CRM is continuously evolving. Indeed, it is Customer Experience Management (CEM) that is all the rage at the moment rather than CRM. And Customer Co-creation is hot on the heels of CEM as the next evolutionary stage of CRM.
Underlying much of CRM were big databases and technology that enabled analytically-generated insights to be used at marketing, sales and service touchpoints to sell more to customers. In contrast, CEM is much more about delivering value to customers through the customer experience and earning a ‘fair return’, rather than simply selling more to customers. And Customer Co-creation takes this a step further by getting customers intimately involved in innovation, marketing, selling and self-service. We are now living in an always-on world where treating empowered, connected customers with kid gloves is the name of the game.
Maybe it is time for a return to CRM’s analytical-driven sales roots.
A new book called Super Crunchers: Why Thinking With Numbers is the New Way to be Smart, by Ian Ayres, a professor at both Yale’s Law School and its Management School, suggests that our increasing ability to crunch vast volumes of demographic, situational and transational data is leading to a new analytically-driven era. This computing power allied with in-memory databases and business-rules engines will soon allow even small devices like mobile phones to make insightful, real-time recommendations about products that will be personalised for each and every situation.
If we can really supercrunch data in this way and use the insights generated to achieve our sales goals, isn’t this going to make CEM and Customer Co-creation an expensive luxury? Why treat customers with kid gloves in the hope they will eventualy become loyal and buy more from you, when you can micro-target exactly the right product to them at exactly the right time, driven by the computational power of their own mobile telephone. Food for thought.
Maybe this is a good time to go long on those CRM tech shares after all.
What do you think? Is softer CEM and Customer Co-creation the way forward? Or will brute computation power give traditinal CRM a new lease of life?
Post a comment and get the conversation going.
Independent CRM Consultant
Interim CRM Manager