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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

Mobile CRM:

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

Cloud Deployment

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!

Lyfeloop

Building brand awareness and acquiring new customers is one of the key objectives of any marketing strategy. However, what many businesses neglect to invest in is customer retention. In the long run, this can prove to be a mistake, both financially and from a branding standpoint.

Simply put, customer retention strategies aim to build loyalty among existing buyers. They prevent them from defecting to competing businesses or ceasing to use your products altogether. The main advantage of customer retention is that it boosts customer lifetime value by consistently providing a high standard of user experience and customer service.

Why is customer retention important?

According to research from 2015, it is six to seven times more expensive to acquire new customers than to retain existing ones. Moreover, it takes an average of 12 positive customer experiences to make up for a single bad one.

Then again, 72% of buyers will tend to share their positive experiences, while 67% of them are willing to pay extra for a great experience. These numbers are clear indicators that investing in customer retention is worth it on its own. But that’s not all there is to consider.

As e-commerce becomes more widespread and competition increases, it can only be expected for marketing costs to grow as well. With this in mind, businesses should focus their efforts on developing marketing strategies that generate a high ROI. Customer retention through social media can be one practice to help in this regard.

The easiest way to measure customer loyalty and retention is to look at the numbers. You’re going to need to know three factors:

X: how many customers you started with
Y: how many you have now
Z: how many of those are new buyers

Then, you apply the following formula: (Y-Z)/X x 100 = CRR (customer retention rate)

For example, if you started with 20 customers, had 50 new buyers, and now have a total of 60 customers, your CRR would be 50%. This would mean that 50% of your buyers were lost in the process.

Are you ready to adopt a few easy-to-implement strategies and boost your CRR? If yes, here are six effective ways you can improve customer experience and build brand loyalty.

Practice active listening

The most basic way you can use your social media presence to improve user experience is to listen to what your customers are saying. Social listening is easy to set up with alerts or social listening software. Plus, it offers valuable information regarding your products and services.

Whether you’re getting positive or negative feedback, this type of strategy enables you to identify strengths and weaknesses, and you can build on those experiences in future marketing campaigns. Moreover, you can use active listening strategies to recognize customer pain points (edit button on Twitter, anyone?). This is an excellent way to develop your offer in the future.

Another advantage of social listening is that it lets you reach out to users who may not have shared their negative experiences directly with you. This opens up space for “redemption” and prevents issues from going unanswered and harming your brand’s health.

Analyze user behavior research

In addition to letting you know what your buyers want to see from you, social media also allows you to find out more about the customers themselves. Personalization plays a huge role in UX. And social media might just be the way for you to incorporate it into your marketing strategy.

Engaging with followers lets you learn more about them and their habits. Handy features such as Instagram’s insights and Facebook Analytics let you see information such as audience demographics, active times, and statistics regarding the content you post.

But even more importantly, by taking a deeper dive, you can find out what other brands your followers have liked and how they’re engaging with content. With this information, you can then work on your own marketing strategies and adjust them in a way that will serve your audience better.

Engage in convenient customer service

Customer service is a huge selling point, and, obviously, it influences retention as well. An easy strategy you can adopt is to extend the platforms where your buyers can reach you.

Having an active presence over multiple social media platforms doesn’t just maximize your reach. It gives you the chance to respond to any possible problems in real-time, in a way that requires less effort on your customers’ part. This decreases the chances of growing dissatisfaction, plus it allows you to better manage your brand’s health.

Support accounts, such as this one by Xbox, can also be an excellent way to share quick updates with users regarding technical difficulties or temporary issues.

Alternatively, you can take a look at this example by Ultimate Meal Plans. They have created a dedicated Facebook group for their customers. Their users can directly ask questions from coaches and fellow service users. This way, they’re sharing experiences and receiving continuous support on their weight loss journey.

source: ultimatemealplans.com

Provide helpful and educational content

Orienting your efforts towards giving customers more bang for their buck is one of the best retention strategies out there.

It is for this reason that some brands choose to create educational content to share with their followers. It’s an effective way of calling attention to the value you offer. Moreover, it can be made into a continuous way to support buyers by sharing tips and tricks or new ways to use your products.

And because it’s so good at encouraging engagement, social media might just be the right place to launch this type of content.

You can look to Under Armour for inspiration. The brand’s Instagram posts include a host of at-home workouts created by collaborators. The great thing is that their followers don’t have to go searching for these posts. Instead, they organically appear on their social media feeds.

source: instagram.com

Utilize user-generated content

In addition to professionally produced content, you can also choose to share posts created by your users. Because user-generated content is created by influencers and regular people, it’s more likely to affect purchasing decisions. But, perhaps even more importantly, it gives you the chance to engage with your existing users and reward their loyalty.

An easy way to implement this strategy would be to create a hashtag.

For example, mattress company Zoma created the #SleepToWin hashtag. Through it, the company encourages both professional athletes and fitness enthusiasts to share their experiences using the product. In the end, this results not just in a higher engagement rate, but also easy-to-acquire social proof they can use on their website.

source: instagram.com

Share special offers

Last but not least, don’t underestimate the impact of pricing on sales. Especially when it’s paired with a pleasant shopping experience.

While new customers may be reluctant to give your products and services a try, those who have already bought from you will be far less likely to switch if you offer the added incentive of a reduced price. The simple reason behind this is that these users are already familiar with your products. And with social media, you can use this familiarity to gain an added edge over your competition.

So, if you already have a loyal base of customers who follow you on a host of platforms, don’t forget to let them know of any discounts, special offers, or giveaways. In the end, it might just be the thing that increases their lifetime value.

Customer retention doesn’t require a huge investment, yet provides excellent returns. When combined with your social media marketing strategy, it can yield even better results at a lower cost. While you can use any of the six strategies we’ve discussed here, it’s important to make sure that you do it in a way that reflects your brand’s core values. Pay attention to your tone, try to create helpful content, and, of course, place emphasis on customer experience. You’ll have a formula for success that will work for years to come.

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Tag: Customer

Customer Relationship Management – Trends To See In The Coming Years

6 Ways to Improve Customer Retention through Social Media