Customer relationship management: Its benefits for organizations

Creating a differentiated experience for customers and building their trust can help companies retain customers and bring in more sales. And one of the best business tools to achieve those is customer relationship management (CRM).

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                                    Image source: thebalance.com

It is an approach that aims to gather and consolidate customer data from various channels such as direct interaction, digital channels, and others. These pieces of information are then analyzed to determine the best ways to manage present and potential customers and cater to their needs.

Some of the benefits of implementing CRM are the following:

  • Customer service: Because an organization is able to learn more about the customers, including their personal information and preference, feedback, and such, better value can be created, and excellent customer service can be delivered. These result in higher customer satisfaction.

  • Automation: Business activities are comprised of both small and large tasks, the former of which can be time-consuming, yet critical to the organization’s success. The right CRM system can be instrumental in the automation of these tasks, meaning the employee’s efforts can be funneled into more value-adding activities.

 

  • Collaboration: With CRM, especially one that is could-based, it is possible for different teams within an organization to have access to the same customer data, which can enhance communication and collaboration among them.
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                                     Image source: itproportal.com

Certified public accountant Edmund O’ Brien currently serves as the CEO of the Americas at Arvato Bertelsmann, an international service provider that offers CRM solutions to a wide range of clients. To read more about Mr. O’ Brien, visit this page.

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Customer relationship management: Its benefits for organizations

Predictions And Industry Shifts: CRM Trends For 2017

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.

Predictions And Industry Shifts: CRM Trends For 2017