“Novel CRM trends will give marketing and sales professionals all the required data inside their inbox.”
− Mary Wardley, Vice President, IDC
Till now, we have have learnt that the CRM software helps businesses to manage customer relationship and enhance customer experience proficiently. It also helps businesses to optimize the marketing programs and use marketing analytics for contemplating future strategies. CRM in services improves customer satisfaction thereby increasing the business ROI. Let us now discuss what new trends are emerging in the field of CRM.
This is a new trend in CRM which exploits the power of internet. Electronic Customer Relationship Management (ECRM) aims at developing and establishing all CRM functions with the use of digital communication tools such as EMail, chatrooms, instant messaging, forums, etc.
ECRM is motivated by the ease of internet access from various computing devices such as desktops, laptops, tablets, and smartphones.
● It enables the businesses to interact with their customers and employers using internet.
● ECRM offers seamless integration of CRM processes.
● ECRM is speedy and reliable.
● It is highly secured from threats.
The following table highlights the differences between CRM and ECRM.
|Conventional CRM uses telephone, fax, and retail store for contacting customers.||ECRM uses internet with Personal Digital Assistant (PDA) devices.|
|It takes care of the customers via Internet.||The customer is able to take care of himself using internet.|
|It needs the user to download supporting Apps to access web-enabled applications.||In ECRM environment, there is no such requirement.|
|CRM system design is products and functions oriented.||ECRM system is customer oriented.|
|Cost of maintenance is high.||Cost of maintenance is lesser.|
|Time taken for maintenance is long.||Maintenance time is lesser.|
Here are some upcoming trends the CRM solution vendors are following −
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.
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.
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.
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.
Today’s CRM solution providers are investing a handsome amount to bring more rigor in the mobile platforms of CRM applications.
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.
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.
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.
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.