In this blog, you will get an insight about Digital CRM – Concept and Uses.
Understanding the Concept
The new backbone of digital communication is the internet – a channel that has opened up the world of opportunities for businesses. It comes together with advances in technology to enhance the functionalities of traditional Customer Relationship Management. This combination gives rise to Digital CRM. This concept is extended further to apply to the latest avatar of CRM – Customer Experience Management (CXM). Digital CRM not only gives a clear picture of an organization’s customer habits and preferences but also personalizes the customer engagement at all touch points for an organization conveniently.
A new unique synergy – it’s association with Internet of Things (IoT)
The term Digital CRM is associated and empowered with IoT. Internet of Things is an ecosystem where all front-end systems are interrelated with computing and mechanical or digital devices. It elevates objects to intelligent sources of valuable information, provided with unique identifiers which have the ability to transfer the data over the network without requiring human to machine or human to human interaction. This leads to unprecedented scenarios where the customer may not be a human but can be an object, say any fuel tank capable of sending a message to the supplier and requesting a delivery and also receiving instructions or commands in return.
The right information is required to be passed to the right customer quickly and effortlessly. This is taken care of by Digital CRM where the customer today is the center of the CRM ecosystem and not the company itself. Companies and Business units need to provide tailored communications and service and trigger events based on the insights fed by deep analytics obtained from various sources.
How can Digital CRM help in boosting business?
Traditional CRM can be a cumbersome process even though it is software based, as many of the related processes and decisions are conducted manually. All the minute details and actions are required to be followed by a great deal of human intervention. A lot of actions need to be taken care of while completing the cycle of procuring the product and consuming it while delivering a good customer experience. This is where Digital CRM can be a game changer.
Thus, there are considerable benefits in adopting Digital CRM over Traditional CRM. Some of these are listed below, which is by no means an exhaustive list as the benefits of Digital CRM continue to evolve and grow.
Traditional CRM normally offers single or selective order entry points whereas with Digital CRM there can be multiple order entry channels available. This can lead to an improvement in order management process which means that the possibilities for a larger consumer base are enabled. With Digital CRM implementation, many technical errors can also be reduced to a great extent resulting in more efficient order management and fulfillment process. Thus, the behind-the-scenes efficiency can simply translate into better customer service where transparency and tighter control is possible.
Easy On boarding
Digital CRM can help the customers in knowing and understanding the products and services of a company better. The readily available material can also mean that related information about the features of the product can be accessed as and when needed. This empowers the consumers to use the same to their fullest advantage. For instance, the customer need not undergo training or read the thick manual while using a new product. With the digital tools and details available on the internet, empowered by helpful videos, for instance, it becomes simpler to understand the usage of the product. Thus, it becomes easier for businesses to sell its products and explain the benefits to the customer.
Simplified Buying Experience
With Digital CRM, the customers can buy and use what is useful. They can decide which model or version to buy to serve their needs and not be bundled with additional features if they are not useful. The pricing is normally based on the utility pricing model which helps the customer in choosing the required features of the product. This enhances the overall experience better, without the company having to train and send personnel to the customer to explain the same. Less cost, more delivery equates to better ROI.
‘Try and Grow’ service
Nowadays many CRM platforms are available with the facility of ‘try and buy’ model. If the customer is not sure which one to buy, a product can be tested by using a trial version of it. Since everything is easily traceable, it is easier for businesses to break their offerings into smaller chunks. If the customer finds it useful, then he/she can buy the full product with the required (and possibly enhanced) features. There is a wonderful natural opportunity to cross-sell/ up sell throughout the engagement, as more features can be added in future depending on the needs. These can be tracked via the software intelligence and packaged into personalized offers with higher conversion possibilities. Thus, it can help businesses in expanding and growing to new heights of success. With Digital CRM, this facility can be made available easily to the customers.
A company which has invested once in a sound Digital CRM System need not purchase unnecessary and unwanted software standalone applications to promote and reach out to their prospects. All of this can be achieved from a single unified model based on the digital backbone with clear visibility and transparency of data.
Digital CRM eliminates unnecessary complexities often associated with customer management. It helps to create personal connections with customers. Digital CRM makes it possible to reach out and connect with customers at all the times, keeping important information about customer interactions at a centralized location which can be accessed in real-time from any desktop and mobile device to authorized staff. It is a great enabler for businesses indeed!
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