Maintaining customer loyalty and ensuring customer value is, and has always been, critical to ongoing commercial success.
However, revolutionary changes in buyer behaviors, many of which are being driven by new technologies and channel development such as online and social media, mean that today’s customers are dictating the relationship and interactions they have with companies. When they are unhappy with their experience, customers can—and do—walk away and broadcast their complaints on social media.
In an effort to improve their ability to meet increasing customer expectations, many corporations have implemented customer relationship management (CRM) systems. Some businesses are taking an enterprise-wide approach, while others look to deliver specific value on smaller use cases or implement a mix of both approaches. Despite companies’ best efforts, over the last 20 years I have seen many front-office transformation programs that failed to deliver the expected value. There are many reasons for this, but technology is not the main culprit.
In my view, successful CRM projects need to take these five key areas into account:
- Strategy: Take a holistic view to avoid fragmentation and ensure alignment of front-office, back-office and middle-office initiatives.
- Technology: Invest in the right technology for your needs, and use the opportunity to re-evaluate legacy technology decisions and clean up existing applications. Ensure quick wins while working to build the “perfect system”.
- Governance: Implement a holistic governance structure to ensure your data is secure and your tools and processes are kept up to date.
- People: Success depends on the skills and confidence of the people at the center of your business. They need to have the right motivations, technology and behaviors in place to drive stronger and more effective relationships with your customers.
- Customers: Make sure your customers will truly benefit from the project and not feel they are being exploited as sources of data.
To help you with this, KPMG created a customer-centric, enterprise-wide approach to digital transformation.focuses every process, function and relationship of the organization on a single purpose: harnessing the power and potential of customers to fuel profitable and sustainable growth.
To bolster the Connected Enterprise approach, KPMG works with an ecosystem of alliances. These include leading cloud, CRM and analytics companies such as Google Cloud, Microsoft, Oracle and Salesforce, as well as specialized robotic process automation (RPA), artificial intelligence and low-code providers.
Together, KPMG professionals work with you to drive digital transformation that brings the customer to the heart of your organization and creates meaningful and genuine interactions to support long-term loyalty, retention and increased customer value.
Along with other KPMG colleagues, I will be attending Salesforce’staking place November 19-22 in San Francisco. Please stop by KPMG booth #419 to connect with us and learn how you can realize a successful return on investment for your customer-related initiatives.