Customer Relationship Management (CRM) has been an important system for businesses of all sizes for many years. It enables salesforce automation and management, but it has evolved to capture customer end-to-end journeys, drive customer relationships, retention, and revenues. Emerging technologies and the fourth industrial revolution have shaped the future of CRM.
Merely making the marketing, sales, and services (MSS) more productive is not enough to meet market expectations. CRM should be equipped with a wiki-like module for capturing customer insights and artificial intelligence (AI) assistance for reminders and proposing what to do next. The market expects built-in big data and business intelligence (BI) to provide predictions for likely segments and customers for new or potential product categories that customers are likely to purchase or consider.
As the world matures with industry cloud platforms, the need for industry-specific CRM may also rise. The unique advantage of this is that it is a vertical industry locked down solution for the entire industry and linked ecosystems. It creates barriers to competition after the first solution has been adopted by the industry. Healthcare CRM, retail and consumer packaged goods (CPG) CRM, financial services CRM, manufacturing CRM, and communications and utilities CRM are some of the well-received and market potential solutions.
Every business wants to gain customer loyalty and be proactive in influencing the customer lifecycle. For existing customers, increasing customer retention, enrichment, and advocacy will be one area where the system can help to execute various campaigns and activities to drive predicted outcomes. Loyalty is an outcome of customer retention, enrichment, advocacy, and acquisition activities.
Social media integration is a must-have in today’s business world. Almost all companies have some sort of online presence across multiple platforms, whether they are proactive or reactive in that. Networking through social media will keep customers engaged with the brand, and it will also help in influencing customers. It can help in better anticipating and providing appropriate responses to customer queries.
In addition to the above, future CRM systems will have the following capabilities:
- Personalization: As customer preferences and behavior continue to evolve, the ability to personalize every interaction with the customer will become essential. With AI and machine learning, businesses can analyze customer data and provide customized recommendations and offers.
- Omnichannel communication: Customers now communicate through multiple channels, and businesses need to ensure that they have a consistent communication strategy across all these channels. Future CRM systems will allow businesses to interact with customers via email, phone, social media, and other channels.
- Predictive analytics: CRM systems will be equipped with predictive analytics that can anticipate customer behavior and future trends. This will enable businesses to identify potential problems before they occur and take proactive measures to resolve them.
- Integration with IoT: The integration of CRM with IoT devices will enable businesses to collect real-time data about customers and their behavior. This will allow businesses to provide personalized and timely services to customers.
- Automation: Automation will play a critical role in the future of CRM. Routine tasks, such as data entry and lead scoring, can be automated, freeing up employees’ time to focus on more value-added activities.
In conclusion, the future of CRM is exciting and promising. With the emergence of new technologies, businesses can provide better customer experiences, gain customer loyalty, and increase their revenues. CRM systems will continue to evolve to meet the changing needs of businesses and customers, and it is essential for businesses to keep up with these changes to stay competitive.
E-SPIN is dedicated to building a value-added ecosystem for its customers, suppliers, and business partners, with the belief that everyone can benefit from working together (Together Everyone Achieve More = TEAM). If you are a potential new supplier or business partner with value-adding solutions, or a new customer looking for trustworthy solutions, feel free to reach out. E-SPIN is always eager to explore ways to create synergistic outcomes for all parties involved. This is the underlying philosophy of E-SPIN business.
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