Organisations taking a more holistic approach to CRM: Ovum

Companies that simply bolt on customer relationship management (CRM) solutions to existing systems may be disappointed by the results, according to Ovum.

To succeed, they must recognise that value must first be delivered to customers before there is any hope of developing an ensuring and symbolic customer relationship, leading to high lifetime value and lower costs to attract new customers, according to Ovum’s report, 2015 Trends to Watch: CRM.

This will lead to high lifetime value and lower costs to attract new customers.

Only by developing a coherent underlying sense of purpose with the customer at its heart can organisations become truly customer-adaptive – which means being able to sense, respond, and adapt at the right speed to remain persistently relevant to their customers.

More than 60 per cent of respondents to Ovum’s 2015 ICT Enterprise Insights on Enterprise Applications Software survey expect to see investment in customer-focused IT grow in the next year, up by almost 20 per cent from 2014.

The top CRM trends to watch in 2015 will include:

  • Real-time decisioning and predictive sensing capabilities will generate relevant and personalised customer interaction;
  • Increases in cloud-based industry-specific objects, workflows, and best practices will make cloud-based CRM more attractive; and
  • An explosion of apps, IoT, and wearable devices will form part of the new customer engagement mix.

Jeremy Cox, principal analyst, Ovum’s Customer Engagement practice and author of the report, said, “To be successful with CRM, firms need a genuine customer-centred philosophy and values that drive the right behaviours. The individual with the ultimate responsibility for creating the right conditions for this to happen is the CEO, not the VP of marketing, sales, or service.’’

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