5 Reasons to Strive for HD-CX
Your company should aim to deliver a better customer experience (CX). However, not all enterprises are fully aware of the reasons why this should be a top priority. Currently, companies find themselves in the middle of a customer relationship crisis. The reason? The lack of a detailed customer view and understanding. What companies need is a high-definition view of their customers that is both deep and insightful to better enable customer experiences. Having this view, organizations can successfully increase the quality of their customer experience by identifying areas of internal improvement, defining and adapting workflows, and meeting your customers where they are. We call this the high-definition customer experience (HD-CX), and here are some reasons why you should strive for it.
1. Enhance CRM Interactions
While CRM is the cornerstone of business operations for many companies, only 52% of sales professionals interviewed claim that the CRMs they have in place meet their expectations and needs. Striving to create a more personal experience for the customer will also force your company to re-evaluate your CRM and all your internal systems. Improper CRM tools and the lack of synchronization with other internal systems are costing your company time, money, and your salespeoples’ energy.
We recently interviewed 1000 sales leaders, and we found out that 59% of them think that their company’s current CRM tool is causing revenue loss. 48% of the interviewed sales professionals identify the lack of flexible CRM solutions as the cause of declining sales, while 80% of them claimed that a consolidated view of the customer across all departments can improve the overall customer experience.
Aiming for polished customer interactions will force you to adopt more advanced CRM tools and systems and look into solutions that help you synchronize different systems. Flexible and intuitive CRM tools such as Sugar Sell will help your company achieve a complete view of your customer and their needs.
2. Gain Visibility Into Your Customer Needs
Now that you have enhanced how you track and store customer data within business systems, it’s time to get a more accurate description of your customer and their needs. Implementing advanced CRM systems is just the first step in ensuring a more precise image of your customers. Complementary tools and systems are also necessary. Customer support tools, like Sugar Serve, track and quickly solve customer support inquiries and help you identify common pain points presented by your products or services.
We recently launched SugarPredict, our advanced predictive analytics engine that can compile data and information from across all your systems and public sources, and accurately predict which leads in your pipeline are more likely to convert based on historical data and trends.
Additionally, marketing automation tools such as Sugar Market feature intelligent tracking and analytics tools that will help you evaluate what type of content your customer base is more likely to interact with positively. Your marketing team will be more likely to tailor highly personalized messaging and strategies that appeal to your customers based on that information. Starting with May 2021, marketers using Sugar Market will leverage SugarPredict’s predictive analytics features to take messaging personalization up a notch and predict which marketing qualified leads are more likely to evolve into sales qualified leads and more.
3. Lower Customer Churn
Customer churn is a common issue across companies worldwide. Due to lack of visibility, 53% of the respondents to our survey claim they are not aware of which customers are likely to churn, leading to up to $5 million in lost revenue.
One viable solution to this problem is gaining a complex view of your customers and removing silos across internal systems. An aggregated view of your customer from different departments’ perspectives through their legacy systems might be a solution.
Incomplete customer insights also lower your customer base’s happiness levels. When sales, marketing, and services cannot agree upon what customers’ expectations are in terms of products, services, and brand interactions, your company is unlikely to meet those expectations. As a result, your customer churn rate will increase without your company having a clear answer and view of the “Why”.
4. Improve Data Quality through AI
The road to HD-CX provides the opportunity to reassess your internal data quality throughout your journey. More often than not, data is siloed, incomplete, and inaccurate and lacks the real potential of contributing to better customer interactions, and ultimately, more closed sales and less customer churn. With the rise of artificial intelligence (AI), customer interactions are becoming more complex, personal and generate more revenue. But AI models are highly reliant on the quality of data.
Advanced AI tools such as SugarPredict can overcome the limitations of poor-quality internal CRM data by analyzing both internal and external data covering millions of companies and contacts to accurately predict leads and opportunities you are most likely to convert.
5. Accelerate Company Revenue
52% of the sales professionals interviewed for our report claimed that their current CRM costs them revenue. Depending on the industry, the figures can go even higher. In finance, for example, over 65% of sales professionals complain about this issue. Gaining customers for life by ensuring HD-CX also has other perks. Happy customers are more likely to spend more on a product or service, unlike their counterparts. Moreover, happy customers are more likely to become recurring customers, which will generate more revenue in the long run.
The predictability capacity you win by implementing an articulated CRM tool and synchronized systems also contributes to accelerated revenue. The predictability factor allows you to identify leads that are more likely to convert based on historical CRM data and successfully nurture them into deals.
Going through the process of achieving HD-CX will teach you how you need to approach internal systems and processes to improve interactions with customers. As we identified in our CRM and Sales Impact Score report, many issues presented in this blog post can be quickly overcome by implementing better, more flexible CRM tools.
Want to learn more about how CRM implementation can help you ace customer interactions? Read our report!