| Category | Assignment | Subject | Management |
|---|---|---|---|
| University | Singapore University of Social Sciences | Module Title | BUS354 Customer Relationship Management |
The digital age has now changed the mode of interaction that happens between customers and businesses. Technologies in this digital era have assisted organisations in producing a good customer experience. BUS354 Customer Relationship Management is a course that will train you to understand different significant aspects of customer relationship management (CRM). Here you will learn how businesses develop relationships with their customers by knowing about them.
Customer relationship is basically a multifaceted aspect which is combined with strategies which incorporate process, technology and people. Other than this, you will even learn what potential technology holds in adding value to these analytics, which will eventually improve customer experience and enhance the relationship with customers in the new era.
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CRM has been evolving as customers' presence has been evolving with the help of new technology. In the beginning, CRM was done using a manual card system that was maintained by the sales representatives. From there, it evolved into data marketing in the mid-1980s, which was the first time it turned digital.
In the 1990s, CRM was done using many new software, which were more sophisticated and accurate. Due to this accuracy, there was an advancement in integrated sales, service functions, and marketing as well. Whereas, in today’s time, CRM has completely changed, cloud-based storage is available now, sales teams can analyse using real-time data, and the newest technology that Artificial Intelligence is used for predicting customer behaviour.
It is not a novel fact that the relationships with the customers are that to business success. With the increase in the number of innovations, industry professionals are coming up with new ways of enhancing customer satisfaction, and that is where CRM fits in. CRM has had an impact, as no business can do without it these days. We shall see backwards the way.
The importance of user satisfaction could be observed since the era of the Barter system. And when there is contemporary technology, i.e. the Customer Relationship Management (CRM), the customer satisfaction is improved even further. Consider a little more closely the most significant milestones in the history of CRM.
Pen and paper served their purpose of capturing customer information as much as they did, but after some time, it became a nightmare of gigantic proportions when the company expanded.
A Databank named Rolodex (rolling dex) was invented in 1956 to store customer information. As the mainframe computers came about, a digital database was created, and this became the foundation of CRM in future.
Innovation was done in regard to the Contact Management System, and the technology was also improved. The entire names, email addresses, phone numbers, etc could be stored here. However, CMS was more of a sales management major and not a customer relationships major.
The innovations that were made in the 90s paved the way to the current CRM.
The former move of it was the introduction of Sales Force Automation (SFA). This made these day-to-day activities, such as tracing, recordings, pipeline maintenance, etc, to be automated. This increased productivity as the workers could dedicate more time and energy to other activities of interest.
CRM technology continued to grow and transform daily to capture the needs of all types of companies. Web-based CRM began to gain popularity. It did not take long to be integrated with business systems and other platforms to have an easier life.
The 2000s were also the time when social media was growing. CRMs have started to be integrated with social media, including Facebook, Twitter, Instagram, etc., at the end of the decade. The businesses would have a clearer insight into the needs, preferences, thinking, etc. of the customer, depending on likes and comments.
These times are modern times, and Social CRM has become one of the most significant components of CRM solutions to individuals who want to incorporate a social presence. As the integration of CRM took place within such a brief period, the mobile CRM versions also arose, which allowed the users, especially the sales representatives, to use the application despite their location.
The introduction of artificial intelligence (AI) into the CRM system began to occur towards the end of the 2010s, and this enabled the CRM to analyse bulk data. The significant benefits include improved sales tracking, automated email and chat content proposals, and the generation of effective customer insights to make improved decisions. These customer-facing teams provide the customer with personal customer service.
The benefits of the CRM systems are numerous, including customer relations, communication channels and sales processes. The customer data can be centrally gathered to enable businesses to personalise the customer interaction, which enhances customer satisfaction and customer retention. Lastly, CRM will enable business organisations to make effective decisions, thereby, efficiency and profitability in a competitive marketplace.
A CRM system has the advantage of making the sales force more productive since it automates most routine work and collects all the information about a customer. The tools of CRM can also assist the salespeople to streamline their work, thereby allowing them to focus on other, more productive activities such as relationship building and deal closing. CRMs can be used to automate processes such as follow-up emails, meeting scheduling, and data entries, so precious time will be spared by sales reps to think strategically and personally contact individuals, which involves human intuition.
The possibility of creating a single image of a specific customer is one of the key benefits of CRM systems. CRM tools provide a single outlook of a customer to the business through the standardisation of the information of multiple touchpoints such as emails, telephone calls, social media interactions and purchase history. This one attitude allows the selling and marketing departments to tailor their message and effect appropriate changes in their tactics based on certain preferences and behaviours.
CRM provide action-based data dashboards and advanced data analytics, due to which businesses can make decisions depending on the real-time information. These tools are really helpful in compiling big data of customers and then presenting it in an easily understandable manner. When data is presented in such a manner, it becomes easy for teams working on CRM to discover the patterns, analyse the performance measurement, and easily track their progress using Key Performance Indicators (KPIs).
Customer-centric automation is one of the most brilliant features of the existing CRM. CRM tools can make businesses focus on delivering excellent customer experiences by automating their mundane business processes, such as follow-ups, appointment scheduling and lead nurturing processes. Automation ensures that it does not have loopholes to lose leads, and sales teams can communicate with customers at the appropriate time without involving an operator.
The CRM systems also go hand in hand with the proactive customer service interactions by ensuring that the support staff have at the tip of their tongue the vital customer details. With a centralised database containing full information about past contacts with their customers, their preferences, and problems, the service representatives will be capable of anticipating the needs even before they arise. This initiative strategy will allow the teams to react to the potential problems as soon as possible or offer solutions before the customers realise that they need assistance.
Managing and protecting the customer data is very useful, as it will help you achieve better and more accurate results, also it will give a competitive edge over your competitors.
Three main players in managing the customer data are enhanced efficiency in marketing, personalisation and decision making that is data-based.
Your ability to protect your customer information will perhaps improve your image in the industry, among your investors and the most crucial customers. As a business, you need to maintain any sensitive information that may come into your hands; therefore, you need to make sure that information regarding your customers is secure at all times.
It can also help you:
Now more than ever before, it is easy to give your data to a company, and what is even more important is that customers are becoming more aware, as 77 per cent of all consumers find it significant to know how their data is gathered and utilised.
Due to this fact, as long as you can earn their level of trust by showing them that you have taken it seriously, then you will have customers who can be considered loyal and refer to the rest of the community.
It may also seem that large companies and organisations have no more human element, this is because the customers may fall into them and us category, this is because the larger companies do not seem to have a good sense of morals.
With certain efforts to prove that you are interested in their data, you will be able to transform their attitude and make people see you as a company which strives to be helpful.
Customer data is a very important thing, which is the reason every nation has its own policy on customer data. You must comply with all the laws that are applicable to protect customer data, which includes both national and international laws like CCPA and GDPR.
Being such, it is all the more critical that you take care of the data regarding customers to avoid the imposition of massive fines or lawsuits from law enforcement against the official authorities.
Looking to formulate a CRM strategy that may work exactly the way you are thinking, well, that can only be possible when you follow the complete process step-by-step.
Below you have 8 steps that will make your strategy work and will provide the result as you expect.
This can be categorised into different parts, which are as follows:
a. Demographic Data: This includes education, gender, age, and income.
b. Behavioural Data: This includes data related to purchase history, website navigation patterns, preferences of products, with which marketing campaigns the customer is engaging with.
c. Transactional Data: This includes returns, exchanges and details of purchase.
d. Interaction Data: This includes data on interactions with customer service, inquiries and feedback given.
e. Psychographic Data: This includes customers' interests, their lifestyles and values.
Once you are done with collecting all the data that you want, you must make different groups according to the data for defining the team’s workflows and processes. This segmentation will help you in providing personalised sales and marketing strategies for meeting the needs of the customer. Make sure you establish clear processes so that you can share customer information within the organisation smoothly.
Begin with customer journey mapping - awareness to purchase. Determine the most essential touchpoints, motivations and pain points in every stage. Describe your sales pipeline steps- normally described as prospecting, qualification, proposal, negotiation and closing. Every single pipeline step must be related to a particular step of the trip, and all of it is organised within your CRM.
It’s time to roll out your CRM. This may involve the installation of marketing automation, email software and customer support software to provide a smooth data flow and communication. The implementation of a CRM is related to evaluating your business requirements, installing the software, aligning applications, setting up the settings, and training your staff on the effective use of such. This CRM course is free to start with.
Monotonous activities such as follow-up emails, appointments, and updating sales opportunities should also be automated by your CRM. Other categories would be marketing emails to new visitors to the site or push notifications in the case of abandoned shopping carts. The automation will decrease the workload of the teams, and there will be no customer service concerns that will be neglected.
A CRM based on AI is also capable of identifying patterns and trends in customer behaviour, as well as predicting what they require and sales. These lessons guide marketing and business practices as well as individualise the interactions.
The AI models and automation rules should be taken care of continuously. Periodically check their performance and business influence. Create measures of CRM in order to measure success.
Continue testing these metrics to identify things that work and those that do not. See customer satisfaction rates, sales increase and retention - with your strong CRM.
In the late 2000s, that is after 2010, digital businesses are a lot more than some traditional ecommerce website; now everyone is busy adapting to a new era. Businesses have to show their presence on all the major platforms of marketing, which include social media channels, which are used for seamless communication and staying ahead in the market from competitors.
Businesses are now able to handle things in a much better sense; they can interact with the consumer wherever they want. As everyone in today’s time is connected with their mobile phones all the time, this has become an opportunity for businesses to promote their services and products in a much better way.
Customer analytics has become easy as they are connected with the customer all the time, and they can easily understand what their consumers prefer by seeking customer feedback anytime they want. With the help of promoting feedback and, more importantly, essentially electronic word of mouth (eWOM), businesses are able to retain existing customers and can even attract new ones.
eWOM has seen a rapid increase in this digital era, where everyone appraises a service or product on their social media openly. Businesses can allow the customers to give feedback and their opinion on their products and service, and not only from the people who are their customer or their targeted market, but from everyone around the world. In a recent analysis of Adweek, 85% of the website visitors trust the review and feedback of other customers rather than going through the content provided by the owner. This shows how important is opinion of your consumers is.
Following all these things, Customer analytics has evolved over the years, just to keep up with the technology and new ways of interacting with customers. Going through reviews and customer feedback has become a big part of customer analytics in today’s time. Businesses are taking these social media data very seriously, and they analyse customer behaviour depending on their feedback; they have even come up with new predictive analytics.
This permits businesses or companies to analyse the customers by following them through digital footprints, which means collecting data by tracking the customer across different websites and apps with the help of pixel tracking, cookies or using fingerprinting. All these combined provide information regarding who your high-potential customer is, and who your less potential customer is.
The utilisation of technologies in CRM is used to do numerous tasks that entail: the automation of business processes, the centralisation of customer information of customer and even the creation of insight into customer relationships, sales growth and the efficiency of CRM. The most prevalent technologies that have been utilised up to the present in CRM are AI, which is used in predictive analytics and personalisation, another prevalent technology is Automation, which is used to handle routine duties, and the last predominant technology is cloud computing, which is used to make CRM data available to all the devices of different locations.
Other technologies are used in CRM, so I will list each of them:
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