As late as 2007, the CRM paradigm meant to influence consumers treating differentially based on the latent value they have for the organization bringing together the tools, methods, and technology for reaching out the ‘right customer, with a right offer having a right price, at the right time’ and people started adding with ‘right channel’ when multitude of channels started popping up.
Factors That Are Changing The Face of CRM:
Proliferation of Channels:
In a survey that BIGdata Research releases monthly, there are more than 20 channels of reaching out retail customers, all the way transforming from a telephone/internet/direct mail channel as the challenge to integrate from 1990s.
Mobile is Expanding:
“… over one billion of the worlds 4+ billion mobiles phones are now smartphones, and 3 billion are SMS enabled (weirdly, 950 million mobile phones still don’t have SMS capabilities). In 2014, mobile internet usage will overtake desktop internet usage and already in 2011, more than 50% of all “local” searches are done from a mobile device…”
Read more: http://wallblog.co.uk/2011/04/13/what-is-the-size-of-the-mobile-market-infographic/#ixzz28KbvX2pA
All the above are putting extraordinary pressures in collecting and using huge amounts of data that needed to be organized, used intelligently in a way that is mindful of consumers’ privacy, and yet accordingly be the first to engage consumers in a meaningful and relevant way that they will not only be part of your acquisition but also become more loyal.
So the changing face of CRM is all about for marketers to respond to the loud signals from consumers:
– Right consumer
– Right location
– Right offer
– Right Time
– Right Channel (in retail, there are 7 channels of delivery)
– Right communication media
and BIG data is the key to this paradigm in terms of technology and tools.
So which sector is catching up faster?
Here it is from McKinsey analysis reports, though some what old, the emergence of these priorities almost holding good even today.