CRM Frontiers: Providing New Opportunities

CRM Frontiers: Providing New Opportunities
ISM Review of CRM People/Process/Technology issues

New technologies converging…and the “customer” wins

By: Jean Young, Vice President, ISM

This week – August 18-20 – the most important CRM conference/exhibition of the year is taking place at the NY Marriott Marquis. Sponsored by the editors of CRM Magazine, CRMevolution attracts from around the world executives and staff of CRM vendors and a cross-section of businesses, government agencies and non-profits. They come together to offer and to find solutions to more effectively understand, reach, and retain “customers”. A tall order but according to ISM Founder-President Barton Goldenberg, who conducts two Executive Workshops on Social CRM and Big Data and Channel Optimization, the CRM frontiers are being conquered thanks to a convergence of new technologies that enhance the overall customer experience.

I recommend you read or reread Barton’s July CRM Magazine column, titled Forging the Next CRM Frontier: Integrated technologies hold great promise for the future of CRM as he addresses the important evolution taking place in the CRM industry:

Big Data Analytics and Insight, which includes CRM and third-party big data analytics tools, enables companies to analyze customer behavior, engage customers via their channels of choice, and recommend products or services in real time. Data analytics tools are increasingly more powerful and intuitive. Almost all are capable of working in real time, collecting customer interactions across multiple channels, detecting customer sentiment, and engaging with customers through their channel of preference.

Increasingly important is a viable Multichannel Optimization Strategy to serve the new “connected customer” who wants to be served in a channel of choice. The challenge is to achieve the lowest cost-to-serve channel for each customer. And, real-time analytics technologies will play a critical role in helping to resolve this challenge. Customer service continues to be a “soft spot” but there are dramatic advances in bringing impactful innovation to the customer service arena. Multichannel Contact Center Tools have made meaningful strides integrating multichannel, real-time data analytics technology, which allows a real-time action designed to leverage a customer opportunity or rectify a customer issue on an individual-by-individual basis.

With these new, integrated technologies things are happening fast and the “customer” wins.