Customer relationship management (CRM) is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth. Companies also struggle to achieve a "single view of the customer," where many different data sets can be seamlessly accessed and organized in a single dashboard or interface to create one view of a customer’s account and relevant information. Challenges arise when customer data is soiled in several separate systems or when data is complicated by duplicate or outdated information that slows down and hampers the business process. These problems can lead to a decline in customer experience due to long wait times during phone calls, improper handling of technical support cases and other issues.
Studies show that customers, particularly Millennials, are increasingly dissatisfied with the contact center experience. They demand multiple avenues of communication with a company and expect a seamless interaction across many different channels, the most popular of which tend to be Web chat, mobile apps and social media. The main challenge of a CRM system is delivering a cross-channel customer experience that is consistent and reliable.
Social media, for example, has been touted as a more efficient channel by which customers can reach companies and get problems resolved or queries answered, rather than enduring the traditional method of waiting in a phone queue or awaiting an email response. In some cases, particularly in high-touch customer service scenarios , social platforms can fall short for customer service.
Companies also continue to struggle to identify real sales prospects with their data. New lead-generation technologies that combine CRM data with third-party data from companies and social streams have also been emerging to provide sales and marketing teams with better sales prospects. These methods work best, however, when companies spend time cleaning up their existing data to eliminate duplicate and incomplete records before they supplement CRM data with external sources of information.
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Kranti Gaurav
XLRI Jamshedpur
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