Post on 12-Apr-2017
How the Future of CRM Can Help Your Customers and Your
BusinessKate Leggett,Vice President, Principal Analyst
Customers Control the Conversation That They Have with Businesses
Source: September 12, 2014 “The CIO’s Blueprint For Strategy In The Age Of The Customer” Forrester report
Companies AreFocused on Delivering Better Experiences
What Are Your Customer Expectations?
Good Customer Experiences Are Good for Business
Source: June 27, 2014 “What Drives A Profitable Customer Experience” Forrester report
Retentionloyalty
Enrichmentloyalty
Advocacyloyalty
The likelihood that a customer will keep existing business with the company
The likelihood that a customer will buy additional products and services from the company
The likelihood that a customer will recommend the company to others
Two thirds of companies use CRM as a foundation for customer engagement.
The CRM software category was a $24B
category in 2015. It is projected to grow by 20% in 2016 and 13% in 2017.Source: “The Business Applications Landscape 2016 To 2020: SaaS Disruption And Vendor Proliferation” Forrester
report
But CRM Success Is Often Elusive
CRM Is Purchased for the Wrong ReasonsCRM provides:
– Better customer visibility– Better pipeline management– More efficient service – Better campaign targeting – Better management reporting
CRM is sold: – As a list of features and functions– To better support an organizational silo
How is CRM
supporting a
customer trying to
get something
done?
It’s about delivering differentiated experiences at scale to keep your customer satisfied.
Effectiveness
Emotion
Ease
Effectiveness
Emotion
Ease
It’s about Valuing Your Customer’s Time
Source: January 5, 2016 “The Future Of Customer Service”
53% will abandon online purchases if
they can’t find a quick answer.
For 73%, valuing their time is the most important way to
provide good service.
63% B2B buyers RESEARCH half or more of their work purchases
online.
74% Buying products or services for work from a website is more convenient
that buying from a sales rep.
93% Prefer to buy online when they’ve decided what to buy.
Source: Q4 2015 Forrester/Internet Retailer B2B Buy-Side Survey
Customer Service Embraces Digital Channels
83% Phone
76% Email
65% Chat
43% Twitter
84%Help or FAQs on a company website or mobile website
Base: 4473 US adults (18+) Forrester Technographics, Customer Lifecycle Survey 2, 2015
Customers Increasingly Self-Serve
83% Phone 76% Email
65% Chat
43% Twitter
84%Help or FAQs on a company website or mobile website
Base: 4473 US adults (18+) Forrester Technographics, Customer Lifecycle Survey 2, 2015
Effectiveness
Emotion
Ease
Personalize Interactions
Profile
Situation
Future Needs
Understand the quality of leads
Pinpoint the right prospects
Recommend the right collateral
Streamline the sales process
Connect sales to the right
contactRecommend the right collateral
Identify the target market
Pinpoint discounting thresholds
Identify product bundles
Identify the right hire
Identify the right next step
Effectiveness
Emotion
Ease
It’s about Proactive Engagement
CRM + IoT Can Transform Experiences
IoT and CRM Can Transform Business Models
“Are you calling about that text message we just sent you?”
Source: http://gizmodo.com/the-crazy-things-delta-does-to-cancel-fewer-flights-tha-1557539055; Image source: WikiMedia (http://commons.wikimedia.org/)
We face a wave of innovation.
Good Customer Experiences Are Good for Business
Retentionloyalty
Enrichmentloyalty
Advocacyloyalty
The likelihood that a customer will keep existing business with the company
The likelihood that a customer will buy additional products and services from the company
The likelihood that a customer will recommend the company to others
Source: June 27, 2014 “What Drives A Profitable Customer Experience” Forrester report
What It Means
Don’t forget the EQ.
Align CRM with your CX strategy.
Support customers through their journey.
Deeply personalize interactions.
Thank You! Kate LeggettVice President, Principal Analystkleggett@forrester.comTwitter: @kateleggett