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| January 2010 | ||||||||||||
| Customer Management Trends for 2010 | ||||||||||||
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As we transition into 2010, big changes lie ahead for both the economy in general and CRM in particular. Economists predict increases in consumer and business spending in 2010, and a major challenge for businesses will be how to engage the post-recession customer. Here are our forecasts for customer management trends in the upcoming year, and their implications for CRM: Customer service return to the forefront
During the down economy of 2008/09, many organizations forgot to focus on their most important assets – their customers – as they struggled to survive. As the economy began to recover in the later part of 2009, there was a large increase in investment dollars from companies that recognized the importance of improving customer management capabilities to capitalize on the upturn. Forrester Research shows that both B2B and B2C companies have improved customer loyalty as their top priority for the New Year.
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Social CRM goes mainstream
Social technology adoption increased dramatically in 2009: three-quarters of people online in the US now use social media tools to communicate. While social tools such as blogs, social networks, and wikis have been around for many years, it was this past year when everyone really jumped on the bandwagon. We are seeing a move toward the social model of CRM where customers increasingly expect two-way communication with the organizations they do business with. CRM vendors are starting to incorporate social media tools into their applications so that their customers can offer the level of interaction their customers demand. This trend will continue to grow in 2010.
Increased focus on customer data management and analysis
In a Forrester Research study, customer management professionals identified poor data management as one of the largest barriers to extracting value from their CRM applications. While CRM applications help store all customer data in a central repository, it is up to users to keep the data clean and to understand what analyses are meaningful. As more companies invest in social media initiatives to try to better understand customer behavior, they will need to ensure that there are measures in place to not only monitor, but also manage and interpret all the data. In the coming months, the companies who are able to cut through the clutter and distinguish meaningful customer feedback from the noise will emerge on top.
Value emerges as the most important factor in purchase-decisions
Following two years of recession, consumers and businesses alike are more careful than ever when opening their wallets. Gone are the days when people could easily be distracted by bells and whistles – the buyers of today’s economy are much savvier and expect more value for their money. Companies purchasing CRM solutions are less willing to be locked into expensive contracts and are being more proactive in researching alternatives. To be competitive, vendors will have to truly offer something different from the competition.
Following best practices will be crucial to success
As previously stated, improving customer management is a priority for most organizations; however, doing so involves much more than simply investing in CRM software and training. In a Forrester survey of technology business and IT leaders, the participants reported over 200 problems with customer management projects. Of these, only 33% of the problems were related to technology. The remaining factors for failure were: business processes (27%), people (22%), and CRM strategy (18%). Successful companies focus on five CRM fundamentals: promoting user adoption, focusing on business processes, establishing executive sponsorship, practicing sound customer data management, and defining the right metrics. In August, the Aberdeen Group released a research report that showed best-in-class organizations achieve significantly higher returns on investments through following best practices.
Luxor CRM Dives into Social Media
Come connect with us at any of the following locations, we'd love to hear from you! Blog
Luxor CRM's CEO Lukas Szczurowski is now blogging. He will be discussing topics relating to CRM, sales management, customer management, and other topics. Check out what he's got to say at http://www.luxorcrm.com/Blog Follow us on Twitter Follow us for updates on Luxor CRM, the latest news in the industry, and other thoughts:
LinkedIn User Group We've created a Luxor CRM User Group on LinkedIn to help users get the most out of the application. Please join the group to receive updates on news and connect with other users. Facebook Fan Page If you're on Facebook, check our Fan Page for updates, photos, and events. Youtube Channel LuxorCRM's Youtube Channel features videos of Luxor CRM in use for newcomers and advanced tutorials for those already familiar with the application. We will be updating the videos monthly, so check back often Luxor's Guilt-Free Peanut Butter Cookies These delicious cookies are easy to make and don't break any New Years' resolutions. |
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Ingredients:
1 can (14 oz.) low fat sweetened condensed milk |
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Directions:
Mix the milk, peanut butter, egg substitute and vanilla with a mixer on a low setting until smooth. Add the biscuit mix and blend well. Cover and chill for 3 hours.
Preheat oven to 350 degrees. Drop the dough by teaspoonful 2 inches apart on a cookie sheet coated with nonstick spray. Sprinkle with sugar and bake the cookies until lightly browned about 6-8 minutes. |
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