Creating value for customers using CRM.
How does CRM contribute to the value creation of a business?
Companies struggle in the effort to enhance value creation for customers as a competitive advantage to win against competitors. What role does CRM play in the value creation and how the sales process is affected by it, is an area not yet explored enough.
Recent marketing approach clarified how organisations should effectively master their direct influence over the customer experience in order to boost the perceived value. But if so, what role does the CRM effectively play in the value creation process?
There is little doubt how CRM value contributes to the strategies for creating value for customers. Creating customer value is relevant in B2C as well as in B2B business models. In B2B, where prices may emerge during the course of the relationship, thus value is a matter of perception rather than cost.
According to thinkwithgoogle, we are living in the era of Relational Marketing.
While Transactional Marketing was relying on massive communication addressed to large audiences which then develop preferences, Relational Marketing supports more complex processes to shape clients’ preferences. The back and forth between clients and vendors, as well as the many interactions that take place along the way and, ultimately, the perception of mirroring themselves in the brand shape the client’s experience and this affects their preferences, well beyond the yet important moment of truth.
Google suggests “How people decide what to buy lies in the “messy middle” of the purchase journey”. The Messy Middle is the new paradigm of purchasing process, not only for B2C.
What happens during that messy middle of the customer journey is exactly what vendors should take care about providing the most coherent brand’s experience. Ultimately brand’s experience is what contributes to creating customer value!
Due to this reason, relationship marketing places the client’s experience under a crucial perspective leading it at its best possible level to nurture a positive, long-term relationship.
In the last six months alone, we’ve probably experienced 10 years’ worth of change.
“The good news is that the twin challenges of profound disruption and uncertainty also present businesses with an opportunity to rethink readiness. To reimagine how to best meet consumer demand, even as it fluctuates, and even if it remains volatile. Today, businesses have more data and consumer signals, are better able to act on them, and can meet a higher standard for doing all of this more responsibly than ever before.
How do we know this? Because many of the most disruptive trends businesses face today — such as keeping up with rapidly shifting consumer demand; creating and maintaining reliable chains of supply and delivery; and making sound business decisions quickly enough to keep up with competition — aren’t really new at all.”
Satisfying dynamic consumer demand is where today’s tools and technologies are best suited to help businesses get ready for what will be next.
The relationship between vendor and buyer is the territory where perception is created, developed and nurtured, but also negotiated between different perspectives:
While the CRM tool’s role is to execute the CRM strategy, thereby facilitating the value proposition on the journey to outreach the value co-creation process.
The CRM strategy is the formalisation of who is in charge to support the customer’s value perception building process and how this can be done at the best.
The purpose of the CRM strategic consultant is to help companies to establish a process to shape value perception for both customers and stakeholders.