According to Forrester’s Customer Experience Index (CX Index™), ‘companies that deliver superior CX grow revenues five times faster on average than their competitors with inferior CX.'
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Customers are the key drivers behind company initiatives.
In fact, today’s consumers will pay a higher price for products that are delivered with better customer service.
In order for businesses to gain a competitive edge, they need to find new ways to connect and serve customers throughout the entire buying journey.
Technology-fuelled disruption can only be combated with an outstanding customer experience.
Let’s dive into how your business can keep up with this worldwide trend.
CRM Stands for Success
The importance of implementing CRM tools are advancing as quickly as the tools themselves.
Application development and digital teams need to shift business processes in order to deliver exceptional customer experiences.
They can do so by defining the value of their CRM and introducing strategic initiatives as well as precise execution and optimisation techniques.
‘They can do so by defining the value of their CRM and introducing strategic initiatives as well as precise execution and optimisation techniques.’
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Put the Customer First
A successful CRM solution is one that supports customers throughout the entire buying journey, which increases satisfaction and creates a sense of loyalty. This outside-in approach allows for a strategy that will add value across a wide range of channels.
Positive customer interactions increase the internal interest of using CRM software.
According to Forrester, ‘61% of software decision-makers say that their firms are implementing, have implemented, or are expanding or upgrading customer service software…’ This percentage will steadily increase as tools prove to be effective.
Companies that are ahead of the curve fully utilise CRM solutions to support customer journeys. When the customer feels supported, they will likely purchase from the company again, therefore continuing the buying cycle.
Settling for a software that is less than optimum will result in revenue loss and churn.
Deliver to Expectations
The CRM tech market is a complex ecosystem, and many companies struggle to define and act on their initiatives. Some businesses will buy into a software plan based on buzzwords and good selling points without making their objectives clear or creating a strategic road map.
In a recent Forrester survey, data showed that CRM success was blocked by issues in four main areas: strategy, processes, people and technology.
● Strategy. Organisations reported problems pinpointing strategic initiatives. More than half of the professionals surveyed highlighted a lack of change management programs, which can lead to miscommunications and poor planning across departments.
● Process. ‘Fifty-eight percent of organisations began implementing processes in their new CRM without first taking time to streamline existing processes.’ Business processes must be clearly redefined before introducing new services.
● People. As we at redk have highlighted before, a CRM solution is only as powerful as the users behind it. In order for seamless adoption, there needs to be a shift in organisational culture. Employee feedback is imperative when introducing new tools.
● Technology. CRM software is intuitive and can increase customer satisfaction ratings, but only if data is properly collected and utilised. The technological advancements in solutions are underused due to improper training or implementation.
Follow a Playbook
At redk, we are ready to help you increase revenue, retain customers and deliver quality experiences.
A recent Forrester report outlines four phases in their CRM playbook: discover, plan, act and optimise.
The first step is to truly discover the value of CRM software, and how to quantify and optimise its capabilities. You first need to evaluate your solution and understand its maturity before putting new features or strategies in place.
Then, plan and execute a strategy based on your company’s objectives – making sure that all users are on board with the shift. Finally, use metrics to optimise your software and improve its processes.
Invest in redk
The right initiatives take time and focus and must anticipate customer demands.
When carried out properly, CRM solutions are not only worth the investment, they deliver a significant ROI.
With our extensive experience in consulting and software implementation, we are here to help your company make the most of its solution.
CRM Transformation Practice at redk
Hideki applies over 15 years of experience in the field of CRM and Customer Experience to overcome business challenges in the customer cycle.