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CRM's K-Wave
May 26, 2020
These are extraordinary times, in case you haven't noticed. One of my contentions these days is that CRM is penetrating society to a point that it is taking on an outsized role -- the "CRMification" of society. In economics we often see a disruptive innovation climb a ladder as it becomes something that society needs, as well as wants, until it becomes essential.
Work.com and the CRMification of Society
May 20, 2020
CRMification is the process by which the culture absorbs CRM technology, processes and techniques to achieve some kind of new utility for getting things done better, faster and cheaper. Today we should add safer too. Another way to state it is that CRM is a disruptive innovation in the culture. The next normal will have something to do with CRM.
Merchants: Adopting New Payment Technologies Is Easier Than You Think
May 11, 2020
Consumers increasingly demand seamless ways to purchase wherever they go, and they want their transactions to be quick, safe and, importantly, secure. The fact is, merchants must embrace new methods quickly or risk being left behind. Over the last decade, payment options have evolved in response to developments in technology and changing customer purchasing habits.
How to Adapt Your Customer Service When Crisis Strikes
May 8, 2020
Customer service doesn't have to suffer while your company goes through a difficult transition. In fact, 78 percent of consumers said they stopped doing business with a company because of poor customer service. Now is the time to show your most valuable buyers how you'll keep them informed, updated and respected throughout this crisis by adapting your practices to the moment.
Cultural CRM-ization
April 29, 2020
You can reduce the story of CRM to a lot of things, especially its many component parts. Social networking, cloud computing and analytics are mentioned often. We don't need an exhaustive list, but if we stop there I think we miss a lot. To me CRM isn't about the parts, although like most people following the industry, I get a modicum of joy when a vendor adds something new to the toolbox.
Zoom Oracles Its Way to Center Stage
April 28, 2020
Oracle and Zoom just entered a deal that for once is more about technological audacity than about dollars -- a partnership to host Zoom on Oracle Cloud Infrastructure. In just a few months -- basically since the beginning of the novel coronavirus pandemic -- Zoom has seen demand for its service grow from about 10 million daily meeting participants to more than 300 million.
A Patchwork of Useful Things
April 4, 2020
Adobe just announced what it calls the first digital economy index. It seems like it's modeled after other indices usually kept by the federal government to measure economic output and consumption. The Adobe index captures only consumer consumption behavior though. Some of its insights include new shopping behavior, such as which products have become hot items or decreased in popularity over time.
How AI Can Improve Customer Retention
March 21, 2020
Customer attrition and churn are not new problems. Anyone who has spent time in the sales world has heard statistics around the cost of acquiring a new customer. It can be five to 25 times more expensive to acquire a new customer than to retain an existing one. Improving customer retention by just 5 percent can increase profits by 25-95 percent, depending on your industry and company size.
4 Ways Intelligent CRM Can Help You Reach Tech-Savvy Millennials
March 18, 2020
Does your customer relationship management strategy have what it takes to reach Generation Y? It's estimated that by 2021, an additional $394 billion in revenue could be gained from artificial intelligence adoption in CRM activities in the U.S. As companies grow and technology evolves at a faster-than-ever pace, collecting, storing and providing data is becoming a bigger and bigger task.
The Virus and Podcasting
March 7, 2020
The coronavirus scare is working its way through the economy -- even affecting CRM. At this point some vendors are canceling events rather than taking the risk of having thousands of customers, press and analysts descend on a city, swap microbes through the air for a few days, then go home and likely further spread the microbes, some of which could be the virus.
E-Commerce Deliveries: How to Master the Last Mile
March 6, 2020
If you're an online retailer, congratulations are in order. Online holiday sales grew 18.8 percent in 2019 compared with 2018, according to Mastercard. Armed with new systems and processes -- as well as lessons from the past -- etailers were able to fulfill more orders than in previous years. E-commerce business leaders are already thinking ahead to the 2020 holiday season.
Building the Salesforce Franchise
March 5, 2020
Franchising is a tried-and-true business model with numerous permutations that benefit all participating parties. For the vendor it's a great model for expanding without all of the downside risk associated with building a business, like finding all the financing and hiring people. The franchisor generally sells licenses to willing partners who agree to uphold the standards of the brand.
Study: Fake Reviews Take Heavy Toll on E-Commerce
March 5, 2020
Product vendors are facing a growing negative reaction from consumers concerned about product quality and fake or misleading product reviews posted online, according to new research. A large majority of consumers polled said they would flee a brand if the manufacturer sold them poor quality products, ran dishonest or misleading ads, or was associated with fake or fraudulent reviews.
E-Commerce Payments Industry Trends to Watch in 2020
March 3, 2020
2019 was a milestone year for many in the payments industry, with contactless payments making up more than 50 percent of debit card transactions, and the good news doesn't end there. The consumer drive for seamless experiences is continuing to push the industry toward new innovations that will change the face of payments. So, what will 2020 hold for e-commerce and m-commerce?
How Social Selling Changed the Buyer's Journey
February 27, 2020
Social selling has changed how online consumers are interacting with and buying from e-commerce businesses. Why? Because it's had a huge impact on the buyer's journey as a whole. Today, we live in a digital world, and this means the consumer has the upper hand, thanks to the growth in e-commerce and the Internet of Things. The modern buyer does more research up front and online.
2020: The Year for Custom CX and Privacy
February 24, 2020
With the introduction of the CCPA this year and GDPR in 2018, the age of data privacy has begun, bringing the opportunity for businesses to harness it to gain competitive advantage. There are both challenges and opportunities for those that aim to deliver superior CX while adhering to data privacy regulations. Data privacy protection concerns are driving new regulations around the world.
Customer Retention Blooms Again
February 12, 2020
Brightback recently published a report on customer churn and what more than 400 subscription companies say they're doing about it. Its findings are in line with many other sources, and the data deserves an examination. First of all, we're way past the point where subscription companies can expect to sign all of the new customers they need to replace those that decide to end their relationships.
Latest E-Commerce Trend: The Rise of Shoppable Posts
February 11, 2020
There were 4,521,480,071 Internet users as of Dec. 1, 2019. A month later it was closer to 5 billion users. A decade ago there were fewer than a billion social network users. That's worldwide. That user growth has been a leading indicator of the rise of alternative social networking platforms. Marketers -- and consumers -- are always on the lookout for the newest thing with which to engage.
The New App Dev CRM Model
February 5, 2020
CRM is an industry that's been full of turning points, and I think it is at another. There have been many smaller turns, like the additions of analytics, social media and process flows. However, to get a sense of this point in time, I think you have to go all the way back to the turn of the century and the rise of cloud computing. The cloud was important as an economic marker in some unique ways.
In Praise of Clayton Christensen, a Revolutionary Thinker
January 29, 2020
Clayton Christensen died last week, and we should care. He was the Harvard Business School professor who wrote The Innovator's Dilemma and changed the world, certainly the part we inhabit in CRM. Christensen did more than anyone to plant the idea of disruptive innovation in the minds of people in the tech industry. When I stumbled upon his book decades ago, it was eye opening.
Retention, Retention, Retention
January 25, 2020
It's hard to say with any specificity where the CRM market will move this year, but I'm a pundit so let me try anyway. After more than two decades, CRM has landed in the business landscape and spread out in impressive ways. When CRM emerged in the late 1990s social media didn't exist, and the idea of social networking was confined to a few papers from Harvard and other places.
6 Simple Steps to Improve Your B2B Customer Retention
January 21, 2020
The business-to-business buyer's journey is often difficult and long. The typical buying group for a complex B2B solution involves six to 10 decision makers, each of them bringing information they independently gathered to share with the group before making a decision. This information often opens the door for new suggestions, creating an even longer buying process.
Televerde's Michelle Cirocco: 'Invest in Disempowered Populations'
January 20, 2020
The prison workforce development program run by Televerde delivers significant economic and cultural value, concludes a study recently conducted at Arizona State University's Seidman Research Institute. Televerde trains and employs incarcerated women, and it offers many of them employment when they leave prison. Televerde CSRO Michelle Cirocco spoke about the study and about the long-term benefits of Televerde's program.
Building E-Commerce Wave: Social Media Shopping
January 13, 2020
Consumers are on social media constantly, scrolling through posts. Many have begun clicking on brand posts and making purchases. "Social commerce is becoming increasingly popular for brands," noted Darin Archer, chief strategy officer at Elastic Path. "Even when the transaction itself may be happening outside the app, there's a much smaller gap between discovery and purchase."
4 Keys to a Winning Amazon Marketing Strategy
December 30, 2019
Research indicates that 66 percent of online shoppers start their product searches on Amazon, and Amazon shoppers behave differently than buyers on other online platforms and at brick-and-mortar stores. Amazon has set up its listings so that it is simple to "window shop" and compare competitive products. A brand must make sure to position its products in a way that shows how it is different from competitors in the marketplace.
5 Transformational Customer Support Trends to Watch in 2020
December 28, 2019
"Digital transformation" has taken on multiple definitions, but one thing is for sure: Companies view it as a top priority, so much so that enterprises are projected to spend in excess of $2 trillion through 2019, according to IDC. This insurgence of digital transformation investments and prioritization has led many organizations to reshape their use of technology.
Just Wait Till Next Year
December 18, 2019
For the last 15 years I've written year end articles on where we've been and where we're going in CRM and more broadly in tech. This year it struck me that the major topics that were important in 2019 would be equally important in 2020. In my mind there are several clusters of things that have sticking power. For starters, platform will be a bigger story than it already is.
Paving the Way for the Next Generation of CX Services
December 16, 2019
In order to deliver superior customer experience, companies should combine human talent with technology, including much-needed digital expertise, to turn their current revenue and growth strategies into customer satisfaction. The companies that truly succeed engage their customers and strengthen their brands. Technology has changed consumer and business needs and expectations.
6 Customer Service Trends to Watch in 2020
December 12, 2019
The era of messaging and automation is upon us! The fundamentals of delivering a good customer service experience in 2020 will be much the same as in 2019: Customers will expect convenient in-channel resolutions that take little effort on their behalf. With the rise of friction-free, asynchronous and personalized private messaging channels, contact centers must adapt.
The Ever-Changing Face of E-Commerce: 1995-2020
December 12, 2019
E-commerce doesn't look the same today as it did in 1995. A company called "eBay" burst onto the scene that year, and Jeff Bezos shipped Amazon's first book order. That unleashed a flood of online shopping, and businesses and consumers never looked back. In the past two and a half decades, e-commerce revolutionized industries such as retail and supply chain.
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