Shulou(Shulou.com)06/02 Report--

Customer relationship management (CRM) is a business strategy aimed at developing mutually beneficial customer relationships. CRM system is the realization technology of CRM strategy. However, because most CRM are focused on what is good for the company, lack of goals and capabilities to stimulate the development of relationships with customers and suppliers, there is a disconnect.

There are two reasons why the next generation of CRM software is needed. First, companies need new strategies and support technologies to proactively respond to stronger customers. Secondly, CRM system is a customer data management technology with a history of more than 20 years, which is between maturity and commercialization. It's time to update the technology. What will the future CRM be like driven by the development of cloud computing, social networking, mobile, big data, artificial intelligence AI and IoT of the Internet of things? This is also needed for the development of enterprises.

A new purpose

CRM systems must move from internally centralized, sales-oriented customer data management applications designed to provide communications, improve process efficiency and reduce costs to externally centric, designed to enable customers to engage in dialogue across channels, provide consistent and reliable, dialogue-driven customer engagement applications, provide a consistent and useful customer experience, and build customer relationships based on key customers.

More customer participation

Since customers are now initiating conversations through their preferred online and social channels, CRM should alert appropriate business practitioners to these conversations so that they can take action and participate in them. If the technology is social listening and participation, a lot of improvement is needed. Social command centers and dashboards look cool in demos, but have you ever tried using them? It's like performing a Google search where you have to scroll through 15 search results pages to find what you're looking for. But most people don't like more than two search results pages? At least I don't like it.

The challenge here-- and the opportunity for innovation in CRM systems-- is to better separate signals from noise and significantly improve emotional analysis. There is a lot of noise on the Internet, and finding a source in a haystack requires more search intelligence than keywords with simple parameters. Once found, CRM software should prioritize social content, classify it, and send it to sales, service, or other queues for quick processing by the right people. Technology should tell us questions such as:

When will there be a sales opportunity?

When is there a customer problem that needs to be solved?

When is there a potential viral transmission?

When are there any competitors?

When will there be business development opportunities?

When will there be a market trend?

When can I trigger a change in business strategy?

Improve customer experienc

The CRM system should help to improve the customer experience (CX) of each interaction with the customer. CRM is my customer record system, so I don't want to go anywhere else to automate my CX strategy; I need a way to actually identify and measure CX;. I need to listen to the customer (VOC) tool so that customers can tell me what they want and how I do it; I need the journey map mapping tool integrated into my existing CRM marketing, sales and service processes. I need intelligent next Select offer (NBO) or next Best Action (NBA) automation to recommend the ideal offer, answer or respond-not just based on what's good for me, but also to investigate customer files and what good recommendations are for me and my clients. An one-size-fits-all proposal will not work.

I need CRM technology to provide a 360-degree customer view, providing the best information needed for resources or customer interactions, touchpoints, or critical moments to improve customer transactions, decisions, solutions, experiences, or relationships. I also need some workflow or business process management (BPM) tools to coordinate customer journeys to deliver a consistent, valuable and unforgettable customer experience. To achieve strategic goals, such as loyalty, support, customer lifetime value, customer retention, and increased revenue and profits.

We all agree that customer experience management is a strategy for developing customer relationships and building relationships that can withstand the erosion of disruptive technologies, competitors, and other competitive advantages. Now, I need some technical support. In the future, CX technology will not be separated from CRM. The two will complement each other.

More business customer intelligence

More and more enterprises are trying to change their business strategies from ideas or assumptions-driven, intuitive or trial-and-error decisions to data-driven, fact-based decisions. However, without tools, it will be very difficult. Most CRM systems provide basic historical information reports. But enterprises need to look forward and the whole organization needs to make better business decisions.

Better business intelligence should start with smarter customer profiles. Consumers are very active in social channels, which enables companies to understand social attributes. Knowing each customer's "preferences" and what they share, retweet, or comment on can create a highly specific customer social graph. Help organize online data from social networks, Web browsing pages, forums, communities and other social media, and attach social attributes to CRM customer profiles so that they can improve customer segmentation, deliver more relevant messages, provide more appropriate products, and provide services that affect loyalty. It then helps to determine the profile and characteristics of high-contribution customers and identify other customers who have the same characteristics but are not yet in the highest-contribution market segment.

In addition, there are some additional requirements:

How to use the system to view customer files and customer churn patterns, and remind which customers may have "defection"?

How to use the system to check customer segments and customer groups, such as each customer's existing products, products purchased by similar customers, and apply relatively simple predictive analysis to determine the cross-selling or up-selling that are most likely to be accepted?

How can I share with my employees what is provided to me in social media or search engines based on other customer information with similar interests or behaviors?

Back to the question of social engagement, how to use social monitoring tools to analyze what prospects and customers think of each of my products or services and competitors' products or services, and associate this emotional analysis with it to help me improve my sales work, product mix, marketing expenses, advertising expenses, loyalty programs, market share, customer share Competitor plans and specific cost and profit metrics?

Further, whether there is an opportunity to link customer sentiment analysis to a wide range of economic factors, specific market indicators, competitors' actions, or other factors that may reveal patterns that allow companies to model changes to improve customer consumption and corporate performance.

Mobility will be a very practical demand: the mobility of smartphones and tablets will be the most popular feature in CRM in 2020. As the key users of the enterprise are no longer limited to the office, can we make more use of the functions of mobile CRM to do a good job?

Can you tell me which customers offer the greatest revenue potential at any particular point in time or in a particular product line? Can you show me those customers who bring negative profits? How is the comprehensive income cycle? How do I build a revenue model (also known as revenue performance management) so that I can model and operate business planning, understand its impact, and adjust my strategy? Of course, there are other tools outside the CRM domain that can help me, but there is no doubt that if an enterprise needs core business requirements and other integrations, ETL, segmented data and custom report creation, CRM is the best choice.

Do you know how much enterprise data is not being used? Majority. Many companies are drowning in data but eager for information. If you are looking for help to consolidate, mine, attach and apply data to learn how to please customers, create differentiated customer experiences, and create new products and services that are more popular, a powerful CRM system is just what you need.

This is the positive side.

Few CRM software vendors can provide all of the above requirements. Some CRM vendors offer first-generation tools, but the market needs more. The balance of power in business is always shifting from suppliers to customers. In order to respond, suppliers must implement compensatory changes in business strategies and support them through more innovative technologies. The needs of customers far outweigh the availability of technology, which provides an opportunity to reshape the market.

CRM software vendors who are the first to enter the market or innovate earlier than the market will take advantage of the reset to occupy the market leadership and become the subverter of the next generation of CRM systems. CRM vendors with rich resources and installation base may closely track and compete with market innovators if they miss the first market innovation delivery but can implement a fast-follow strategy by acquiring or reprioritizing internal resources. All other companies will compete for the rest of the market, bringing greater risks, higher costs and less profits, and most will not be able to survive.

Although the future of CRM is not 100% clear: the needs of business owners will change over time, and high-performance companies continue to raise expectations through breakthroughs in the product market. However, those who understand the development of customer relationship management will have a better understanding of its direction. Organizations that adapt to the current CRM environment have the opportunity to take advantage of the best options available today. And as CRM software vendors will spare no effort to capture market share in the future, release more powerful and innovative CRM systems, more enterprises will also benefit from it, is your business ready?

For more information, please visit http://www.frensworkz.com/, the official website of Yihai Software.

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