Market research

Customer Relationship: Infographics Tell All

A chain of events has occurred over the last few years that has changed the world of business. Advancements in technology increased the pace of globalization. This, in turn, allowed businesses to gain consumer bases in far away places and allowed startups to have increased access to funding. More businesses began to pop up, and with this growth came a growth in consumer expectations. Customers expect more of the organizations they purchase from. When companies fail to deliver, customers leave. One of these customer expectations is a better relationship with brands. They want to be able to have access to the companies they buy from whenever they want, wherever they are. They want businesses to be more engaging and to provide more value to them. Due to this, the practice of improving the customer experience has become key. Revenue Without profits, businesses fail. There’s no way around it. And one solid truth that has emerged over the last few years is that when customer experience is focused on, revenue goes up. This has become widely accepted, with 41% of senior marketers saying that in terms of its impact on revenue, customer experience is second only to the product. Nearly three-quarters of consumers spend more when they experience good customer service. And even more consumers, 86% to be exact, openly express that they are willing to spend more for a better experience. But it’s not just about increasing revenue, it’s also about maintaining it. Without providing a positive customer experience, businesses are seeing severe drops in sales. 78% of consumers have opted out of making a purchase purely because they experienced poor service.  The brands that lead in customer experience, see their revenue grow up to 8% above the rest of their competitors. One of the reasons for this above average growth is due to how companies, that put effort into the customer experience, respond when a customer isn’t pleased. When companies respond effectively and efficiently to bad customer experiences, they see customer spending increase by 30%. When they respond poorly, customer spending can decrease by up to 63%. Another reason for the additional revenue growth is because companies that see the value of investing in improving customer experience are concentrating efforts online–and they’re succeeding. 97% of consumers’ purchases are influenced by their online experience and 65% of consumers’ opinions about a brand have been changed by their online experience. Retention It’s expensive to bring in new customers. A company first needs to develop a marketing campaign. Then they need to identify leads, pursue them, and bring them through the customer journey. This takes time and money. In fact, when compared to keeping an existing customer, attracting a new one can cost seven times more. But it’s not just about holding onto customers, it’s also about keeping them happy. Strongly loyal customers have between six and 14 times more lifetime value than others. These figures should immediately shock organizations into maintaining current customers. And the best way to do that is […]

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Why choose Microsoft Dynamics CRM over Salesforce?

As a small business, you know the importance of maintaining good customer relationships. Customer Relationship Management (CRM) software provides an objective view of the inner workings of your business. These days, the CRM field is crowded with options and with teams which support this or that deployment. At present, two competitors dominate the CRM landscape: Microsoft Dynamics and Salesforce. Today we’re going to look at the question: Why choose Dynamics CRM over Salesforce? 1. Microsoft-style User Friendly. When selecting a CRM, you are looking to streamline your customer service, and for that you want you want the kind of software you can use out of the box. Both Dynamics and Salesforce provide attractive, user-friendly dashboards which give you the power to monitor sales performance end-to-end. That means you can track how your products, ad campaigns, sales associates, etc. are doing. However, Dynamics is made by Microsoft, who probably also runs your personal computers and your servers, which means you already know how how their user interfaces function. With Microsoft software, you help overcome some of the trickiest usability problems up front because just about everyone knows how to work with Microsoft Windows. When you get Dynamics together with a reliable partner, you’ll have a usable implementation that will serve you well for years to come. 2. The LinkedIn Connection. As you may have read, Microsoft has recently purchased LinkedIn, the social network famous for connecting small business professionals. This purchase will have such a positive effect on Dynamics in particular that Microsoft must and will share that data responsibility with its competitors, including Salesforce. That said, direct access to LinkedIn will almost definitely prove a priceless benefit to Dynamics, and to its users. If you are not on LinkedIn or if you are unfamiliar with its features, and especially if you already are, bear in mind that LinkedIn is the place where professionals put themselves to be seen by other professionals. Via LinkedIn, you can recruit and track new clients, share leads, and even be rated in terms of your abilities. Imagine integrating that data and functionality with your CRM. 3. The Future is AI. On a related note, there is an old saying among software developers: garbage-in, garbage-out. Even the best software design relies on data that is correct, sound, and thorough. The best intentions cannot substitute for facts. In order to have facts, you simply need to have data and the longevity to have studied how that data functions in real time. Salesforce touts Einstein, the Artificial Intelligence (AI) which learns and adapts to suit your implementation. Well, maybe. On the other hand, Microsoft points out that they have been developing AI “over multiple decades,” putting billions of dollars into AI which functions in multiple, actual implementation. Again, Microsoft has the size and breadth of data and user experience which Salesforce lacks in this area. Let’s take a look at AI and how it relates to the ever-changing digital landscape. According to Gartner Research VP Peter Sondergaard, we […]

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