CRM Digital Revolution and Transformation is an exciting development for most enterprises but could prove to be a scary experience for some companies which are left behind. CRM digital transformation is more than just buying your favorite cloud-based CRM software, even though a good system is an integral of the change. It is about how you rethink and remake your company with a customer-first philosophy.
According to Brian Solis of Altimeter group, “Digital transformation represents the quest to understand how disruptive technology affects the digital customer experience.” And the CRM digital revolution and transformation is the epicenter of this revolution.
Staying still is not an option as this is not some consulting cliché. The customer is sparking this revolution, based on his/her experiences elsewhere from the new generation disruptors, and demanding a similar level of experience from traditional and established players in the industry.
As we look around the footprints of the digital transformation of the CRM function are everywhere.
Companies are designing products based on deep customer analytics.
Insight driven interactions are improving efficacy and productivity of sales teams.
Multi-channel advertising campaigns are customizing the experiences to an audience of one. You.
Mobility has made sales and service teams more effective, with the world at their fingertips on a phone in their pocket.
CRM digital revolution and transformation is more than just buying your favorite cloud-based CRM software, even though a good system is an integral of the change. It is about how you rethink and remake your company with a customer-first philosophy.
Of course, the amount of digitalization and the magnitude of disruption varies by geography, industry, the customer demographics, and the threat of emerging players. However, it is imperative that companies not wait and fall by the wayside as disruptors emerge out of the blue to take their lunch. Remember Blockbuster which busted with the advent of Netflix. And Netflix reinvented itself to not only survive but thrive in the new streaming world. And many other examples galore.
The CRM digital revolution is predicated on the following trends:
- It is a mobile-first world
- Experience are as important, if not more, than the product or service itself
- Disruptors can damage established franchises in the blink of an eye
- It all about “Me” where a customer wants to be treated as a unique individual, not a cohort in the traditional client segmentation model
- We live in a real-time world and the time to provide the product or service or answer is NOW.
- Customers are connected, all the time, and in many a case, on multiple devices and form factors. Omnichannel is not a strategy bullet, it is a stark reality
According to Global Center for Digital Business Transformation, 61% of the executives believe that their current CRM systems do not support the future needs of customer engagement.
The CRM digital transformation is more than just a contact list software. It is a broader term – representing the true customer relationship and experience management across the omnichannel.
The principles and best practices for CRM digital transformation are:
- Engage customers even before they are prospects with content, guidance, and help across the social media channels
- Content, Commerce, and Connections are the digital currencies that carry value.
- Commerce is beyond a picture of a product and a price. It is about personalization, reviews, ease of checkout and a smooth experience.
- Random calls to fulfill a quota no longer work. It is about data-driven alerts and insight based interactions, which will lead to transactions.
- Customer Service is no longer a 9-5 rigid schedule. Online help, peer support, automated help (chatbots, IVR), and live help should work seamlessly and get to the answer quick.
- Marketing is not just a creative function anymore. It is an analytical discipline that is all about mass customization of messages to an audience of one.
- Communities are the backbone of the internet and harnessing communities of interest groups and converting them to brand ambassadors is the digital word of mouth, with a megaphone that can reach millions in an instant.
It is a strategic imperative that you consider the broader definition of CRM and define a CRM strategy that looks at customer relationships as a mobile-first, customer centric and experience driven paradigm.
If your company is looking for help in understanding the impact of digitalization of the customer relationship and customer engagement and create a digital CRM roadmap, please contact CIOPages advisory services.