CRM Trends, Challenges and Opportunities22nd November 2020
Challenges in CRM
- Too much data, not enough action?
- Avoiding short termism
- Bridging the gap between acquisition and retention
- Behaviour-based personalisation
- Optimising email content
- Optimising email frequency
- Integrating social into a contact strategy
- Creating mobile experiences
- Getting hold of in-store data
- Integrating with legacy infrastructure
Emerging Trends in CRM
(1) Integrating Data from Multiple Channels
The CRM solution providers are working on moving social media data to more secure communication channel. They are also exploring how they can integrate unstructured data coming from multiple channels such as Email and mobile smartphones.
(2) Handling Big Data
As the data is penetrating from multiple channels with high volume, velocity, and variety, the CRM solution providers are exploring how this big data can be managed well to be able to use effectively.
(3) Shifting to Cloud-based CRM
The businesses are preferring cloud-based CRM software to overcome the problems with on premise CRM software (in which every new feature development requires an expensive upgrade). The cloud-based CRM also lessens the burden of business for investing in infrastructure.
(4) Social CRM
The customers are into the practice of reading reviews, recommendations, and judging the product or service before deciding to purchase. The businesses are keen to employ social CRM tools in their CRM software as the social media can bring an insight of customer preferences and behavior.
(5) The Mobile CRM is Expected to be Powerful
Today’s CRM solution providers are investing a handsome amount to bring more rigor in the mobile platforms of CRM applications.
(6) Using CRM data effectively
The historical and current data of the customers is so huge that the CRM users spend more time in entering the same in the system than using it effectively for beneficial purpose. CRM solution providers are also working on providing simpler and easier ways of handling customer data using mobile devices.
(7) CRM Software Systems with Wearables
It is the next big revolution in the development of CRM software systems. Wearable are the devices worn by the consumers to track their health and fitness information.
If CRM applications are integrated with wearable computing devices, then the businesses can get benefited by having real time information of customers and access to their account data. The businesses can then engage with their customers effectively and discover opportunities of selling and enhancing customer relationships.
(8) Creating Best Customer Experiences
Though life is not all segregated between black and white moments; for the customers and businesses it is. The customers remember business products and services by associating with best and worst experiences. The businesses using CRM are placing the activities related to making their customers feel good in their list of top priorities.
(9) CRM to XRM
xRM is evolved CRM. There is little limitation in the word CRM which depicts Customer Relationship Management. XRM is eXtreme Relationship Management, or Any (replace X with any value) Relationship Management. The scope of XRM is different and larger than the scope of CRM.
For example, a business is managing contracts, grievances, policies, building assets, parking violations, property taxes, etc. The list is near to endless. This all management is catered by XRM, a business can manage the relationship of anything within itself.