Do you get advertising pop-ups when you visit the website of a management institute to look for MBA admission? A video on the internet or an ad for that matter? If it is so, you might have got surprised with a thought – how the Management Institute knew that you were looking for MBA related information? Kudos to Digital marketing! It has helped E-CRM evolve from being present to omnipresent. Today many more organizations, like the management institutes, are trying to remain connected with you. Let us understand the evolution of this phenomenon of E-CRM in its latest avatar.
E- CRM has evolved in a similar way the CRM has evolved. But technology E-CRM is nothing but, the technology-led “Avatar” or version of traditional CRM. E-CRM has evolved much faster than traditional CRM, in terms of both planning and execution. Let us see the comparison of both in the self-explanatory mode in the table below.
|Prospects||Longer conversion time due to traditional modes of communication||Shorter Conversion due to Internet communication|
|Respondents||Demographic Range and quantity was less||High quantity and bigger Demographic range|
|New Customers||The steady pace of new customer growth||The rapid pace of new customer growth|
|Established Customer||Very sustainable||Very volatile|
|Former Customer||Turning up was very difficult||Both Retention and turning up is easy due to modern communication|
|Identification||Tedious Process due to fewer resources||Very Easy and fast due to internet-enabled platforms and resources|
|Acquisition||New Customer acquisition was a lengthy process due to wide and complex geographical constraints||Due to internet-breaking all the barriers, new customer acquisition has become a rapid process|
|Delivery||Here The process was lengthy and complex and less transparent||Due to the internet, the process has become fast and also transparent provided ethically executed|
|Development||The maximizing value was a time taking the job, due to a lack of real-time actionable market insights||Due to real insights availability, Customer value development has become both complex and fast as well.|
|Retention||Due to fewer choices available due to the traditional model of information resulting in information shortage, the customers used to be retained easily for a longer period||Due to easy information availability, the customer has a wide spectrum of choices, hence it has become complicated to retain the customer. So E-CRM Dynamics has to be real-time.|
|Business Approach||Reactive, curative, Working in a silo||Proactive, Preventive, working with collaboration|
So E-CRM is the same approach as that of traditional CRM, which is being practiced in the industry. But how it differs is in the degree of preciseness and degree of real-time insights that can be brought in to consideration with the help of technology.
E-CRM 1.0 –In earlier times the E-CRM practices were aimed to solve customer problems. It was then known as the customer complaint help desk we can call this CRM1.0. This was totally reactive in nature.
E-CRM 2.0 – In E- CRM2.0, it later evolved into the customer care center going beyond solving problems, to facilitate the customers in any stage of the process and guidance for enabling the process. Looking at the increasing customer churning rates across all the markets, there was a need felt by the marketers to keep the customers intact rather than, going in for new customers and losing the existing ones.
E-CRM 3.0- E-CRM 3.0 focused on building relationships, that too on a customized basis to the extent possible. Building relationships with the ever-increasing, customer base with traditional means of communication was a big challenge. Here came the technology for the rescue of the marketers. Technology-enabled the marketers in following manners the way they used to manage customer relationships. This started the era of E-CRM 4.0.
E-CRM4.0- It helped the organizations in the following manner-
- Getting into the lives of the customer through the use of technology became easy through the internet.
- Real-time customer insights became possible, due to the analysis of the customer needs changing every now and then.
- Responding to the customer needs becoming easy with the help of the technology-enabled platforms owns or social media-driven.
- Another milestone came when the customization turned into something called personalization.
E- CRM 5.0- Now the next phase that is on the way or already in some organization is the E- CRM 5.0. This talks about the collaborative environment with the customers. So how this CRM 5.0 is different from the older versions of CRM? Let us explore in following points in the context of the organization and customer relationship.
- 0 is more collaborative in nature than before
- 0 is more inclusive in nature.
- 0 motivates to work towards co-creation in a futuristic manner.
- 0 promotes creating a community rather than the customer base.
E- CRM 6.0- This talks about complexities of the today’s consumer being an addict to multiple channels or shopping, content, and communication. Hence E-CRM 6.0 is nothing short of a customized “Orchestration” of the overall offering of going beyond all the terminologies of previous versions of E-CRM. It is now sort of “living in the heart” of the customer anytime, anywhere. This requires the weaving to connecting with the customer on multiple channels integrated so seamlessly that, it is now becoming, Omnichannel. That means insights of customers from one channel being absorbed from one channel and also getting responded to on another channel equally and seamlessly. So it is becoming hyper-personalization or customization to the extent that even an individual customer can drive the marketing of the customer towards him or her.
Getting awestruck!! Let me put it with experience. When we get on to any shopping website, they generally now customize their webpage completely customized for you. The company will do the marketing entirely for you and in the way suited to you, through any channel that you are on. These channels are completely integrated into their webpage through their super connectivity with you through technology. This has adopted not only by the corporates but also by many global education schools in management i.e. Master of Business Administration(MBA) and also other streams, which is visible in the way management and other education streams have evolved during and post-pandemic. So the personalization of E-CRM 4.0 and collaboration of E-CRM 5.0 got intensified in E-CRM 6.0 with super connectivity with the customer on all the channels with unimaginable and seamless integration of the E-CRM activities. Welcome to the era of E-CRM 6.0 and beyond with this eternal and super connectivity.