Disruption prevails everywhere. While an Uber has changed urban transportation forever, an Airbnb is transforming travel accommodation. Netflix and Spotify have shaken up the content business. And, the list goes on. All these disruptors have redefined customer experience, delivering a distinctly superior value proposition, and thereby, strengthening brand loyalty.
On a closer look, truly innovative companies as the ones mentioned above, share three common characteristics: Greater agility, Faster responsiveness, and Increased scalability.
And, each of them puts the customer at the core of whatever they do. Put simply, the Ubers and Airbnbs of the world have relied on effective Customer Relationship Management (CRM), among other tools, to improve client satisfaction and grow market share.
As your digitally empowered customers increasingly seek personalized products and services anytime, anywhere, you must re-imagine your existing CRM framework in order to promptly cater to the same. This will enable you to reduce time-to-market, and enhance customer service through provisioning of relevant tools for employees to take faster, informed decisions.
Key CRM trends
I see four major trends emerging in the CRM landscape, which is undergoing a dramatic overhaul thanks to rapid commercialization of a whole range of innovative technologies.First, the ‘Cloud’ is the new home of CRM. According to a study undertaken by Bessemer Venture Partners, 50% of all CRM software will be hosted on the Cloud in 2016—up from just 35% in 2013. The global CRM market, which expanded by 12.3% to $26.3bn in 2015 according to Gartner, is seeing growing adoption of Software as a Service (SaaS) as a delivery model for underlying applications.
Second, social CRM is becoming mainstream, with many companies integrating their internal and external communication systems with social media for better customer engagement.
Third, forward looking enterprises have embraced mobility in the context of CRM, rolling out apps for salespeople to get on-demand access to account history, product information, price lists and promotions. This, in turn, is enabling the sales force to offer customers a wider range of options, and finalize deals quicker, thus translating into increased revenues and shorter sales cycles.
Fourth, innovative businesses have stepped up integration of predictive data analytics tools with their CRM systems, for generating real-time, actionable insights on customer requirements and behavior.
Next-generation, integrated CRM
To be able to offer a differentiated, high-quality customer experience–and sustain profitable growth–you realize the pressing need to better target, acquire, retain, understand, and collaborate with customers.
The next-generation CRM platform you plan to implement should facilitate three things, according to Forrester.It must foster easy customer experiences by letting clients easily connect with, interact with, make purchases from, or receive service from you.
A truly transformative CRM setup should also support effective customer experiences by allowing you to offer the appropriate customer experience to the target buyer at the right time in his or her customer journey.
Finally, your CRM infrastructure must help you proactively identify points of friction in the customer journey, so that your client service desk can address the same swiftly, thus driving emotional brand connect.
At a technical level, the next-generation CRM system should provide robust integration with associated applications–including those concerning marketing automation, ecommerce, analytics software, productivity and accounting–for smooth pan-enterprise data aggregation. Moreover, it must offer interactive visualizations and dashboards that let your sales force quickly identify and act on opportunities.
LTI‘s 12 x 12 x 12 CRM framework:
Based on the evolving CRM imperatives, we have designed a proprietary 12x12x12 CRM framework that will help you address 12 key business challenges through rollout of 12 releases over 12 months. With our unique CRM approach, you will be able to gain a complete view of clients, close more sales, and refine ongoing relationships for better business outcomes.
We can help you tailor our framework for your unique organizational context, while keeping the following three dimensions in mind:
- Deploy solutions no more than a quarter old–as business scenarios change rapidly, applications built for the preceding 12-month period will need to be refined
- Implement solutions that support business scalability and flexibility, for higher and faster Return on Investment (ROI)
- Design applications that boost workforce productivity–empower your enterprise users by giving them intuitive tools that incentivize increased user adoption
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