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Customer research and analysis
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Our Approach to Choosing,Managing and Getting the Most From Your CRM
Do you need a CRM? It’s one of those tools that is everything and nothing, Most components of the broad CX ecosystem will claim to be a CRM in one form or another. Many email marketing platforms for example will declare that you can do away with all your other systems and manage your customers from your email database. Large player CRM platforms like Salesforce will tell you to centralise everything within their system and use their vast array of apps and APIs to join together your marketing systems, but they aren’t designed for the complexities of retail and business to consumer relationships. And even some POS and ecommerce platforms will now say they have a CRM component and you can manage your customers through.
The truth is, none of these “CRM” options will be exactly what you need because silos will continue to exist. What you need is data, and what you need to use that data effectively is a single view of customer through a true customer data platform (CDP) that sits at the heart of your customer experience ecosystem. CDPs bridge the gap between anonymous, or direct marketing platform tools, and your first party customer data. Omneo is a great example of this. So how it is used?
Customer data is king for retailers and a huge competitive advantage. How that is used by each area of your business may vary, but having it there to access, analyse and act on is imperative, not optional. The most effective use of this data will come from pulling together information about your customers from every platform and interaction into a single view and finding the behaviours that define your best customers.
For the CXO this is a single view of customer data that helps identify the behaviours, needs, wants and expectations of the brand’s best customers. It allows the CXO and their team to anticipate what the customer wants before they even know themselves, to determine the right experiences to build, and the priority in which to take them to market. This facilitates for a fast and ideally first to market strategy with fast in market learnings and iterations.
For the CMO and the wider marketing and online teams, this means having a view of what the best customers look and behave like, to target and attract more of them, thus decreasing wasted marketing spend, and increasing the number of high value, returning customers that spend more, more often. It also allows for a more holistic view of where marketing dollars have been best invested, what messages resonate best and where their efforts have highest conversions.
For the Customer Service team it provides a centralised database of all customer facing issues, responses, ratings across NPS and CSAT and unique customer history, but a shared view of the customer across many areas of the business including customer service, transactions, profile information and preferences. It allows the CSO to identify opportunities for better experiences, improved efficiencies and increased time to satisfaction for customers across not only their team but across the wider CX by solving customer problems before they occur.
For the CFO, a CRM may mean having the ability to extract the Average Transaction Value (ATV), Customer Lifetime Value (CLV), as well as store and online sales figures, and other transactional and revenue information.
For the CEO and Board, it is a single view of data that can be called up on for reporting and analysis across the entire business. It can underpin forecasting, customer insights, store insights, product development opportunities, customer service issues and opportunities and investment opportunities and returns across the financial year.
What is important for any business, is that the data is consistent. That means that it is all centrally located, timely in its updates, and working together to provide a single view of customer and the brand’s customer experience touchpoints.