5 CRM Innovation Areas to Help Grow Your Business

CRM Innovation Areas to Help Grow Your Business
'Innovation distinguishes between a leader and a follower' – Steve Jobs

In order to be a leader you have to constantly identify new avenues where you can apply the power of CRM for the benefit of the customers to create a growth differentiator.

Future areas for CRM innovation:
1. Emotion detection in customer care
Current customer service process is often bland and robotic. But what if you could add the power of emotive responses based on emotion detection?

Ken calls a bank executive to complain about credit card charges. Based on his tone, the banking CRM platform, which gives a 360° view of Ken’s profile, pops up a sticker stating ‘Insistent, stubborn and possibly  egoistic’. Accordingly, the executive can tailor his conversation that can draw a successful resolution and even notch up a sale.

Humans process emotions first and then logic. Through Emotion Detection System (EDS) integration in CRM solution, a great potential exists for higher cross selling and First Time Resolution (FTR) rate.

2. Interactive selling through mobile

With mobile internet penetration rising at 60% annually, it’s no wonder that businesses are concentrating on making digital purchases efficient. Self service sales modules implemented on a mobile platform can boost sales and cross selling. Incorporating CRM Gamification principles can increase customer engagement. Companies focusing on in-house mobile platforms can focus on both native application and cross platform development.

3. Price optimization
Your price determines your profits. But, companies often neglect to undertake detailed study on their pricing mechanism. CRM software can integrate detailed pricing insights in different dynamic market conditions, thus helping companies determine the optimum price. There can be inbuilt programs that forecast how demand will change at different prices. Management can then make an informed choice rather than shooting darts at the most efficient price.

4. Profitability analysis
Based on different data inputs from sales, distribution, inventory management, value based customer segmentation etc... CRM solutions can give out an in-depth profitability analysis. Through the results, management can figure out:

  • If the profit margins were stable over a time frame? If there are deviations, why?
  • What are the important ratios to consider? 
  • How are the industries peers faring? Etc.
The top management can get a comprehensible overview of the financial viability of their business. New improvements can be made in data input capabilities which enhance modelling accuracy. Profitability analysis helps organizations to derive efficient ways to consistently propel their profit growth.

5. Social data leverage for event based marketing campaigns

Globally, about 56% of adults spend their browsing time on social media. Social CRM solutions helps to collate their online data and frame behavioral inputs that help to perform event based marketing campaigns. New metrics can be designed which captures online characteristics in real time. Auto-pilot campaigns can also be set up based on users previous activities, complete with specified date and time. The CRM system can also involve marketing automation to create instant hot lead lists based on user click activity.

The above five areas can organizations develop better marketing communication channels; create descriptive customer profiles, thus establishing new selling opportunities to increase market share and profit margin.

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