Is your CRM a Fierce Lion or a Silenced Lamb?
While it can seem obvious to connect the dots and conclude that location-sensing technologies like beacons, proximity, and geofencing are talismanic in creating delightful customer experiences (CX), in doing so, is your customer relationship management (CRM) reduced to a status of an acronym dangling in between the two overpowering stalwarts? Are you leveraging your CRM enough? Is it your strategic partner yet?
Is your CRM relegated to a labyrinthine database with customer information or is it merely a complex software application? In the incessant race to chase the ephemeral customer loyalty and patronage, you’d be naïve to let go of something that has immense potential to personify your customer experience as an epitome of delight and contentment, forging a bondage that compels your customers to look no further!
The Customer Experience Marathon
It’s a mad rush and a fierce competition out there. Finding new ways to bust revenue targets rides high on every mind. Companies are trying whatever it takes to achieve that customer experience factor, deemed as the Holy Grail that spells a success mantra for businesses in the present digital age. But, how do you get there? As the road to CX becomes more competitive, intense and challenging, let’s see how CRM with its inherent features is set to bring clarity to this ambiguous run.
Advertently a Gartner report revealed that 89% of business leaders expect to compete solely on customer experience by 2017. This zealous lot is undoubtedly enlightened by the wisdom that a consistent gratifying customer experience is irreplaceable and is the most decisive way to retain your customers. The report also revealed that 80% of an average company’s revenue comes from just 20% of its existing customers. Thereby, a 5% increase in the customer retention rate can increase the profits by up to a staggering 125%!
A report by Econsultancy confirms that while there is an increase in the investment made towards acquiring new customers from 31% to 34%, the cost of retaining customers has gone down from 24% to 18%. In this whole gamut of facts and figures, one thing that comes across strong and clear is that it makes absolute sense to nurture your relationship with present customers through repeated relishing experiences for that everlasting mutually beneficial journey. And, you do this by unleashing the beast in your CRM.
CRM, through a wealth of insight into the customer’s’ behavior, preferences, and habits, leads to a nurtured and progressive relationship with the customer through quality engagement. Consequently, earning a unanimous and unmatched customer base and loyalty. CRM is a perfect example, through which businesses can know and keep track of their customers, right from the time of on-boarding to the ongoing journey.
Why CRM, and Why Now?
Businesses need to realize that CRM is more than just a sophisticated technology. It is an approach that must be leveraged and put into practice in order to strategically utilize the data related to customer interactions to help retain customers and fuel sales growth. CRM uses data analytics and data mining to bring meaningful insight to Big data that is sourced across channels like email, chat forums, feedback surveys, push messages marketing campaigns, etc. Analytics, in turn, helps you design personalized, exclusive experiences for your customers.
However, to deliver unmatched experiences, marketers have to step away from the typical siloed customer experiences; fragmented across platforms such as marketing, sales, customer service, etc. Instead, it’s time to move towards a new customer-focused integrated approach to deliver the most coveted– holistic and personalized customer engagements, which in turn will drive the customer loyalty. And, just as Paul Greenberg, CRM expert consultant and author of CRM at the Speed of Light, rightly said, “Providing personalized interactions to millions of people, is not something humans can deal with on their own any more.” There is a need for a smart business intelligence. CRM is the intelligent solution to this burgeoning need, as it is blurring the lines between sales, marketing and customer service.
How is CRM Poised to Help?
The word relationship sums it all for us. Leveraging CRM from being a house of Big data to that of big contacts is the potion behind the incredible things CRM can do for us. Yes, the names and details of the customers in your database merits more mention than a space they occupy in terms of gigabytes or terabytes. This rich pool of information pertaining to your customers, related to their social background, preferences, shopping patterns, feedbacks, complaints, sales and purchases made, reactions to your marketing strategies, locations, etc. are sending out clear cues to help you understand them better, initiate a meaningful engagement, and thereafter, personalize your offerings to further strengthen the ongoing relationship.
Deciphering these invariably invisible, but definite clues can help you enhance your engagement strategy in the most distinctive, unique and positive way to diminish the obscurity from the relationship. CRM data can be leveraged all the way from recognizing your niche customers, to rewarding the most profitable ones to, personalizing follow-ups to scheduling time with your customers.
The CRM Plateau
As the Big data continues to grow in size and number, it increasingly becomes one of the most challenging business aspects today. Too much is changing too fast. Companies need to balance enterprise-wide needs with departmental needs for innovation. To have an impactful breakthrough, it is imperative to deploy CRM as an approach rather than a simple application. “Companies can’t afford to let their CRM projects ‘run on autopilot’ or operate in silos,” said Brian Manusama, research director for CRM at Gartner.
The future business demands its CRMs to be more dynamic and versatile. It has to aggressively break through the limiting boundaries and open the cast of operational applications like email newsletter, sales pipeline tracking tools, launch pads, customer support ticketing systems, customer address databases, and so on, and head to its core potential. It’s time; CRM makes that pragmatic shift from being a tool to being a strategy; that tangibly redefines customer engagement and experience, thereby playing a role in a true relationship management system.
Breaking the Plateau
Microsoft has revamped its CRM with the release of Dynamic 365, an integrated CRM platform that serves across customer-facing functions like sales, customer service, marketing and so on seamlessly in unison. Where Microsoft has set the ball rolling with its pioneering and proactive approach to understanding and capitalizing on the enhanced role of CRM, Salesforce, with its bold move has completely sent the CRM world in a tizzy. Salesforce with the launch of Einstein has ushered in a concept and technology of Artificial Intelligence to its CRM platform, thereby making revolutionary inroads into the CRM world. It is being hailed as the next big thing in CRM.
Power Your Beast With Proximity MX
With all the miraculous breakthroughs that CRM is capable of, to treat it merely as a business process automation tool is not only undermining its capacity but is undeniably a self-defeating detrimental strategy. Exploit the unexplored potential of your CRM to remain excruciatingly competitive in the game.
But just in case you thought being in the race isn’t good enough and you dreamt of leading the pack, then take your CRM a notch higher and power your beast with Proximity MX. Proximity MX is the technology that interfaces between your customers and your CRM and adds on a dynamic multidimensional facet to its already impressive repertoire. Proximity MX unleashes the true beast in your CRM and let’s it loose on a prowl.
To learn more about powering your CRM through Proximity MX, click below to request a demo.