CRMNEXT is Commutable Cloud customer relationship management solution company. It is available on both, public cloud and private cloud, providing a flexible ownership model as per business needs. It has many successful implementations of 40,000+ users each making it the preferred choice solution for large enterprises looking to create a common strategy execution platform. In conversation with Supportbiz Hitesh Arora Director of CRMnext shares Success of SMEs by adopting CRM for their business.
SB: Other than BFSI, what are the other industries which are likely to become more dependent on the CRM software?
CRMNEXT:A Customer Relationship Management (CRM) Solution is designed to aid customer facing businesses across industry verticals to re-engage, retain and boost growth. But, due to the ease of operations and faster visible results, CRM solutions are the darling of BFSI segment.
This scenario is changing fast. Apart from BFSI, the pharma sector is leaning heavily on CRM solution for better patient care, KOL management etc. Apart from Pharma, I can see Retail and Telecom Industries increasing their CRM adoption.
SB:What is your view on the adaptation of CRM by SME in India?
CRMNEXT: Small and Medium Enterprises are the vital cogs for India’s economic growth engine and job creation. As per 2015 economic data, there are 3 million SMEs producing over 8000 items for consumption and exports. Amongst them, SMEs that have actively adopted CRM platforms have seen tremendous success over the years. Observing it, other SME have started to follow. However, we must acknowledge that SMEs in India are still in the evolutionary phase of building a customer driven business model in a seemingly hostile business environment. Also, many of them have a misconception that a CRM solution is very expensive and too complex to adapt. User education is the solution here.
There are many factors that influence CRM adoption by SMEs in India. Some of them are awareness about CRM advantages, complexity, competition, budgets, adoption readiness etc. IT consultants and CRM vendors like us help SMEs to understand and take care of these factors.
SB: Budget is the biggest constrain for the SME companies to adopt the technologies. How budget-friendly is your technology?
CRMNEXT: CRM Solution is competitively priced compared to incumbent offerings. We customize our offerings and price based on business requirements and need for scale. This is reflected in the fact that we serve businesses from Fortune 500 to startups.
However, our real strength is our ownership experience. Unlike contemporary CRM providers who charge huge maintenance and upgradation our proprietary AutobotTM upgrade technology ensures that your platform always remain up to date with zero downtime and charges. It also negates expensive migration projects by seamlessly integrating with existing architecture. So, taking everything into account, CRMNEXT is very affordable with quick ROI for SMEs.
SB: Can you share any of the success stories of your MSME/SME customers?
CRMNEXT:One of the clients, a retail shoe brand, was facing the following challenges:
- Inter-department coordination
They had no unified system of customer information available which created delays and coordination issues. Data curing for non-contactable customers was almost non-existent. Non-availability of customer banding information limited their differential service providing ability.
- Process control and inefficiency
Multiple systems for various stakeholders created multiple ownerships leading to issues with accountability and control over processes and stakeholders. There was no feedback capturing mechanisms from customers on products and service. Manual extraction and analysis of customer data for execution of campaign was time consuming and cumbersome.
- Standard Customer Communication
There was no standardized platform for communication between internal team and customers. Due to different systems used by branch and showrooms every team had different versions and status of customer requests. This ambiguity eroded customer confidence in the brand. Multiple and unnecessary redundancy in customer touch points increased customer dissatisfaction due to calls received from various sources for the same material defects
- Knowledge retention
Key performance indicators with regards to team productivity were non-existent. This led to lack of reliable measures to track feedback of customers on products and service.
CRMNEXT solution to these problems:
- Integrated Customer Services Process
CRMNEXT established a unified customer service process across touch-points - showrooms, email, web, SMS, portal. This was done across request types such as enquiry, complaints, requests, feedback etc.
- Convenient New Business Process
We created a single system solution for branch, head office and showrooms. This led to better visibility and control on opportunity pipeline across channels. It also reduced departmental dependencies.
- Marketing and Lead Management System
CRMNEXT introduced touch point unification across showrooms, branch, email, web, mail, SMS and portal. There is now a single system for managing leads including new acquisition leads, cross-sell leads. It has also set up models for intelligent cross-selling campaigns.
The CRM implementation benefitted our client with upto 120% lead acquisition through marketing campaigns, 40% increase in TAT for customer issues, 20% reduction in operating expenses
SB:What are the three trends that will rule the CRM segments in the next one year. What are the reasons?
CRMNEXT:Technologies specializing in CRM will continuously adapt in the face of dynamic social and customer spending preferences with special focus on mobility. CRM solution developers are building platforms that focus on enhanced end user experience with easy access anywhere.
India currently enjoys 70% mobile penetration, with smartphones taking an increasing chunk of that share. With the implementation and evolution of high speed networks like 3G and 4G, the adoption rate is only going to be higher. This level of penetration provides an enormous opportunity for businesses to reach out to previously inaccessible customer segments. Mobile CRM can ensure ease of transaction and have interfaces that capture our browsing behavior, to be sent to businesses to prepare marketing campaigns.
Another exciting trend that is fast catching up is online product recommendation engine. What it does is, based on the user’s online purchase or browsing behavior, relevant product or service recommendations are displayed in the form of ads on a brand’s digital self service platform and other web presence. This CRM feature has got immense benefits in the form of increased conversion rates, because you are displaying what the customer is in really need of/ interested in. This also translates into easy targeted campaigns that give the right services to the right customers. It reduces spam and for a change, customers are really happy seeing an ad that actually gives them relevant offers. Customers are now encouraged towards buying action through ‘next best action’ technology. This marketing action technology can include easy third party payment options, platform for attractive deals through multiple purchases etc. Integrating ‘next best action’ in your regular marketing campaigns will boost your sales numbers.
With wearable devices gaining increased customer acceptance, CRM platform developers will create apps that map out users every move, both virtual and physical. How will that help businesses? They can create apps that transmit data collating a customer's buying activities, with proper security and within legal framework, of course. Real time information about a customer’s location and behavior will help CRM user’s further boost cross selling that result in greater customer delight.