New eras of customer relationship management are emerging with an emphasis on strategic platform goals and innovative design. Rethinking the use of these platforms by businesses can increase profit margins, improve customer satisfaction, streamline their operations and foster innovative engagement.
Dan Roche, Chief Marketing Officer at Workbooks CRMThis change is driven by two factors. The first is the realization of CRM as not just about features and functionality but also relationships. The second step is to reevaluate overly complex CRM implementations.
His company has positioned itself as the leader in this new CRM direction. It is focusing on features of the CRM platform that it hopes will redefine the way businesses navigate their shift to tailoring efficiency, nurturing relationships, and making better choices for the economic success of their customers.
The “R”, or relationship, in CRM refers to a company’s relationship with its customers and prospective clients. He argues that the relationship between the customer, and the vendor, is one aspect which has been neglected.
Roche told CRM buyer, “We knew that it had a big impact on the success a CRM projects. Our research has confirmed this.”
In a more challenging economic environment, businesses are increasingly focused on efficiency. Roche believes that many businesses realize they purchased a Rolls Royce CRM (think Salesforce), when they actually needed a VW, with some carefully selected options and great aftercare.
“The system can save a lot of money and increase productivity because it is designed for users and not the other way round,” said he.
Trends in CRM deployment
Workbooks CRM, the SaaS platform that provides Workbooks CRM, recently conducted a study that revealed 64.9% of companies currently prefer a single vendor approach to CRM deployment. This allows them to have direct relationships and work with one CRM provider, who will provide the software and handle the implementation.
Firms that choose the multi-party approach select software from a single vendor, and then work with a third party provider to add additional features. The study revealed that companies who engage in multiparty deployments had lower satisfaction levels than businesses with direct relationships.
It is possible that this is due to the fact that 75% CRM buyers who choose multi-party deployment reported unexpected costs. In this group of respondents, 14% of buyers reported significant extra costs.
Roche stated that these results highlight a crucial but poorly understood issue: the multiparty CRM approach can often work against the interests of buyers, leading to an increase in risks and possible deployment failures.
The consumerization of B2B technology is also driving the new era in CRM technology. People, consciously or unconsciously, expect to have a similar experience with new software as they do when using the App Store.
“The days of business software being a specialist’s only affair are over. It is no longer clunky and can only be deployed by IT teams. “The landscape has evolved so that non-technical individuals are actively involved both in procuring and implementing the systems that form the core of critical business processes,” said he about the evolving use of CRM platforms.
Multi-Party CRM Pitfalls
A multi-party CRM is a system where a vendor sells you the software, and a partner handles its implementation. Roche said that enterprise SaaS is often a practice like this. This process involves misalignment in interests.
Vendors typically strive to maximize their license sales, and may, therefore, not invest heavily in deployment. This results in a lower financial return.
The revenue of deployment partners or consultants is derived from the time and materials they provide, which in turn encourages the lengthening of projects, regardless of their final outcomes.
Roche stated that “this represents a major conflict of interest, which has consequences for buyers.”
New CRM strategies for business success
A key part of the redefinition is the possibility of more successful sales in the B2B realm. Business buyers are clear about their goals.
It is a challenge to navigate the various routes that are available. Roche said that this transformation will change the way these buyers approach their CRM journeys, ushering a whole new era in decision-making.
CRM features that improve efficiency, create better connections between buyers and sellers, and offer informed choices are key to promoting innovation and economic success.
“The better a CRM is implemented, and the more users will adopt it, the better the process of business will be.” “The result is increased efficiency and growth in business,” said Roche.
Redesigning Bloated CRM Systems
Roche offers a simple explanation for why this new approach to operations has not been implemented or wanted until now. Not enough research and analysis has been done into the existing relationship between CRM providers.
He quipped, “We saw it first-hand when we spoke with our customers. They were unaware there was an effective approach available.”
Roche agrees that it is important for companies and platform developers alike to reevaluate features like feature bloat, as “more is not better” no longer applies in CRM platforms.
“A bloated customer relationship management system often results from projects where there was no initial planning or when business needs have changed since the project began,” he said.
A common scenario is when the group or individuals who are leading the CRM project change roles or leave the company. The CRM responsibility then falls to someone else. This could be a new business entrant.
Roche noted that “this is when the challenges begin.”
Holistic Approach in CRM
Workbooks CRM is based in U.K. and also has operations in the U.S. The company has a unique strategy by acting as both a partner and vendor to offer a relationship-centric approach that actively mitigates risks for its customers by investing with them.
Shared success, a program of the company, offers complimentary consulting days to customers who invest in Workbooks licenses. Workbooks CRM will provide 50 days of free consulting for a $50k annual license.
“Our main goal is to accelerate the acquisition of new customers for you in the most cost-effective way possible, so you can experience the intrinsic value that a well-implemented solution brings both internally and externally. We then work to implement a solution that is tailored to your business processes and aligns seamlessly with them,” said Roche.
