Published on October 29, 2023, 8:37 pm
A recent McKinsey global survey of executives revealed that the COVID-19 pandemic has accelerated companies’ digitization efforts by three to four years. This includes the digitization of customer and supply-chain interactions as well as internal operations. Interestingly, the survey also found that the share of digitally enabled products in company portfolios has advanced by seven years.
In a State of CRM report by Forrester, it was discovered that CRM, or customer relationship management, is the top technology used by marketing professionals. CRM was ranked at 63%, followed closely by Customer Data Platforms (57%) and Web Analytics (55%).
The report suggests that a comprehensive approach to CRM is crucial for delivering a consistent customer experience across touchpoints. By providing unified front-end interactions, organizations can ensure customer satisfaction and loyalty.
According to Gibu Mathew, VP and GM APAC with Zoho, in the post-pandemic digital economy, the purpose of CRM is to deliver exceptional customer experiences aligned with consumer values. Mathew emphasizes that businesses need to prioritize data security and privacy while meeting heightened customer expectations driven by advances in digitalization and technology.
Mathew highlights the growing importance of generative AI and intelligent AI-driven innovation in transforming employee work processes and meeting evolving customer expectations. These technologies have revolutionized decision-making through their ability to automate tasks, analyze data, and forecast future customer behavior.
An AI-powered CRM system has numerous benefits including automating customer support responses, sending personalized email notifications, analyzing consumer data, and predicting customer behavior patterns.
To successfully deploy a CRM tool, Mathew recommends gradually evolving teams and processes instead of forcing immediate adoption. Automation of smaller tasks allows teams to see the value and become enthusiastic users of technology.
However, there are challenges in implementing an advanced AI-powered CRM system. Overcoming barriers such as ensuring data quality, managing data accessibility and security issues, integrating different systems for insightful decision-making, promoting user adoption are crucial for successful implementation.
To enhance the ROI of CRM strategies, Mathew advises CMOs and CIOs to focus on foundational steps. This includes defining sales and marketing processes, aligning teams with appropriate tools, encouraging engagement through training and on-the-job learning, and consolidating customer-facing functions into a unified interface for faster decision-making.
Generative AI, particularly Chat GPT, has the potential to reshape customer engagements by revolutionizing decision-making and personal interactions. According to Mathew, this technology empowers organizations to offer tailored content, support queries, and engaging visuals. As generative AI continues to advance, it could redefine CRM solutions by enabling dynamic and human-like customer interactions.
In conclusion, effectively leveraging technologies like generative AI alongside CRM systems can significantly enhance customer engagement and loyalty. By prioritizing data security, incremental adoption of technology, and continuous innovation in CRM strategies, organizations can deliver exceptional customer experiences while staying ahead in the digital economy.