When people know future challenges to expect, they usually feel some levels of confidence that they could thrive in whatever situation. When the time comes, these people with foresight know how to react.
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The ability to infer future trends is also an important aspect of business. It’s quite tricky, but there is a method to it. Customer relationship management (CRM) allows a high level of market anticipation in highly competitive environments, where retaining customers is integral to survival.
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AI-based bots will occupy a prominent role in customer relationship management in years to come. Businesses are burdened with huge amounts of data. Sifting through the noise in order to find relevant information is a herculean task. With the amazing rate of data growth, the burden only grows exponentially. Machine learning and predictive algorithms are developed to eliminate the guesswork in marketing decisions, leading to campaigns which are innovative, creative, and exciting.
Another emerging trend in customer relationship management is contextual CRM. More often than not, consumers view adverts as annoyances. To boost their appeal, products need to be marketed as a “best-friend brand.” This can be achieved with hyper-targeting, catering to micro-segments of customers, and giving the right messages to the right customers at the right time. This is the bread and butter of contextual marketing.
Edmund O’ Brien is the CEO of the Americas at Arvato Bertelsmann, overseeing the growth and execution of a multibillion-dollar business that delivers a host of BPO services including SCM, CRM, financial and IT solutions. To know more about him and his industry, visit this page.