Okay, so you have the technological foundation laid for CRM, but what’s next? This is a common question corporate executives are left with after spending millions of dollars of development costs associated with the architecture of data bases to bank customer data. No, it’s not as easy as you were probably lead to believe, there’s no green button that puts everything into motion, simply terabytes of data electronically warehoused that are providing no business benefit in their standalone state. So, where do you go from here?
While some organizations have gone with a shoot then aim approach with only results that have shaken the needle, success has been wreaked from those following a disciplined strategy; mining, analyzing and synthesizing the data they hold. Analytics has become the enabling ingredient of CRM solutions. Considering the profile of today’s customer is quite different from just 10 years ago, understanding their differences, likes, dislikes, drivers and other characteristics has become paramount in developing solid business strategies to grow relationships. Why is this important?
-Brand loyalties are weakening and not nearly as strong as they once were
-Consumers are better educated. The advent of the internet provided the perfect outlet for consumers to source from in making their purchase decision(s)
-Promotions have desensitized customers to the point of being numb
-Consumers are more price conscious and demanding value in what they pay, the service they receive and the level of convenience experienced
-Consumers are not as easily put into a segmented class. There are far more segments today than ever
Been caught with your CRM pants down? Still not clear on what all the technology and customer data you’ve successfully centralized provides to your organization? Share your thoughts on how you recommend moving to the next level.
