Last month eConsultancy asked their readers which digital marketing technologies they have increased investment in during 2014. The number one response, at 49%, was CRM and number two was business analytics.
It is like CRM is undergoing a renaissance, an acceptance that after all the failed projects and strategies, it is really important after all. But why has this happened now?
The eConsultancy article does list several points, but in my view the top three are:
1. Customers are defining how they interact with companies. They choose the channels and companies need better analysis tools to find where customers are talking about their products, and how they prefer to interact. Customers do not just call a pre-determined phone number today.
2. Access to mobile Internet means that customers are engaging far more often. They want information before, during, and after a purchase.
3. Knowing your customer is vital for loyalty. Traditional loyalty programmes are dying out and being replaced by better engagement. Customers want a real relationship with companies, not just some points.
This change in CRM technologies strikes at the heart of how modern companies are organised. Many companies will need to change their internal structure to meet customer expectations, but one thing is clear, CRM is making a comeback.