How to Adopt New and Better Technologies and Practices for CRM in 2018 & Prevent Customer Churn
Technology has changed the way we work, study, and socialize. However, although technology is evolving all the time, it requires additional investment on the part of business owners to stay up-to-date. Here is where you find the point of hesitation amongst businesses as they try to decipher and decode how to transition seamlessly to new technology without upsetting the balance and the customer.
In 2017, CRM was able to generate revenues of up to $36 billion based on a study by US research firm, Gartner. Companies need to keep their Customer Relationship Management strategy relevant and fluid because it directly affects customer experience and patronage. Since we live in the age of automation, capital efficiency, and global competition, a huge chunk of good CRM must focus on customer engagement and optimization.
This winning formula works best with efficient processes which can best be achieved with the right choice of CRM technology. For example, if you sell online, your CRM should have analytics, mobile tech, and machine learning features. These features will enable your program to act without further programming and reach out to the people in a way that is most effective. If your business relies on repeat transactions, your CRM should include a loyalty rewards program and focus on enhanced value as a loyal member.
CRM technology spans the entire spectrum in the business world. If you’re a start-up, there’s a CRM technology that will work better with your kind of organizational set-up. If you’re a medium-sized business on the verge of exploding into the multinational arena with international offices, you will also find a CRM support system to meet your needs.
The technology is there. Often the problem is in the implementation and transition. It is during this phase that a business can lose its valuable customers to competitors. Here’s how you can prevent customer churn.
Train in Batches and Implement in Stages
You need to create a core group that will lead the transition and be represented in every department or division within your company. Full implementation of new technology should only take place after several dry runs and simulation of all potential problems. Employees who stand and speak on behalf of the company should have a script but be capable of diverting from the script without straying from company policy to avoid appearing robotic and uncaring.
Predictive Technology
According to Gallup, as of March 2017, 59% of customers from a study base of 13,000, reports having a recent problem as a customer. More importantly, the issues were not resolved to the customer’s satisfaction. Predictive technology will help you estimate churn rates not just for customers but also to monitor high-value employees.
Customer Journey Mapping
Should you map experience or journey? It does not have to be a choice. In fact, experience helps map the journey and determine the moment of truth when customers decide to buy or opt out and reveal any gaps in your operation.
CRM is a sophisticated strategy and covers more than just these three tips. For a more extensive and personalized approach, contact us for a one-on-one consultation. The best CRM is your CRM, and we at Planned Growth can customize one specifically for your needs.