Customers are the lifeblood of any business. Great customer experience, therefore, ensures the success of your business and helps set you apart from other companies in your industry.
A great customer experience is said to be helpful to your enterprise to get more leads, convert them to paying customers, refer you to more prospects – all of which ultimately results in boosting your branding and company bottomline.
And achieving a great customer experience is the goal of customer relationship management or CRM. That said, it’s said that new technologies and innovations are revolutionizing CRM to help you create more meaningful relationships with your users and optimize the whole process.
But first, it’s best to understand what does CRM mean.
CRM refers to the practices, principles, guidelines, and technologies that a certain company utilizes and follows when interacting with its clientele.
From a business’s point of view, the entire customer relationship consists of direct interactions with patrons such as service-related processes and sales, accurate forecasting, and data-based analysis of client behaviors and trends.
Ultimately, the goal of CRM is to improve business relationships and enhance customers’ overall experience to grow your business.
Top Trends Revolutionizing the CRM Sector
Continued innovations in the field of technology allow for the development of CRM and all of its nooks and crannies. It’s said that these enhancements aid entrepreneurs, business leaders, and other stakeholders to enjoy a multitude of benefits.
Are you curious about the different trends that help fuel the CRM revolution of today? Continue reading to learn more.
1.Artificial Intelligence (AI)
If there’s one technology that’s impacting all industries, it’s artificial intelligence or AI. It’s believed that most of society’s using a lot more artificial intelligence than most might think, particularly at work.
According to statistics, a sizeable number of global companies have already implemented AI. Also, it’s estimated that AI incorporated in CRM software and activities will continue to increase global business revenue through the coming years.
CRM vendors are now investing, building, and acquiring capabilities that use AI to optimize their software features and enhance customer interactions. AI is currently assisting CRM platforms in several ways:
AI chatbots are now commonly used to engage with customers and handle more service requests.
Sales teams can leverage AI to score a lead and increase the likelihood of winning a closed sale. The technology helps in recommending different features and products to offer that may be relevant to a particular customer to boost lead conversions and the likelihood of closing a sale.
Well-Informed Decision Making
Using predictive models and business rules, CRMs integrated with AI technology can recommend steps to service or sales associates to assist with upselling or handling service requests.
2.Big Data and Personalization
The core of customer experience has always been making a connection and emotions you evoke in your customers. The happier and more satisfied your buyers are, the more connected they are to your brand. As a result, it’s believed that they’re more likely to continue patronizing your products and services and referring you to others.
In this case, personalization is a critical factor to develop that essential connection. Years ago, to personalize your services, it’d require a lot of effort and time gathering the necessary information.
Today, however, technology and big data have made it easier to collect and analyze customer data from a broad range of touchpoints such as social media and sales platforms. It has also become easier to automate your personalization efforts at every stage in your customer’s engagement with your business.
Blockchain is a technology more commonly known in the cryptocurrency landscape. It refers to blocks, an ongoing list of interlinked records, creating an open and decentralized ledger that tracks transactions between parties that are absolutely verifiable.
So, how does blockchain revolutionize CRM?
One is to boost the security of CRM platforms. Blockchains assign network keys, restricting unauthorized access. Most CRM solutions are now hosted in the cloud. While cloud platform network security is good, it still has a centralized security infrastructure.
Blockchain, meanwhile, is decentralized and is distributed via synchronization in a peer-to-peer (P2P) networking approach. Thus, fraud attempts are far more challenging to penetrate. This becomes a compelling value scheme for CRM in which highly confidential and private information is required.
Blockchain also provides user control. Since blockchain encrypts and stores personal data and verifies access without revealing any specifics, it controls what level of data is being accessed. In terms of CRM platforms, this allows the system to subscribe to customer data as only permitted by each individual’s grant rights. Users will have strict control, unlike current CRM platforms that offer unlimited access to personal data.
Lastly, blockchain also improves transparency in your CRM. Since it is decentralized, it requires no middleman to verify or other third-party brokers to provide. This increases speed to transparently and securely engage with customers.
As customers become more glued to their smartphones and spend most of their time on these devices, your business and salespeople need to keep up with them. You need to always have to be on the move and ready to respond to their concerns and needs whenever and wherever.
Additionally, the impact of the pandemic that scattered your workforce and gave birth to more demanding customers, putting the power of CRM into the palm of your workforce’s hand can help bring your brand to success.
So, it’s no wonder that mobile CRM has grown in popularity nowadays. Various popular CRM platforms are now introducing their own mobile apps to help businesses perform actions with only the use of tablets or smartphones.
5.Internet Of Things (IoT)
Like AI, the Internet of Things or IoT is said to be among the biggest game-changers in almost every sector, with the number of IoT-connected devices expected to climb higher in the coming years.
IoT presents significant integration possibilities. It’s believed that CRM is starting to incorporate and leverage connections to IoT feed, providing numerous front-end benefits to your business.
IoT on CRM platforms helps in improving system performance, increasing sales, and enhancing customer service. For instance, IoT devices can send data on product issues, improper usage or maintenance needs to your CRM platform.
Integrating IoT with your CRM also allows you to take advantage of feeding more customer behavior and data into your system for better and deeper insights, resulting in more strategic marketing efforts.
And there you have it!
Regardless of the size of your business and the services or products you offer, CRM is critical in delivering the best customer experience possible.
Businesses looking to harness the power of customer relationships should be updated to these current technologies revolutionizing the world of CRM so you can continue to anticipate and deliver what your customers really want!
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