product.
Customer Insights vary from Industry to Industry
If we look at the Travel & Hospitality sector, it is one of the most customer-sensitive industries.
Recommendations by satisfied customers, their reviews and ratings can be analyzed in order to get a clearer view of your service and how to improve on the setbacks.
Now, let’s be honest, for capturing and analyzing customer insights data, you need a software that can record and analyze it for you. A software that can guide you to develop your marketing handles where your customers interact the most. That’s where CRM comes into play.
CRM or “customer relationship management” software helps you to maintain a robust relationship with your new and existing customers. It helps you gather relevant data clustered in different silos, enabling you to study your customer insights in one place.
But CRM is not only the single source of data but the centerpiece of all sales and marketing activities. It needs employees who can use it to their advantage.
So, let’s take a look at what an ideal CRM should have:
Reviewing an Ideal CRM Solution
Growing technological advancement calls for better software that will help you optimize each step to stay ahead with customer insights.
LeadSquared CRM provides you with an easy to handle and time effective technological solution.
Here are a few features that will help you to optimize your sales and marketing efforts.
Email Analytics
LeadSqauared helps you to analyze and customize your emails according to the customer’s preference and interest.
Measure opens, clicks, subject lines, device open rates and more. Your customer is most likely to receive hundreds of such emails every day from your competitors. So, what makes your emails to stand out and be noticeable, so that the customer clicks on it to check out your site?
Features like:
Email subject line Analysis, which helps you identify the most powerful and attractive subject lines for your email campaigns which will increase the page visits substantially.
Email send- time analysis, this feature will enhance your chances by analyzing the best time and day to send out emails, in terms of getting opens, clicks, and responses.
The device used reports, find the devices your target audience is most active on for opening emails and customize your mails accordingly.
Discover more about how to run profitable email marketing campaigns here.
Landing Page Analytics
While gathering data and generating via different landing pages, how will you know which page is performing and which isn’t?
Conversion analytics will help you to compare and analyses the landing page performance. You can easily check their contribution to lead acquisition.
Get leads by sources, identify which source attracts more traffic to your website. For example, if you are into hotel bookings, then Facebook and Instagram will be your top sources for drawing customers and leads. But there are other sources like Phone calls, Advertisements, PPC (pay per click), emails, etc to generate leads.
Get a detailed chart of the traffic sources with this function.
Revenue Generated by Different Sources
Let’s talk about money! I mean after all those efforts and analyzing data, at the end of the day, it is all about the revenue generated, or sales done by different sources.
Allocate your budget wisely by analyzing which lead sources are working best, in terms of getting new and repeat customers with the help of a CRM tailored to cater to your business effectively.
Lead Funnel
This is one of the major features, you should look for in a CRM software. A lead funnel is a series of steps that starts from being a lead to a prospect, to a hot opportunity to finally becoming a paying customer.
Thus, know which lead stages are all your leads in, and how engaged are they with you. The more engaged they are the better are the chances of that customer to change into the next step of the lead funnel.
This will help you with planning your engagement strategies with the customer accordingly. Customer interaction at every stage of the lead funnel is important, as it shapes the perception of your product/service, in the customers’ minds.
Lead Engagement
Lead engagement analysis is one of the primary features of the CRM software. You will be informed of all the activities a lead does on your website. By measuring their engagement levels, you can strategize your sales and marketing efforts accordingly.
Use it to rate your list quality, and your own nurturing efforts and get insights on where you need to do better.
So the combined efforts of website tracking and email analytics with CRM, build positive customer experiences that enhance profit margins.
Make the Most of Customer Insights with LeadSquared
LeadSquared gives you all those functions that are necessary to gather and integrate customer insights into an informational piece. With CRM it becomes is easy to understand and work upon.
It’s not just one function or one task; you need all teams to appreciate the importance of CRM.
Book a free demo and realize the true potential of LeadSquared CRM.
