Archives For CRM

Online business is gearing up for an exciting leap forward over the next five years as artificial intelligence really starts to take a run at some big hurdles in the online selling arena.

Our top business technology brands have been focussing on AI for a while now, and we’re becoming familiar with bots like Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa. But what are the practical improvements we can expect in the near future?

Enterprise SaaS company Flamingo, supported by SugarCRM, recently led a survey that highlighted how the market is ready on all sides to embrace artificial intelligence online.

Send more Chatbots!

On the consumer side, just over three quarters of people surveyed said they’re comfortable using chatbots and think they would improve the online experience. It follows on the business side, 73% said chatbots are relevant and almost 60% are seriously considering using chatbots within the next five years.

So customers are already expecting to engage with AI as part of their experience. Customer experience is ultimately about loyalty and profitability – so it’s good to see that two out of three people surveyed said their customer experience program objectives align with their organizational mission. But how exactly do chatbots fit into the customer experience story?
robot-customer-service

 

What’s a bot to do?

One of the most vexing problems today is that potential shoppers frequently abandon online purchases or applications at some point in the process. A whopping 60% of consumers surveyed said they’ve done so in the last three months. So it’s clear that businesses aren’t successfully guiding even half of their potential customers through the online buying process.

There’s light at the end of this tunnel though. 77% of consumers say immediate online help would increase their likelihood of completing transactions, and 85% of businesses say it would improve online sales conversation rates.

So online AI should be well-received, but chatbot interaction has to be meaningful. Without meaningful help, potential customers will simply leave.

This is what the next generation of chatbots will tackle. They won’t just spit out pre-determined answers to customer questions, they’ll also examine customer and employee interactions over time to offer increasingly meaningful guidance.

Flamingo is already developing just such a chatbot called Rosie. According to Flamingo, “Rosie is knowledgeable and responsive, she is able to guide customers through any problem, and she learns as she goes.”

SugarCRM has also announced that its intelligent digital assistant named Candace is currently in development. Candace is, in part, being designed to remove the need for people to insert, add and modify information in their CRM manually. It will bring in data from outside sources to enhance the view of the customer and will call out important insights and make recommendations.

For now, we’ll need to compromise a little; with the next wave of chatbots there’s likely to be a practical approach where a human can be called in immediately if a shopper poses a difficult question – great news for the one fifth of consumers who are not happy with chatbots because they can’t always answer everything.

The question of just how “human” chatbots should be is still on the table: male or female? Young or old? Friendly and polite or just knowledgeable? There are some hints at general preferences but perhaps each brand should decide for itself, based on what’s best for their audiences – which makes it critical to understand exactly who customers are and what they want.

Flamingo’s survey shows there’s a growing appetite for meaningful AI from both consumers and businesses. Getting AI integrated with existing business systems and CRM is critical if businesses want to take customer experience to the next level with this new human-shaped technology.

The Flamingo Customer Experience Inc survey report is called “Conversational Commerce and ChatBots: Business & Consumer Usage and Attitudes (Nov 2016)”. The survey was conducted by Fifth Quadrant and sponsored by SugarCRM.

If you are interested in a copy of the full report, drop me an email at vmikhail@sugarcrm.com

 

Customer journey mapping is an important exercise that helps companies understand their customer’s perspective so they can meet needs and expectations. It also drives companies to reach all the business goals for individual customers – such as long-term engagement, buying additional products or services, or becoming a reference. The customer journey map itself is a visual diagram of the way your customers engage with you throughout the buying cycle. From the time they learn your company’s name or find you on Google, all the way to the time they purchase their first product/service from you, and even beyond that.

In 2017, leading organizations will extend the value of customer journey mapping initiatives by doing two things:

1) Operationalize them

Customer journey mapping is a common exercise, but the real challenge is turning the customer journey map from a theoretical framework or tracking mechanism into a practical tool that proactively guides customers throughout their journeys. Many companies have tried to capture every aspect of their business with customer journey mapping, and as a result, created beautiful documents that did little more than sit on the shelf. Operationalized customer journey maps are used, not just by marketing to shape the entire customer experience, but also by every customer facing individual in every customer interaction. That means baking customer journey maps into the CRM tool used by sales and service. By doing this, those customer-facing individuals know exactly where their customer is in the journey; and are also given prescriptive guidance that tells them what they should do next. And, the resulting CRM data can them be mapped back to customer journey analytics and reporting.

At SugarCRM, we now have a Customer Journey plug-in that shows an individual customer’s progress through the journey, and an advanced customer decision workflow panel, which quickly describes every task or action that a customer-facing professional like a seller must complete in order to help a customer advance to the next decision stage. This helps operationalize the customer journey and bake it into the day-to-day work process of a sales or service person.

2) Add cognitive capabilities throughout the customer journey

Engagement throughout the customer journey, and across all parts of the organization delivering that journey – marketing, sales and service – can benefit from cognitive technologies. As one example, SugarCRM is working with IBM Watson and other technologies to add cognitive insight and enrichment for CRM users. You’ll hear more about this shortly.

Here’s an example that illustrates both points, taken from the SugarCRM and IBM Watson “Cognitive Customer Engagement for Banking” solution. A banking customer receives personalized interactions from their bank through the use of marketing automation, behavioral scoring and nurturing. Prompted by those interactions, they log on to their bank account, where they engage in a dialog with Watson about potential retirement funds. After gathering information about age, risk tolerance and investment goals, Watson recommends a specific fund, and then engages a Financial Advisor. The advisor can then continue the dialog in a very personalized and targeted way, and is guided via their CRM with a set of recommendations to propose to the customer. The end result? A more satisfied customer, more revenue for the bank, and lower SG&A costs.

To learn more about this solution, click here.

To read more about other top marketing trends for 2017, check out IBM’s paper on “10 Key Marketing Trends for 2017”.

(Editor’s Note: the following is a guest blog post from Katie Liesmann, the marketing coordinator at Epicom. It originally appeared on the SugarCRM Community).

When the Customer Journey Plugin was released in August earlier this year, our tech-savvy customers and friends within the Sugar community quickly jumped on learning about the tool and how they could apply it to their business. While the general consensus was that it was a really cool tool, many businesses felt it didn’t apply to them since they hadn’t built out a customer journey yet. In response, Epicom took the time to dive deeper into the product from Addoptify and find out where it would be most useful for our customers.

We sat down with Krisitian af Sandeberg, the CEO of Addoptify, to learn about how businesses are successfully using the product. What we learned is that the Customer Journey Plugin should be thought of as much more than just a “customer journey tool” because it can be used to manage ANY process in your business. So today, we look at the Customer Journey Plugin in a new way – as a process management tool.

What processes do you have throughout your organization that have multiple steps? Here are some ways to identify processes that could be managed using the Customer Journey Plugin for Sugar:

  • Think of processes that not enough people follow or abide by. Some examples might be the lead qualification process, the process for hand-off of accounts from account execs to account managers, or the quote approval process.
  • Identify processes that your organization’s leadership needs even further insight into. Examples might be lead assignment processes or opportunity creation process.
  • Brainstorm a list of processes that vary between different regions, different product lines, or existing vs. new customers.

Processes can be very complex, hard to keep up with (especially as they change over time) and it can be difficult to have insight into whether users are actually following them. This is where the plugin comes in. To demonstrate how any process can be visually created and managed via the plugin, here’s a fun example we built out of the process for building a PB&J sandwich.

pastedimageat2016_12_0504_51pm

On a more serious note, we also created examples for Sales, Marketing and Support processes. In the example below we built a customer journey for the process of creating opportunities in the sales department.

screenshot2016-12-07at9-30-36am

There are several benefits of using the Customer Journey Plugin to manage processes. The graphical view allows users to quickly glance and see where each record lies in a process assigned to them. Management also has additional insight into the workload and forecast of each rep because they can report on the Customer Journey Module. Overall, the plugin enforces more consistent following of processes throughout your organization.

Now that you’ve learned about a new way to think about the plugin, you probably want to learn how to use it.

Yet another set of CRM predictions…

It is that time of year, where every analyst, “thought leader” and blogger starts pumping out their top predictions for the coming year. Usually, these are safe, boring add-ons to perennial topics of discussion and/or an exercise in buzzword bingo.

But I do believe that this year, we are actually going to see the beginnings of some serious shifts in the CRM market.

The general advancements in key technology areas like Internet of Things (IoT) and Artificial Intelligence (AI), coupled with the press for more modernization among legacy CRM users, will be causing a lot of interesting moves in the market, both from vendors and CRM practitioners alike.

So without further ado…here are six (because five is just so passé) predictions I think will turn out to be major storylines in the world of CRM in 2017.

#1: Predictive Analytics Goes Prime Time

As an industry, we have been ballyhooing the promise of predictive analytics for quite some time. But as more companies eschew old-model SaaS deployments for truly cloud-based CRM and data warehousing, the throughput and storage issues that hindered truly predictive analytics initiatives will start to go away.

Companies looking to better know their customers, and provide truly proactive service and delivery models, will be the first to take up predictive analytics, in my opinion. While we talked a lot about offer and promotions management, I think that predictive analytics will be best put to work in customer retention and servicing – the “give the customer what they need before they realize they need it” scenario, rather than the “offer someone something they might want to buy.” The benefits to retention in the former are huge, versus the intrusive and sometimes risky path of “best offer” models of predictive analytics.

#2: CRM Customers Get Sick of the Status Quo

Again, a lot of us have been waiting for the “Big Siebel Migration” toward more modern and flexible CRM. While that has happened in some pockets, I feel the alternatives (namely, confining SaaS tools that recapitulated the same Siebel user experience) offered little respite from what Siebel could offer.

Oracle has failed in bringing a truly integrated, seamless cloud-based product to market as a clear migration alternative. Salesforce offers a litany of products, but the cost to migrate has been steep, and as noted the user experience not compelling enough.

In 2017, that could change. With more alternatives (yes, of course I mean SugarCRM, but there are others) offering truly cloud-based, scalable and flexible – and more importantly, highly engaging and mobile user experiences – the Siebel stampede could finally start full bore. And this isn’t only about Siebel. There are loads of homegrown and other first-gen legacy CRM deployments desperately in need of modernization.

To keep the stampede going, we look forward to working with the mavericks of CRM — those looking to break the status quo and build exciting, different and innovative custom CRM deployments that meet the demands of tomorrow’s customer.

#3: AI Has a Lot of Exciting Potential, But It Doesn’t Become “Real” in 2017

There have been a number of announcements and concept-type demos around AI-powered CRM from SugarCRM and other CRM providers. But nothing of real material weight has been released for general use. I believe we’ll see the same in 2017: Everyone will continue to talk about AI, but we are still a couple of years away from getting the technology in the hands of users.

While both SugarCRM and Salesforce will be releasing “1.0” versions of products they are aligning with AI, truly AI-powered CRM will not be available until 2018 at the earliest. Why? Because this is hard stuff, and even deep-pocketed providers like Salesforce have lots of operational (think of a hulking, aging SaaS back end that can not scale easily) as well as development issues to resolve before really bringing broadly available AI-powered tools to market.

The use case is clear: We need to be equipping sales and other customer-facing agents with more insights and tools to do their jobs better. CRM can no longer be about data entry and simply tracking deal status. (See my above note about breaking from the “status quo.”) But it is going to take some time. I expect to see some more acquisitions by everyone involved to help speed the pace of development in 2017.

#4: The Battle for Data Will Heat Up Even More

Akin to my predictions on AI-powered CRM, the battleground for data-enriched CRM will only continue to heat up in 2017.  Data is a great way to extend the value proposition of CRM to businesses of all sizes, especially those in the small-to mid-size range. By providing pre-populated data sets, the amount of “busy work” done by sales and other CRM users is reduced, and the better the data, the more effective individuals can be every moment of the day.

A lot of M&A as well as in-house development and partnerships will fuel more data-powered CRM announcements in 2017. The key, of course, is seeing which providers provide the most seamless and most sensible use cases out of the box for their customers.

#5: Customer Experience Will Determine Who Wins

Some may find it a bit ironic, but it is actually more disappointing that most CRM user organizations do not have a great relationship with their CRM vendor. Several surveys (like the PC Magazine article where SugarCRM was named most loved by customers compared with other industry leaders) as well as our own experience in competitive takeaways reveal to us that this situation needs to change.

If we are truly selling the promise of exceptional customer relationships as an industry, we need to walk the walk as well.

With many companies seeing compelling reasons to update or migrate from legacy or homegrown systems in the coming year, how CRM vendors engage and serve these businesses will be critical. I hear all too often from prospects how the “market leaders” come to the table with arrogance, terrible terms and an overall unfriendly demeanor. That has to change. In short, just being “number one” or a multi-billion dollar company means nothing. CIOs and line-of-business decision makers know that there are alternatives on the market.

#6: Mobile CRM Takes on New Meaning

Mobile CRM is nothing new — far from it. However, when you combine the fact that many legacy and homegrown apps were not supremely mobile (if at all), and the new demands of internal users and how customers expect to interact with companies, mobile development takes on a new shape.

It is no longer about “shrinking” the mobile app to fit the smart phone or tablet screen real estate. It is no longer about offline access (even though some providers are still way behind with that), or “field service.” To really nail mobile CRM in 2017, organizations will need real mobile platforms — not “extension apps,” but rather entire platforms, inextricably linked to the core CRM.

In my opinion, only a few vendors really provide this type of mobile platform capability, although there is a lot of added expense involved in some cases. That’s a shame. It should be fast, easy and cost-effective for companies to build wholly new and customer-focused mobile experiences (whether the user be an employee or a customer). I know we are working hard here at SugarCRM to bring out our mobile SDK to help our customers reimagine their mobile strategies in new, exciting and unlimited ways.

So, those are my handful of predictions for the CRM world in 2017. What is the overarching theme? Customer demands are changing fast, and companies need to keep up. By building more intelligence, rich data and new mobile experiences into CRM initiatives, companies can better enable their employees, and engage more meaningfully with customers in a world forcing businesses to be more and more customer-centric.

Agree? Disagree? Think I’m crazy? I’d love to hear from you in the comments.

(Editor’s note: this post was originally published by Banking Strategies)

Not too long ago in financial services professionals built relationships — and created a positive experience — by meeting the customer in person for coffee or lunch. The customer would then gain confidence in the professional’s knowledge and ability to anticipate and address their needs.

Today, the financial services landscape has changed, and it’s all about “digital.” Digital technologies have revolutionized how banks communicate with customers. Just as sending a letter to a client doesn’t work in today’s world, businesses can no longer rely only on email or the phone. Modern customers want real-time communications and personalized customer experiences.

In fact, a recent Frost and Sullivan report shows almost one-half of financial services customers use three or more communications channels in a year. Whether it’s instant message, mobile applications, websites or social media, customers now have multiple channels at their disposal. They now demand and expect the same level of personalized customer experience regardless of the medium.

However, there is a digital downside. The digital revolution makes communications significantly more complex for banks, credit unions and other financial services institutions. Even without the lunches of yesteryear, financial institutions still must provide personal, unified and memorable customer journeys to remain competitive. Research by Gartner reinforces this point, with 89 percent of companies reporting that they compete solely based on customer experience. This presents an even bigger challenge to financial services industries: Besides increasing their customer numbers, they must also retain current customers — that are more engaged and knowledgeable than ever before.

Meeting customer demand is necessary in any industry, but especially critical in the global banking sector, which has a reputation for “lack of commitment.” And since digital communications make it easier for customers to switch companies, it becomes clear that financial companies must find ways to use the digital world to their advantage.

So what can financial institutions do to embrace the digital age? And, is there really a modern-day equivalent to meeting in person for customer retention?

The answer lies with the customer journey. A guiding principle should be to plan this, and align your business operations with the average customer life cycle. You can do this by conducting an easy “customer journey exercise.” Start by identifying how a customer typically makes a purchase and examine the customer life cycle and interactions with the company. This will help you learn where your company fails to meet customer needs. Once finished, the customer journey exercise will become a best-practices document you can use as a company-wide resource.

With the advent of social media channels, all businesses must truly understand and know their customers. This requires research and deep knowledge of the customer base. Customer relationship management (CRM) technologies help companies navigate these new channels. Customer services teams can have access to all customer information in context to fully understand a complaint. Having all the facts associated with a situation or account remains critical to provide great customer service. For instance, a customer service representative will be more effective handling a complaint when he knows whether a purchase is from a loyal customer and whether they prefer to communicate via Twitter or Facebook.

However, embracing the digital age doesn’t mean discarding human interaction. I still advocate for people actually talking to their customers: It just needs to be relevant. Combining digital technologies with human touchpoints represents the best formula for providing context and creating a unique customer experience.

Meeting customer demands in today’s digital age requires dedication, research and planning from companies. Incorporating these new digital and social methods is essential to make financial services organizations more agile, quicker to respond and better able to provide a unique (and personalized) customer journey across all channels.

Remember, we’ve all been customers ourselves. Shouldn’t these be the goals of customer service?

I just returned from a jam-packed two days at the Gartner Application Strategies & Solutions Summit in Las Vegas. While there, I met with analysts, existing SugarCRM customers, and a lot of prospects and IT leaders looking for the next “big thing” in application software.

gartnerimage002After dozens of great conversations, it is exciting to know that the IT and line of business leaders who attended are driving change in their organizations – mainly around the customer experience. And, perhaps more important, they are doing so in ways that align perfectly with the vision we have here at SugarCRM.

Here are some key takeaways I brought back from the event. I think they are pretty telling about the state of the industry and where we need to be as solution providers for businesses of all sizes looking to reinvent the ways they interact and build customer relationships:

Disruption is a serious issues for nearly ALL industries. I spoke with (and spoke to during my breakout session) individuals from all types of industries – both old, establish firms and even some startups. They ALL said they feel disruption BOTH from digital native upstarts as well as see the changing demands of the customer as disruptive forces.

Transformation over Migration/Modernization. I LOVED hearing that those with older technologies performing CRM functions were looking to go broader and truly transform their cultures and engagement strategies, and NOT simply put in more up to date systems. Right now is a time for transformation, not migration.

You gotta have a platform to win. In nearly every conversation we had with those managing a transformation, or even a broad CRM initiative – they indicated the need for a process-driven platform at the heart of the project. We built the Sugar platform, and embedded advanced workflow, with these types of projects in mind.

CX and CRM are Merging. Well, maybe to be more accurate, as one Gartner analysts described to me – “CRM is becoming a subset of CX.” Meaning, all businesses need some sort of core CRM tool, which can be a foundational system to power broader, more inclusive, end-to-end and omni-channel CX initiatives. I think the attendees are still bewildered around how to create a wholly inclusive CX strategy, but we as an industry need to be experts and be there to help guide them.

Value Matters, Always. We had hundreds of people coming by our booth at the conference and one overarching theme was that a lot of companies simply do not feel they are receiving value for the biggest and entrenched enterprise CRM players. We had a lot of productive conversations about how to drive value inside a CRM/CX initiative – and as more CIOs and business leaders are pressed to do more with less, we will continue to strive to be a leading value-oriented provider for all types of businesses.

Ultimately, it is comforting, energizing and exciting that we have built up a portfolio of offerings and solutions that align well with the needs and visions today’s business leaders see as necessary to remain successful in their respective markets. Thanks to all of the attendees and analysts with whom I had the pleasure of speaking to at the event. It was an awesome few days of learning and sharing ideas!

Business models and entire industries are being disrupted by new technologies as digital transformation forces organizations to reassess how they adapt and provide their customers with value into the future.

One key theme that has emerged during this time of disruption is a big obstacle to making the transition from product-focused to customer-focused is often changing business culture. Changing employee behavior is more difficult than redesigning products and services or implementing new technology. However, the failure to  consider the impact of organizational change will undermine any other investment.

Using CRM Technology to Drive Cultural Change

The often unrealized potential benefit of CRM technology is that it can be a very effective way of driving organizational change.

Customer-facing employees using a CRM will spend many hours per day on the system in order to be more effective in their daily job duties. A flexible CRM system supports and reinforces the behaviors you need in order to succeed in achieving your desired future state.

What Culture do I Need?

Organizational culture is as unique as the customers you serve and the products and services you provide. But, there are some fundamental principles that can apply to any organization.

Recognizing and Valuing Customers

Your customers are people who want to be recognized, respected and valued as individuals and as customers.

One of the major obstacles facing employees trying to be more customer-centric is access to accurate information. Modern CRM provides the opportunity to consolidate information from multiple sources and provide a single view of the customer; providing a way of “hearing,” understanding and relating to each individual customer.

Data about customers can be gathered from all of your information systems, including digital channels like online orders, the website, social media and more, and then combined with information from human channels when a person speaks to a customer on the phone.

Customer-centric culture starts with understanding who a business’ customers are, and CRM that helps employees see the full view of their customers underpins this.

Building Trust

Customer loyalty and trust go hand-in-hand, and the behaviors for building trust are fairly universal.

Keeping Promises

One of the quickest ways to destroy trust is to break a promise, even if it’s trivial commitments like, “someone will get back to you in 24 hours.” CRM technology can help employees learn to keep promises by reminding users of commitments and deadlines, and escalating urgent activities and tasks to ensure promises are kept.

Being Responsive

Trust is built by organizations being consistently responsive to customers, especially when there are questions or issues. CRM tools provide the opportunity to give your customer-facing staff the tools and information required to answer enquiries and address issues quickly.

Being Proactive

Having a single view of the customer, with all relevant information in one place, will allow your customer-facing staff (and automation systems) the ability to anticipate the needs of customers and proactively address them, rather than waiting for the customer to initiate contact.

Knowledgeable People

As anyone who has ever called customer service knows, it’s a joy (and a mild surprise) to speak with someone who is knowledgeable and helpful.  But knowledge about what you are selling is only part of the picture. The picture isn’t complete without being similarly knowledgeable about the customer, their needs and wants and previous history with the organization.

Having Time for Customers

Mobile Workforce

Mobile technology has changed the way we work, and provided the opportunity to free employees from their desks to spend more time where their customers are.

Automation

The process of automating otherwise frustrating and time-consuming administrative efforts provides another opportunity for a quick win. Automation only works when the data being collected and the supporting “what do I do with this data” processes are in alignment. When this occurs, the benefits of automation positively reinforce new business processes.

Listening to Customers

When a CRM system pulls customer data together across the customer’s whole journey, it invariably crosses departmental boundaries and makes it easier for marketing, sales, and post-sales teams to collaborate. This transparency will help highlight where things are working and where there is room for improvement.

The process of configuring the CRM forces teams to consider where the departmental boundaries should be, and what the optimal approach for process handoff should be. The new processes become embodied and reinforced by the CRM system, quickly defining the new normal. This works especially well when the early phases of the CRM project focus on those high-profile challenges facing two teams who need to work more closely together.

Measuring what’s working

CRM can provide transparency into what’s working and what’s not by measuring the organization at three different levels; business outcomes such as revenue or profit, customer metrics such as net promoter score, and operational indicators such as time to resolution on customer enquiries.
Constantly monitoring performance keeps the organization focused on the change that was envisioned, identifying the areas that are working and the areas that need more challenge. Getting the measures right, creates a constant reminder of the new processes, making it part of “the way we do things around here”.

Incremental improvement

A CRM that is flexible enough to continue to evolve and improve without huge re-implementation costs will help support a “culture of innovation”.

Encouraging the organization to continually improve the information system will also drive constant innovation in business processes, and ultimately the exercise of change itself will become part of the organizational culture.

However, the contrary outcome is that a big, complex, and inflexible CRM reduces the ability of the organization to innovate and adapt to changing customer demands.

Anchoring New Approaches in the Culture

Culture can be defined as behavior and shared values among a group of people, who then pass those values on to new members. An ideal CRM will support this normalization of behavior by providing reporting and transparency into who is effectively following the new ways of doing things, and highlighting those exceptions as and when they occur.

Standardizing this approach provides the opportunity to tighten the feedback loop so that deviations from accepted practice are identified quickly, immediately, or even prevent the deviation from occurring in the first place.

A flexible CRM system, appropriately configured, can entrench a pattern of delivering great customer experiences into your organizational culture.