Customer experience is where business battles are taking place in 2020. CRM has become a quintessential component of modern businesses because consumers demand full focus and maximum level of personalization.
According to the recent Frost & Sullivan study, customer experience is projected to overtake price and product as a key brand differentiator in 2020. This is far from being the only relevant report as many other studies reveal pretty much the same logic behind contemporary CRM:
- Nearly 70% of consumers and 74% of business buyers say they’ll pay more for a great experience.
- 52% of customers responded that they are extremely or somewhat likely to change brands if a company does not personalize its communication with them.
- 90% of Americans use customer service as a factor in deciding whether or not to do business with a company.
- To deliver on their customer experience management goals, 55% of marketers are prioritizing more effective audience segmentation and targeting.
- Almost 50% of buyers have made impulse purchases after receiving a more personalized experience.
The importance of user experience is obvious, but how can you improve the CRM strategy right away? In this post, we will show you five major CRM trends to look for in 2020.
1. Integration of Big Data, AI, and CRM
2020 is when different technologies are going to merge and create the most powerful CRM weapon in the business arsenal. What are we talking about?
The answer is simple – we are talking about the integration of CRM platforms with Artificial Intelligence (AI) and big data. It’s a basic precondition for enhancing users’ experiences because you cannot accumulate and analyze enough consumer-related information otherwise.
Take Netflix for example. Namely, one of the largest media streaming services globally is merging AI and big data analytics to provide customers with immaculate and highly personalized journeys.
Using advanced AI algorithms that successfully analyze huge data volumes, Netflix is able to give users the most relevant content recommendations. As a result, the company saves more than $1 billion each year.
You don’t have to save that much, but even a small cost-reduction can help your organization to become more profitable in 2020.
2. Voice-Powered Services Revolutionize Sales
The number of users who rely on voice assistants such as Siri or Cortana keeps growing at a steady rate year after year, which is exactly why nearly 50% of consumers are using voice for general web searches.
In such circumstances, it is natural to expect voice-powered services to revolutionize the sales processes. This is extremely important because personal assistants make online activities faster, easier, and more convenient. Companies that adapt to the new format quickly can hope to earn trust and outperform competitors in the CRM field.
Jake Gardner, a CRM officer at the college papers agency, says it’s not the only benefit because you can also expect to maximize internal efficiency in the long run: “Speech recognition tools can log calls, make conversation transcripts, and do many other activities to reduce the time needed for boring, repetitive, and manual tasks.”
3. Niche-Oriented CRM Platforms
CRM platforms are far from being a novelty in 2020. After all, we all know the likes of Zoho, Agile CRM, Streak, HubSpot, and so on. However, developers realized that modern organizations need more than a “one size fits all” CRM solution and so they started focusing on niche-oriented customer management tools.
It’s a big leap forward because clients can now find a highly customizable CRM solution that addresses the fiercest pain points in a given niche. A great example comes from Salesforce dedicated to healthcare management, and Hellobonsai which is a product suite for freelance businesses that offers CRM, invoicing, and contract making tools.
4. AR and VR Augment Shopping Experiences
Another very significant CRM trend comes in the form of Augmented (AR) and Virtual Realities (VR). Although not the same, the two technologies are based on similar principles and designed to augment and improve shopping experiences.
Instead of looking at the basic version of the product in the real world, a customer can enjoy additional layers of information through AR or VR tools or apps. IKEA Place represents one of the most popular pioneer projects in the AR realm.
Namely, this mobile app lets you virtually place true-to-scale 3D models in your very own space. Instead of guessing and wondering how a new piece of furniture would look like in his/her home, a buyer can make the right decision using a very simple AR-powered tool.
5. Social Media Service Keeps Booming
Do you know that almost 70% of consumers now use social media networks like Twitter and Facebook to seek resolution for issues? This is obviously not a trend anymore, but rather a full-time necessity that your company cannot afford to neglect.
Social media service keeps booming, so it’s up to you to prepare a solid CRM strategy and make customers satisfied long-term. The tactic is even more important if you know that the majority of social followers expect businesses to reply to their comments within 60 minutes.
But you should not go for the omnichannel strategy as it will be too difficult to handle in the months and years to come. Instead, you should concentrate on the most relevant platforms and stick to the networks where your audience is usually active and engaged.
The Bottom Line
Quality products and services are more than welcome, but they can only get you so far in an attempt to win over the affection of the target audience. Customer experience is what you need to take care of in order to make the business highly productive long-term.
In this article, we discussed five major CRM trends you need to know in 2020 and beyond. Which one did you like the most? Do you plan to add some of these mechanisms in your CRM strategy? Feel free to share your ideas in the comments!
Very educative article. Thanks for the information
Very insightful and Pipeliner CRM has it all.
very descriptive and insightful!