What has been CRM software so far?
In traditional terms, Customer Relationship Management (CRM) software aids businesses achieve goals of CRM by broadly focusing on contact and transaction management, contributing to sales-marketing automation, making quality reports, responses to customer, etc. According to a Gartner projection, CRM market will be worth over $40 billion in 2018.
The market mantra: 86% of customers are willing to pay up to 25% more for a better customer experience (RightNow)
Customer Experience is set to rise above any other parameter in guaranteeing magic sales figures and business growth.
Change is the only constant as far as customer choices and behaviour are concerned. CRM as a concept also has to evolve to keep up with the changing customer.
In the long evolutionary history of CRM tools, Customer Experience- Growth Engine Manager (Cx-GEM) is the newest entrant. Sales or product are no longer driver of a business’ growth. Customer Experience will overtake price and product as the key brand differentiator by the year 2020 (Walker).
Therefore, CRM is made more potent and rechristened as Cx- GEM
There has been a personification of the management system- ‘management’ to ‘manager’. Cx-GEM intends to be the doer than the facilitator in delivering best of class customer experience. By definition it is a software system but its scope is to identify itself with the business, abridging all gaps, to make superior Cx sacrosanct of its clients, and making Cx the singular factor to fuel growth engine of any business.
The claims of Cx-GEM are tall. Let us look at its out-of-box functions that earns it edge over run-of-the-mill CRM systems:
An all-pervasive presence:
Customer experience starts taking shape far before customer considers a product. It may be from a brick n mortar shop, an opinion of an acquaintance, the digital profile of the product through to complaint resolution, offers/upgrades made, etc. Customer experience must be delivered in the highest measure across these stages through multiple channels and on 24X7 basis.
Customer data is replete in any business. Each data point is an important insight into customer behaviour. However, without aggregation through a single platform no data is usable or complete. For example, Harry is an eCommerce consumer and he prefers to use payment wallet as the mode of transaction. He is offered a code with 5% discount for wallet payment for a product he has kept in his cart for many weeks. However, Harry does not make the purchase. The eCommerce company uses multiple software applications for order management and customer service. The product Harry chose was priced at 20000/- and payment wallet limit for a month is 15000/-. Therefore, due to disconnected systems, the offer made to Harry went futile.
It needs no introduction that BI is an integral part of the modern businesses today. Adoption of the cloud BI solutions has grown 50% in the past three years, from 29% to 43% (BARC Research and Eckerson Group Study, BI and Data Management in the Cloud: Issues and Trends 2017). Memory and database analyses, advanced visualization and dashboard, geo-spatial analysis, Bayesian methods, Internet of Things (IOT) have made BI the new age necessity. The lingering question is one of proportion of mixing BI and human intervention. Customers are humans: their emotions, sentiments and behavior are best comprehended by a human. However, BI may be humanized with human logic and emotional sensing of data.
The ‘real’ unified platform:
Customer service, Communication channels, Order management, etc. are common coinages associated with CRM world. However, these parts need to be unified on a single platform. This will lead to better understanding of the customer, comprehensive analytics, time efficiency culling potent actionable insights from customers.
The ways are manifold in which Cx-GEM may anchor the customer centric culture in business operations and business-customer interface points. It is the newest rendition for progressive businesses which look beyond short term sales or revenue figures and make growth and market traction their ambition and aspiration.