Numerous statistics show that CX gains often translate into better business outcomes.
Consider a Forrester Research study that suggests experience-driven businesses grow their revenues 1.7 times faster than other companies.
Yet, the devil is in the details. Customers are more demanding than ever. Their expectations are high. If businesses fail to meet their needs, they might never return.
But, on the opportunity scale, focusing on improved CX can have enormous financial rewards.
Indeed, an October 2022 report by the consulting and research firm, Temkin Group, indicates that companies that invest in CX initiatives have the potential to double revenue within 36 months.
Many of these initiatives are data-driven, as businesses aim to better understand customers to deliver personalized, proactive experience.
These hinge on the CRM platform collating customer information into a single application.
Enhance Customer Experience With the CRM
CRM solutions provide a customer’s interaction history, purchases, and sometimes their sentiment.
To improve CX, companies can harness the CRM to:
- Personalize Every Interaction: The solution allows contact center agents to access customer records, which they can use to streamline conversations and build rapport.
- Track Customer Trends: CRM solutions provide insights into individual customers. Yet, they also allow users to group customers so that operations can track broader customer trends, including the most common demand drivers across various segments.
- Create Relationships: A CRM keeps track of who interacts with a customer. So, the next time they call, the contact center can automatically route the customer to the last agent they spoke to, enabling them to continue the conversation.
- Keep Up with Customer Needs: A CRM tracks a customer’s history. With this, agents can evaluate customer needs to decipher the best course of action. Moreover, CX teams can use the data to send customers proactive reminders for renewals and various other activities.
- Predict Behaviors: An AI-infused CRM sometimes offers predictive insights into customer satisfaction. With this information, companies can act to save relationships and reduce churn.
It’s a More Personal Connection with a CRM
A CRM tightly integrated with other CX tools is a powerful way to keep customers. The more advanced the technology is, the more customers and CX teams benefit.
After all, it provides valuable insights that lead to better decisions, while agents and customers will have more meaningful and relevant interactions.
Discover the leading CRM vendors by reading our rundown of the Forrester Wave for Core CRM Solutions 2022