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4 CRM Innovations That You Need to Know About

This isn't your father's CRM.

CRM fell short of its ambition when it was first created. The name points to 'Managing the Customer Relationship' but to a large extent its been more about tracking customer interactions. No question it was a useful tool but it was falling short of its own pedigree.

Innovative companies are now using technology and strategy to extend the impact of the CRM. Let's take a look and how CRM is evolving with innovation:

The CRM in the Cash Register

When 50% of Starbucks stores were recently forced to shutdown due to a point-of-sale (POS) glitch, it put the spotlight on the changing nature of the one-time cash register. A highly sophisticated system which provides rich data also acts as a centralized CRM for tracking and personalizing offers for individual customers.

The relationship focused CRM

Can a CRM become a driving force in your company's effort to become more customer centric? It depends on how it's been designed -- is its focus simply tracking interactions or actually driving relationships. A big part of it is recognizing customers across platforms and devices and creating a single uniform experience.

ENGAGE.cx is the experience-driven enterprise platform that re-invents customer relationship management (CRM). Disconnected interactions typically mean inconsistent customer experience and increased churn. Today, ENGAGE.cx succeeds in placing the customer experience at the center of interactions for enterprise brands, regardless of modality, media, or global geography.http://www.engage.cx

Real time insights to augment your CRM data

Imagine everytime a salesperson was about to contact a customer for an upsell or renewal, they could get a pre analyzed picture of all the data available on social media and elsewhere to create an enhanced customer view. The power lies in the heighted ability to personalize the pitch and the offer to reflect real time realities of the customer.

FirstRain is empowering businesses to meaningfully engage with customers, partners and employees through deep, real-time insights that are scored and ranked based on sophisticated, business-aware algorithms that drive personalization down to the user’s role. It's information modeling technology can tap into the broadest range of unstructured data, including Web and social data, and applies layered algorithms.http://www.firstrain.com

CEM within your CRM

Extending beyond simply tracking customer data and interactions, CRM's role is increasingly skewing towards the intention behind those who named it. Customer Relationship Management by definition includes (and centers around) Customer Experience Management. The integration of CEM with CRM brings a ROI / revenue focus to managing the customer experience -- creating greater team alignment and more likelihood of impact on the bottom line.

MaritzCX for Salesforce on Salesforce AppExchange to help front-line sales and support teams increase customer retention, conversion, and lifetime value by ingraining customer experience (CX) intelligence and actions into the DNA of business operations. The new MaritzCX app, built on the Salesforce1 Platform, integrates powerful CX insights from the MaritzCX platform into Salesforce views and workflows. http://www./www.maritzcx.com

Innovation From Many Angles

The brilliance of partner programs like Salesforce.com's App Exchange is that it takes innovation out of the hands of the big established players. You can see the impact -- a cross industry slice of innovators are finding ways to:

  1. Transform where CRM exists 
  2. Widen its focus to managing the customer relationship 
  3. Connect CRM with outside insights in real time 
  4. Bring customer experience management into CRM

Any attempts to enhance the customer relationship are most likely to succeed when there's a company-wide effort and a clear alignment to core business goals that builds buy-in across teams. That's where the CRM integration delivers the strongest connection.

Apr 29, 2015  
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