According to Gartner, there is a significant possibility that you’re not!
In their recently published report entitled “Top Use Cases and Benefits of Social for CRM in 2017”, Gartner estimates that more than 50% of organisations are still failing to show the business impact of social on CRM, despite the fact that organisations who have embraced the challenge are seeing tangible benefits.
Gartner also asserts that application leaders must assist CRM business leaders with making investment decisions on technologies that support top use cases with proven benefits. In addition, businesses need help in identifying how data and interactions can be leveraged as part of a holistic multi-channel customer engagement and customer experience (CX) strategy.
Artesian was delighted to get a name check in the report, as a speciality tool that can assist with these challenges. Never a business frightened of rising to a challenge or praising the success of our customers, we are ready and able to take the lead in providing best practice guidance.
Customer experience offers the most exciting opportunity for B2B business growth
The complexities of achieving sustainable business growth are well documented. Many books have been written and keynotes delivered about how to overcome these challenges, yet too many businesses are still focussed on traditional methods when it comes to winning new business, growing existing customers, and differentiating themselves in the market (Kampyle believes 87% of brands need to put more effort into providing consistent experiences).
However, according to a recent Walker Study, customer experience (CX) will overtake both price and product as the key brand differentiator by 2020. This sentiment is reinforced by the likes of Deloitte and Aberdeen, who have both recently produced statistics on the value of customer experience. CX is clearly both a key differentiator and retention strategy.
Despite the term being coined over 20 years ago by the ‘Father of Customer Experience’ Lou Carbone, CX is perhaps the most exciting opportunity for B2B business growth today. Those investing in and adopting strong social insight-driven CX models are likely to steal a march on their peers over the next 3-5 years, which is certainly something we are seeing at Artesian Solutions.
Artesian’s Top Use Cases
Metro Bank, the UK’s fastest-growing high street bank, has grown to over 900,000 customers in just five years by ‘creating fans not customers’. Their insight-driven approach underpins every aspect of their business. They consistently uncover commercially valuable insights, which deliver great customer experience opportunities. This helps them grow their lending and deposit books, win new business and reduce customer churn.
Similarly, in the tech world, the likes of Qlik and NetApp remain relevant in perhaps the most competitive and fast-moving market of all by focussing on consistently adding value. Both companies constantly monitor markets, prospects, customers and competitors to uncover intelligence and insights that helps to inform messaging, products and, ultimately, improve the customer experience. Timing is key, and by aligning their propositions to customer needs, they can solve problems and demonstrate the greatest impact to their customers.
In the insurance sector, JLT is using digital technology to offer new experiences that will change how we look at insurance. In the past, interactions with insurance companies only happened when we had a problem or at annual renewal – neither one being the basis for a positive experience. But by leveraging a deep understanding of their customers, JLT can uncover opportunities, proactively respond to risks, and build more personal relationships throughout the lifecycle of a policy. They are enabling their people to operate more efficiently, and be first to address emerging insurance needs.
The holistic approach
The common thread amongst each of these trailblazers is not just getting close to customers, but adopting a ‘whole of business’ CX model. They have realised that true customer centricity takes more than an investment in CRM solutions or the measurement of customer satisfaction levels. They underpin every aspect of their business with an overarching culture of insight-driven customer curiosity, and a proactive approach to customer engagements.
The CX opportunity lies in an organisation’s ability to understand the world through their customer’s lens – establishing a deep understanding of their brand and culture, pain points and goals, how they like to work, what’s likely to happen in their market, and what will make the biggest difference in their world. In short, it’s about understanding and empathising with the needs of individuals within your customer’s organisation.
The leaders of tomorrow will set aside their own agenda, take the focus off their immediate surroundings and goals, and stop imposing the same old tried and tested rationales. They will embrace CX as a total behavioural and cultural change, placing social insight at the heart of the business, especially for commercial teams. Doing so will enable businesses to improve their offering, build strong and enduring relationships, predict needs, and capitalise on new ideas to achieve indelible impact and improved customer outcomes.
Be one of the 50% that succeed
For the companies that go the distance, the pay-off is unrivaled knowledge, competitive advantage and revenue growth.
Artesian’s door is always open. We would love to hear about the challenges you face in adopting social CRM strategies, and to help ensure that your business is part of the 50% that succeed.