The evolution of CRM hasn't been linear but in big leaps and small steps. The philosophy of CRM though hasn't really changed; increase the life-time value of a customer through higher satisfaction. The challenge though is how to continuously to meet and exceed customer satisfaction when customer satisfaction is a moving target.
Customers are becoming more demanding because they have more access to information and products like never before. They cant be fooled, because their ability to research is now at their fingertips, where in the past the only information available was printed. Specifically social media has opened up the flood gates.
The challenge for those who care about their customers is the ability to effectively capture the voice of the customer when voices are coming from every direction at all times of the day. Not only is it about capturing but also about managing and responding to comments. This is not an easy task, especially if a business doesn't have a CRM capability, or a CRM capability mature enough to handle the current VOC environment.
Where businesses stand in their evolution of CRM capabilities is a question that they should be asking often, especially at the current speed of change and growth in the pervasiveness of digital communications. Forget about the exponential growth of computer processing, there is the double exponential growth of the ability to share and receive communications. This growth is through device growth, application growth, and viral awareness of the ability to use cloud tools to share thoughts and opinions.
If businesses are not maturing their CRM capabilities in line with the growth of their customers communication maturity then they are missing huge opportunities to increase their customers satisfaction levels and therefore life-time value.
More to come on the details around how to measure CRM maturity and evolution.
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Where businesses stand in their evolution of CRM capabilities is a question that they should be asking often, especially at the current speed of change and growth in the pervasiveness of digital communications. Forget about the exponential growth of computer processing, there is the double exponential growth of the ability to share and receive communications. This growth is through device growth, application growth, and viral awareness of the ability to use cloud tools to share thoughts and opinions.
If businesses are not maturing their CRM capabilities in line with the growth of their customers communication maturity then they are missing huge opportunities to increase their customers satisfaction levels and therefore life-time value.
More to come on the details around how to measure CRM maturity and evolution.
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