Econsultancy: What’s the difference between #CRM, #marketing automation and DMPs?

Using a slightly dry but useful typology model (see figure, taken from Econsultancy’s CRM in the Social Age report), we can look at the various development stages of CRM.

 

Operational CRM:

‘reengineering the customer-facing business processes and systems to ensure the efficiency and accuracy of day-to-day operations across sales, marketing and customer service’.

Analytical CRM:

Storing, extracting, interpreting and reporting on customer data – to optimise business decisions and support customer-centricity.

Collaborative CRM:

‘integration of the front- and back-office processes that combine to support customer interactions.’

Social CRM:

‘Deliver a consistent customer experience across social media, using analytics to support customer conversations and response handling. Integration of social data with broader CRM.’

Read all What’s the difference between CRM, marketing automation and DMPs? | Econsultancy

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Forrester Blogs: Top Trends For #CRM In 2017 – It’s All About Differentiated (Digital) Experiences #cex

tumblr_nyp7ltnwsg1tn6jt3o1_500We’re firmly in the age of the customer, where customers – not executives – decide how customer-centric their companies are.

And while good customer experiences can help control costs, executives are more interested in their potential to fuel sustainable top-line growth.

Forrester defines CRM as:

The business processes and supporting technologies that support the key activities of targeting, acquiring, retaining, understanding, and collaborating with customers.

CRM is the foundational building block of a company’s customer experience strategy to win, serve, and retain customers. It enables new business strategies, integrates to many technologies and is constantly rejuvenated by new trends.

Here are 4 of the 10 trends that we see in CRM in 2017.Customers want to easily connect with, interact with, make purchases from, or get service from a company.  For example, 72% of customers say that valuing their time is the most important thing that a company can do to provide them with good service. Companies must offer customers ways to easily engage with them to foster an ongoing omnichannel dialogue and relationship that strengthen loyalty and retention. And they will reap the rewards: Omnichannel customers are more active, spend more, and are less expensive to support than single-channel customers.

Trend 1: Companies are increasingly supporting digital customer journeys.

Read all: Top Trends For CRM In 2017 – It’s All About Differentiated (Digital) Experiences | Forrester Blogs

Frontrunners analysis: Best #CRM Software Systems 2017 Reviews & Pricing for small business

This FrontRunners analysis is a data-driven assessment identifying products in the Customer Relationship Management software market that offer the best capability and value for small businesses. For a given market, products are evaluated and given a score for the capability (x-axis) and value (y-axis) they bring to users.

FrontRunners then plots the top 25-30 products in a quadrant format.

Source: Best CRM Software Systems – 2017 Reviews & Pricing

5 Disruptions Reshaping #Marketing As We Know It

Most marketers still look at digital as a marketing channel. But digital is no longer just a website or mobile app. Nearly everything in the world is becoming connected and acquiring digital properties. The marketing world is in the middle of five major disruptions that are reshaping the industry….

Source: 5 Disruptions Reshaping Marketing As We Know It

Yes, There is a Correlation between #CX and Revenue Growth – and Here’s the Data to Back It Up ft. @Wootric & @Forrester & Nichole Elizabeth DeMeré

Our conclusion: superior CX drives superior revenue growth.” – Harley Manning, Forrester

“Customers who had the best past experiences spend 140% more compared to those who had the poorest past experiences.” –  Peter Kriss, Harvard Business Review

There is a lot of chatter happening in business circles about customer experience (CX) as a growth engine. It’s almost intuitive – you and I both understand how having a great experience affects us as customers. We all have businesses we love, products we’ll follow to the ends of the earth (in hopes they’ll finally go on sale), and websites we follow with almost religious fervor.

As CMO, VP of Success, or Head of Customer Support, you are constantly advocating for customer experience within your company.

After all, from the very first moment the second blacksmith’s shop appeared in the village, creating competition for the first blacksmith’s shop, customer experience has been a deciding vote for who gets the business – just as much as price and quality. But as a business owner, or a professional marketer, you can’t afford to go with your gut.

To win resources you need data to back up your argument that CX is the future (you know it is).

There is a correlation between CX and revenue growth, and we’ve compiled the research to back it up.

Why the effects of CX have been tricky to track

Customer experience has been treated as a ‘soft’ discipline, and I have a theory as to why.

We’ve grown up with it.

Whether watching Santa send Macy’s store shoppers to competitors in Miracle on 34th Street, or walking into Nordstrom’s shoe department to be followed around by suited young men carrying piles of boxes to the nearest padded chair.

We recognize great CX when we experience it ourselves.

However, it’s inherently subjective.

Subjective issues – anything based on opinion or emotion – tend to be hard to track.

One person’s “helpful” is another person’s “pushy.” Your “attentive,” might be my “stalker.”

Modern tools now quantify CX

But online buyers’ journeys are different than the sales experiences most of us grew up with. With modern tracking and customer surveys, you can tell (often in real-time) whether your efforts are coming off as too much, or too little. You can identify problems and preferences, which allows you to fine tune the end experience for your target customer.Most importantly, for the first time in human history, we have the tools to track the actual, absolute effect that positive customer experience has on a business’s bottom line.

This is transforming the discipline of customer service into the science of CX.

The science of CX starts with measurement.

It’s no longer just “the right thing to do,” it’s an engine for measurable growth.“CX is no longer just a discipline; it is the basic ingredient for growth.” –

Read all: There is a Correlation between CX and Revenue Growth – and Here’s the Data to Back It Up ft. @Wootric & @Forrester | Nichole Elizabeth DeMeré | Pulse | LinkedIn