Dealing with poor customer retention? Certainly, your business needs to improve customer relationship management strategies wherein CRM Personalization could be a crucial factor to be considered.
Yes, we are talking about CRM personalization demonstrating your unique business requirements and process flow.
Irrespective of traditional information distribution and consumption channels, modern users connect and engage with brands across devices and platforms. To reinforce this evolving user needs, businesses are acquiring CRM personalization to ensure improved customer service.
Since today’s customers are more specific to their needs and anticipate fulfillment accordingly, businesses cannot deny this steadily changing user behavior and adaption. Serving customers in a timely manner can bring effectiveness in USP (Unique Selling Proposition).
To attract and reach a new customer base, and to maintain a valuable relationship with them, serving personalized is inevitable. So, let’s perceive what personalization is and how CRM personalization can impact the overall experience of your customers.
Before we move ahead, let’s understand the market overview, adaption, and futuristic analysis for CRM personalization.
Market Report & Analysis
It can be seen undoubtedly how big data encouraged the market to acquire information about customers' preferences, buying history, and pertained habits. These days, not merely well-established business hubs, but even startups and small-scale businesses are more likely to use CRM tools to bring competitive advantage.
However, in recent years when the pandemic took place, a large number of businesses were compelled to move online and leveraged SaaS-based tools and solutions to effectively drive their customers and enlarge their operational excellence.
According to crm.org, the CRM revenue was recorded at USD 69.00 billion in the worldwide market in the year 2020 and is expected to reach USD 169 billion by 2028 which is a well-turn expansion extremely.
Concluding Statista’s report- the global customer relationship market is anticipated to grow USD 49.6 billion by 2025 at a CAGR (Compound Annual Growth Rate) of 1.7 percent.
Another report generated by Statista- the global revenue for CRM personalization and optimization software & services was recorded at USD 7.6 billion in 2021 which is further projected to reach USD 11.6 billion by 2026.
As per Accenture’s inclusion, 91% of users are more likely to shop when they are served with personalized offers and recommendations based on their previous interactions, purchases they made, and their browsing history.
What is Personalized CRM?
Since every customer is different and has different choices and preferences, serving them what they need at the right time and right place can make a difference. Personalized CRM is all about analyzing customer data to squeeze and refine products or services for that particular customer.
Usually, CRM enables firms to attract, drive, and retain their customers. The inclusion of personalization in CRM equips businesses with the capability of gaining accurate data and in-depth insights to serve unique engagement and surpassing experience to every individual customer.
“Personalization is a process that creates a relevant and individualized interaction between two parties designed to enhance the experience of the recipient.” Defined by Gartner.
Now, you are aware of personalized CRM. It’s time to understand the importance of CRM personalization.
Importance of CRM Personalization
If your business is different, at a different stage, and comprises different business goals, then a common CRM solution might not help you reinforce your business and drive your unique business goals.
Once you get your CRM personalized as per your specific operational needs or functional requirements, it can help you smoothly and effectively carry out your end-to-end business flow.
Personalizing CRM software can enable you to personalize your customers’ communication helping to maximize your customer experience and impact the overall sales while cutting down associated costs.
When configured with AI, the CRM system can strengthen and reinforce your marketing campaigns too. Leveraging customer history, their buying behavior, etc., can help send personalized marketing messages and ensure personalized marketing communication with the customers.
When you consider LionO360 CRM, our experts can customize your CRM system exhibiting your core business values and growing functional needs.
Here is an in-depth explanation of why personalization is important in CRM. And what sort of feature inclusion should be considered while personalizing your CRM?
Customer Segmentation is Essential
Customer segmentation simplifies and impacts your sales and marketing campaigns, which in turn helps drive customer loyalty and a long-lasting relationship with them. However, depending on your specific business domain, product type, and marketplace you deal with, you will be required to adopt different strategies in terms of customer segmentation.
However, if you deal in commodities, you may not require performing customer segmentation. Leaving this domain, in every scale of the business line, customer segmentation should be adopted as a necessary way to bring effectiveness and ensure an improved production line.
Once you start carrying out your business operations with LionO360 CRM personalized as per your distinct business needs, you can seamlessly and accurately segment your customer based on their behavioral patterns, interests & preferences, demographic information, and way of communication, and more.
This will help you target the right customer base, drive effective cross-selling and upselling opportunities, and empower your sales team to make data-driven decisions. Eventually, it helps improve your customer satisfaction and retention rate.
Sentiment Analysis is in Trend
Sentiment analysis is all about knowing your customers' experience level. For instance, it’s an obvious process in your organization that the marketing team generates leads that are forwarded to the sales team. Now, the next step is to start communicating with the leads that seem likely to be converted.
So, the type of communication that takes place between your sales team and lead or prospective customers can be known without even reading the whole communication thread. Here, customer sentiment comes into the picture.
These sentiments help define whether the communication between the sales representative and the customer remained positive, negative, or neutral.
In addition, LionO360 CRM can equip your system with sentiment analysis helping you identify your customer sentiments. Leveraging these customer sentiments, you can strategize which leads should be prioritized, focused more, or needed to improve communication.
Built with AI and NLP algorithms, LionO360 CRM can also help you identify your customers’ overview of your products or services. Further, these overviews can be leveraged to improve or level up your customer experience.
Streamline Internal Communication
The importance of CRM personalization is not limited to terms like technical, marketing, and operations, even it can be implemented to streamline the internal communication ensuring collaborative efforts from across your business space.
Like your customers, your stakeholders need to have access to personalized data or unique insights equipped with a strategic approach to accelerate process flow, drive effectiveness, and reinforce operational efficiency.
How LionOBytes Solution Can Help You Achieve Personalization CRM?
LionOBytes considers and understands the distinct needs of modern businesses. Thus, we can provide highly personalized CRM solutions that satisfy your current business needs and fulfill the futuristic needs of your continuously growing business. To get personalized CRM, connect with us.