The Modern CRM

Kate Leggett

Its Not Your Mother's CRM Anymore

CRM technologies are over two decades old. Companies first used them to provide “inside-out” efficiencies;operational efficiencies for sales, marketing and customer service organizations when interacting with customers. They aggregated customer data, analyzed that data, and automated workflows to optimize customer engagement processes. Companies could easily argue  business benefits by measuring operational metrics like reducing marketing costs, increasing revenues from sales people, decreasing sale cycle times, better pipeline visibility, decreasing service resolution times and more.     

Because of this quantifiable ROI, CRM became a must-have in large organizations. This strong demand prompted CRM vendors to tackle huge swaths of business problems, and fueled ongoing innovation and consolidation in the marketplace. Today, much of CRM technology is commoditized, and leading vendors offer competitive solutions, choke-full of features and functions, including deeply verticalized solutions.

Being successful at CRM today builds upon yesterday’s internal operational efficiencies and extends the power of these solutions to better support customers through their end-to-end engagement journey to garner their satisfaction and long term loyalty – an “outside-in” perspective. Modern CRM strategies enable good customer experiences. They support customer interactions with one another over a range of social, digital and mobile channels. How? By leveraging the vast amounts of interaction and transaction data to deliver contextual experiences that add value to the customer, and preserve the value of the company brand. 

How do you modernize your CRM?

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Is Your Agency Or SI Trying To Sell You A Digital Experience Delivery Platform?

Anjali Yakkundi

We recently published our digital experience delivery platform wave (you can find the blog post and accompanying report here).  These platforms have emerged to help solve customer needs around integration between digital experience technologies and data management.  

Over the past year, many agencies and systems integrators (SI) have also gotten on the digital experience platform bandwagon. These partners have been white labeling and directly licensing/selling digital experience platforms-as-a-service (PaaS). These solutions are typically built on the backbone of proprietary web content management (WCM) and eCommerce solutions (usually Adobe’s toolsets, though we found some notable exceptions built on Oracle and SDL), and are meant to provide an “as a service” model to delivering multichannel content- and commerce- driven experiences. Many, many services firms from both agency and systems integrators backgrounds have started to promote these solutions including well-known names like: SapientNitro, Publicis Groupe, Wipro, Infosys, Cognizant, Deloitte, and Capgemini.

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Digital Experience Delivery Platforms: Oasis Or Mirage?

Mark Grannan

To answer this question, we compared 13 digital experience delivery vendors across 29 criteria in our recent Wave report, "Digital Experience Delivery Platforms, Q3 2014." Overall, we found many areas of differentiation, but client adoption and usage is a mixed. While some organizations have made strides in contextual, omnichannel delivery, many fail at customer data management. Almost all of the vendors focused on customer acquisition but many haven't begun to support the entire customer life cycle. In the end, no vendor achieved Leader status.

Despite no Leaders, these 13 vendors are definitively tracking toward the goal of an integrated platform for enterprise digital customer experiences. Specifically, Adobe and hybris outpaced the competition as an aggregator and all-in-one, respectively, but IBM and Sitecore also placed as Strong Performers. Each of the Contenders in our evaluation  -- Acquia, Demandware, Digital River, HP Autonomy, Intershop, OpenText, Oracle, salesforce.com, and SDL -- have strengths and bring an enterprise track record around their core differentiation, but most vendors' platform efforts are still building credibility among enterprise clients.

Earlier this year, Forrester asked 148 digital customer experience decision-makers from across enterprise technology, marketing, and commerce roles, "What are the biggest technical barriers to creative and effective customer-facing systems?" Systems integration and data management solidly led as today's top challenges. Our Forrester Wave analysis aims to uncover which platforms address these top technical barriers and additional priorities such as contextual delivery and bridging content and commerce-driven experiences.

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Three Ways Mobile Apps Are Better With Contextual Sensor Data

Mike Gualtieri

Watch Forrester Researcher Rowan Curran explain how sensors in mobile devices and remote sensors can uniquely enable three new tiers app functionality. Also, be sure to download the full report: Use Sensors To Take Apps To The Next Level of Customer Engagement

Join The 2014 Financial Services Architecture Survey

Jost Hoppermann

Banks and other types of firms in financial services typically like to know the answer to the question: “What are the others doing?” They leverage the answer when, for example, assessing their overall strategic position, planning for the transformation of their application landscape to a more powerful customer-centric approach, or determining the “best” sourcing approach for this transformation. 

  

It is time to update the survey results: Forrester has just started surveying banks in North America, Europe, and further geographies about their major business drivers, the current state of their application landscape, their key issues and concerns, and their plans for the future. At a high level, the survey is designed to answer the question: “What are others doing?” Phrased in a different way, it targets the question: “What are the key trends regarding the transformation of the application landscape in financial services in the Age of the Customer?”

Source: November 8, 2012, “The Transformation Imperative In Financial Services Defies Any Crisis” Forrester Report

To make this survey successful, Forrester needs your help. If you are working in financial services in any role that is related to financial services business applications, architecture and strategy, please participate in Forrester’s Global Financial Services Architecture Survey 2014. If you have not yet received an email invitation, please contact me – JHoppermann (at) Forrester.com and I ensure that you will receive a link to the online survey.

Thanks a lot for your help,

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Agile BI Ship Has Sailed — Get On Board Quickly Or Risk Falling Behind

Boris Evelson

The battle over customer versus internal business processes requirements and priorities has been fought — and the internal processes lost. Game over. Customers are now empowered with mobile devices and ubiquitous cloud-based all-but-unlimited access to information about products, services, and prices. Customer stickiness is extremely difficult to achieve as customers demand instant gratification of their ever changing needs, tastes, and requirements, while switching vendors is just a matter of clicking a few keys on a mobile phone. Forrester calls this phenomenon the age of the customer. The age of the customer elevates business and technology priorities to achieve:

  • Business agility. Forrester consistently finds one common thread running through the profile of successful organizations — the ability to manage change. In the age of the customer, business agility often equals the ability to adopt, react, and succeed in the midst of an unending fountain of customer driven requirements. Forrester sees agile organizations making decisions differently by embracing a new, more grass-roots-based management approach. Employees down in the trenches, in individual business units, are the ones who are in close touch with customer problems, market shifts, and process inefficiencies. These workers are often in the best position to understand challenges and opportunities and to make decisions to improve the business. It is only when responses to change come from within, from these highly aware and empowered employees, that enterprises become agile, competitive, and successful.
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The Banking Platform Market Grew Again - Banks Refocus On Customer-Facing Functionality

Jost Hoppermann

Many of you know that Forrester has surveyed the global banking platform market since 2005. For 2013, we analyzed the deals of 29 vendors. Seven of these vendors – Infosys with Finacle, Misys, Polaris Financial Technology, SAP, SunGard, TCS with TCS BaNCS and Temenos – continuously participated since 2006. Earlier this year, we delivered a Forrester Webinar on some results of the survey analysis; and just recently Forrester published further results in a report.

Today, I would like to highlight some of the key results:

  • 2013 saw the second highest number of counted deals ever. The 29 vendors submitted more than 1,600 banking platform deals in 2013, making the number of counted deals the second highest we have yet recorded. New named deals decreased in number, while the amount of extended business deals grew.
     
  • Good customer relationship drove individual vendor success. In 2013, very successful vendors were those that were able to leverage good client relationships to extend deals and thus increase their market share. The number of combined new named and extended business deals grew by 4% from 2012 to 2013.
     
  • Customer-facing functionality drove 2013 banking platform deals. Banks signed for more functionality related to channel solutions, customer data/party management, and customer relationship management than in the past while more transactional functionality such as core banking and lending still grew, but reduced its footprint within the overall sold banking platform functionality. Banks refocused on customer-facing capabilities to win, serve, and retain customers and increase top-line growth.
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Vendors Battle For The Heart Of The Contact Center

Kate Leggett

Organizations fail to deliver a quality of service that customers expect. Our data shows that 67% of US online consumers say they've had unsatisfactory service interactions in the past 12 months. This parallels recent data from Accenture Global Consumer Pulse Research survey. This is because companies need a variety of queuing and routing, CRM and WFO software to support end-to-end operations  - software procured from a number of different vendors. Today’s set of un-integrated components restricts contact center managers from obtaining a full, multichannel view of customer interactions, makes it difficult to configure more effective rules for contact flow, and ultimately impacts the quality of service delivered.

The last decade has seen continued consolidation and turmoil in each of the three software categories, as vendors have acquired direct competitors to fill in gaps in their offerings. More importantly, vendors have acquired companies in adjacent spaces to broaden their customer engagement management capabilities and offerings. Today, the leading vendors within each respecive category offer robust end-to-end solutions, and you have to dig deep to find feature differentiation between software solutions. This has left vendors focusing on different verticals, geographies and deployment sizes in order to grow their footprint.  In addition, some vendors have made moves into developing capabilities or making acquisitions outside of  their respective categories to increase market share. Many vendors offer a combination of 2 of the three foundational building blocks for the contact center - but no vendor has robust end-to-end offerings across all three categories.

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Surprise! Customer Service Doesn't Need To Be Delightful - Just Effective

Kate Leggett

Forrester data shows that valuing a customer's time is the most important factor in good customer service. Customers simply want an accurate, relevant, and complete answer to their question upon first contact, so they can get back to what they were doing before the issue arose. Here are the numbers:

  • Consumers have little tolerance for long or difficult service interactions. 55% of US online adults are likely to abandon their online purchase if they can't find a quick answer to their question. In addition, 77% say that valuing their time is the most important thing a company can do to provide them with good online customer service, up 6 points from 2012.
  • Older customers are as intolerant to friction in service interactions as the young.  Impatience is not only a characteristic of the young. Older Boomers are not tolerant to long customer service interactions. Meeting these high expectations for the older generation can pay off. US online seniors may be less likely than their younger counterparts to purchase online, but don't underestimate their online commerce activity: 71% of US online consumers ages 69 and older have made an online retail purchase in the past three months.
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Ready Or Not, Metrics Will Decide Your RWD Success

Mark Grannan

Earlier this spring I was determined to tell the responsive web site management/operation story as a linkage between RWD’s business metrics and operational/site performance metrics and improvement tactics. Instead, I found a fragmented story: The business teams have different processes, tools, and goals from technical teams, whereby ‘management’ happens in isolation from ‘operation.’ Business teams that need to prove the ROI of RWD simply did not have a direct linkage to site performance, operations, and monitoring efforts. Compounding the problem, many front-end development agencies that build responsive sites don’t focus on metrics because they aren’t contracted for managed services after the site goes live. As a result, responsive site owners/committees must find their own fix, and our recent research is designed to address both RWD’s performance operations (i.e., speed) issues and business-value analysis for responsive sites:

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