Before delving into the details of trends of CRM to see in the coming years, I’d like to share bit information on what CRM is.
WHAT IS CRM?
If you’ve been asking yourself what CRM is and what it exactly does then come with me. I’ll explain what CRM is all about.
Customer relationship management is a business strategy that puts a focus on meeting the needs of your customer. It does this by utilizing advanced technologies to organize automate and integrate the marketing sales and customer service components of your business. The CRM systems are basically developed and designed for compiling the information on the customers across several channels between the organization and the consumers, which might contain the organization’s site, phone, direct mail, live chat, marketing materials and social media as well. it can also provide you customer-facing staff described data on user’s personal information, buying preferences, purchase history and concerns etc.
So this was the little introduction of the CRM. Now let’s move towards the Future Trends of Customer Relationship Management.
THE FUTURE CUSTOMER RELATIONSHIP MANAGEMENT TRENDS:
• Integrating Data From Multiple Channels
• Handling Big Data
• Shifting To Cloud-Based CRM
• Social CRM
• Mobile CRM
• CRM Software System with Variables
• Creating Better Customer Experience
• Challenges Faced By CRM
• Customer Focus
• Slow Returns and Lack Of Consistency
EXAMPLES OF FUTURE CRM SYSTEMS
It is expected that there will be a tremendous increase in the popularity of mobile CRM. Example: –
• INDOCIN BANK introduced fingerprint banking wherein customers can carry out transactions with the help of fingerprints and without passwords
• DBS Bank has launched a mobile-only Bank it is completely paperless and branchless allowing customers to open accounts by using their other card the biometric authentication at various companies it makes arrangements with.
Integration With Social Media
Currently, most companies are present on social media however nearly being present is not enough. it is extremely important to evaluate the impact of social media on the business. Example: –
• MERCEDES-BENZ in India became the first brand in the country to use Twitter’s twitcam campaign with the hashtag tweet to click. These offered users an opportunity to get a visual tour and personalized picture of the Mercedes-Benz Pavillion live from the Auto Expo 2016. Whenever they tweeted using hashtags, tweet to click and ‘best keep winning’.
• AUDI INDIA used Twitter’s flock to unlock cards and that brands can use to unveil a new product video or commercial once the card is unlocked a tweet is sent to everyone who participated in the exclusive content without Kohli representing the brand on Twitter the tweet from Audi’ official handle on unlocking the fastest mobile was retweeted over 600 times
According to experts, software-as-a-service or SAS is expected to dominate in the future. Example: –
• ZENOTI formally managed myspa offers sauce based solutions to spas salons and medical spas. The solution is designed to manage all operational aspects of the spa and salon business such as online booking, appointment management, POS CRM staff management, inventory controls, built-in marketing, and analytics etc. Utilizing the SAS solution in just a few years enrich salons grew from twelve to fifty-four salons.
Increase In Demand Of Personalized CRM
Every business has unique software requirements given its unique nature in today’s world of intense competition and a large number of options for the customer an increasing number of companies are employing personalized CRM.
End-To-End Solution For Client And Prospect Management
CRM is no longer used only for sales and support. It has now become a platform for the entire marketing process right from prospecting marketing lead to invoice cycle as well as the calculation of return on investment for marketing campaigns.
CASES OF FUTURE CRM
Wearable devices could be the next big thing in CRM. The integration of wearable computing devices with CRM systems allows organizations to gain real-time access to customer data and effectively engage with customers. It also enables businesses to identify cross-selling and up-selling opportunities and enhance customer relationships at every encounter.
CRM vendors are partnering with variable device manufacturers to explore different scenarios where information could be profitably used such as lead generation and campaign creation and curtailing lead to order cycles. For example: –
• Microsoft Dynamics CRM supports the customization of a mobile platform, which is compatible with Google Glass.
• Wearable devices are now allowing users to shop online directly from their device, for example, PayPal recently announced the launch of a new app that allows users to pay for products using their Samsung gear2 SmartWatch.
• Google glass has capabilities, which can track the users’ eyes to identify the advertisement the customer has seen it is implemented. It’s patented paper gaze advertising model using this capability, which could transform digital marketing. Example:
USE OF GOOGLE GLASS IN THE HOTEL INDUSTRY: FREQUENT DAY PROGRAMS.
In this example, a hotel staff member wears Google Glass. The pair is integrated with the hotels’ hospitality app and the customer service system.
• As soon as a customer enters the lobby, the employee retrieves this information through the smart glasses and greets him by his name.
• She identifies the customers booking details and preferences and quickly starts the check-in process.
• Further, she tracks the loyalty points the customer has and gives him or her option to redeem or accumulate them.
• She informs the customer about the weather and local events happening around this destination.
She also translates this information in his native language with the help of the glasses after the guest checks in, the hotel staff member offers food or drinks and other services based on the customer’s choice the advantages of the smart glasses have been listed below:
• Engaging effectively with the customer and catering to his or her preferences
• Creating a smooth hospitality experience for the customer
• Providing a large amount of information relevant to the customer to better target the hotel’s marketing efforts
CONCLUSION: CRM IN FUTURE
So, these were the trends of CRM to be seen in the coming years with the examples. As per the above-mentioned details, it is clear that the marketing and the technical aspects of the CRM will potentially grow. The organizations are seeking for harnessing the power of customer relationships.
Great thanks to the increasing interactions between the products online and the customers due to the social media platforms, customers’ opinions about the services and products have become a business driver. Now companies are listening and responding to the users’ views to harness the power of latest technology to continue for anticipating and rendering things the customers want. For more updates, Stay tuned!