BAM 181: Customer Relationship Management
Module #20 Student Activity Sheet
Lesson title: Emerging Trends in CRM Materials:
Learning Targets: Activity Sheet
At the end of the module, students will be able to:
1. Evaluate the emerging trends followed in CRM References:
2. Identify the trends followed in CRM Jhanji, H. (Ed.). (2020). Customer
Relationship Management., New
Delhi-110028.
Buttle, F. Customer Relationship
Management (4th ed.). Routledge.s
A. LESSON PREVIEW/REVIEW
Introduction
[Link] LESSON
Content and Skill-Building
Below are the notes about Emerging Trends in CRM. You may underline or highlight words or phrases that you
think is the main focus of the lesson.
1. Say Hello to Artificial Intelligence (AI)
For converting manual tasks into automation driven functions, AI coupled with CRM can contribute to
the enhanced efficacy. Chatbots automated by AI can ascertain and forecast what additional details a
customer might need.
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BAM 181: Customer Relationship Management
Module #20 Student Activity Sheet
2. The Internet of Things takes no backseat (IoT)
Advanced CRM systems will leverage from this, by linking connections to IoT feeds from their
respective devices. A user mainly uses an IoT machine to transfer data about maintenance or product
issues to the service provider. Now that IoT joins hands with CRM, a company can easily identify
potential threats and performance defects raised from the customer satisfaction quotient. The future
years are yet to see a hefty transition from wearable health monitors, to cybersecurity scanners which
were a dream in the past.
3. Voice Technology to the Rescue
It becomes vehemently easier for sales folks to notify, update, and track their teams regarding customer
data with the usage of voice technology. One of the succeeding facets to be explored by the CRM
systems is voice engagement. And it is anticipated that this technology can engender bigger waves
when teamed up with a CRM network.
4. Vertical Markets and Customizable CRM
The evolution of CRM trends can never be complete without fostering the vertical markets. As the world
of CRM is engulfing more changes, the platforms are expected to get more niche-oriented. Some of the
highly regularized industries such as finance manufacturing and healthcare might soon be able to pick
from an eclectic collection of CRM platforms. These will automatically be equipped with in-built
functionaries to meet the future of industry standards.
5. CX will still be the top priority
Customer experience will continue to mold the future of the CRM systems. Experts predict that the
CRM systems of tomorrow will evolve to provide simplicity in use, access, and analysis. This in turn will
trigger revamped and more personalized customer service, which will produce a better customer
experience. It will now be possible to deliver information that responds to the needs of the customers
and directs them into the marketing funnel.
6. Customer Self-Service
One of the latest addition in the CRM market trends will be self-service and automation. Bots will take
up more responsibility and cut down on the manual management tasks gradually. In fact, many
platforms have started rendering chatbots that are programmed, to sum up details, ask questions, and
provide rather personalized content for the users. Imbuing self-service will help customers get their
answers, without much intervention from the company side, thereby saving time and energy. And thus a
win-win situation
7. Mobility
Gone are the days when CRM was not able to leave the office confinement. Now, with the urgent need
to pace up digitally, mobile CRM is like a new talk of the town. This puts a laser-beam focus on the
pertinence of mobile devices. With the inducement of mobile CRM, professionals can work beyond the
9 to 5 schedule and catch up with the meetings on the go too.
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BAM 181: Customer Relationship Management
Module #20 Student Activity Sheet
8. Powerful Integrations and CRM
Advanced integrations teaming up with future CRM software will facilitate more information on the users
and expand the overall platform functionality. Also, these integrations with data sources and various
business systems make it possible to track external interactions with the users. This gives the company
a notch up too, as they can get a unified perception of the customer’s journey with more effective data.
9. Social CRM on the Go
Linking social CRM with the CRM systems can pull out many additional benefits. Mixing these together
gives you a better perspective of how people see their brand and what they are posting about them.
When social CRM is deployed, it becomes really easy to create deeper relationships with customers. In
simpler words, you can now conveniently get a better picture of how your clients see you and get fast
answers to their tastes.
Most Affected Industries
Travel and transportation industry has been almost revolutionized by CRM. For them, CRM makes the
difference between being in business or out of it. Financial services, insurance, investment banking,
education and utilities are the other large scale adopters of CRM in the services sector.
The concept of retailing has been redefined with CRM. Product industries are using it for marketing as
well as after sales support. Increasing number of product manufacturers are able to retail directly,
thanks to CRM.
Why should you adopt CRM? CEOs are realizing those who are not able to come up with effective
CRM strategies risk being edged out of business. Customer is the king and the business strategies
must be built for ensuring customer loyalty. It costs six times more to create a new customer than to
retain an old one.
1. Increased Sales Revenues
(a) Sales reps spend more time on productive calls and less on chasing information and dry calls.
(b) Ability to penetrate and support a wider geographical area.
(c) Sales transactions 24 hours, 7 days a week.
2. Increased Responsiveness
(a) Ability to respond to changing customer preferences in real time.
(b) Reduced leftover stocks, reduced business risk and zero budget planning.
3. Increased Win Rates
(a) Ability to concentrate resources on likely customers.
(b) Availability of customer preference data.
4. Increased Margins
(a) Improved value-sell and reduced price-sell.
(b) Opportunity for cross-sell and up-sell.
This document is the property of PHINMA EDUCATION
BAM 181: Customer Relationship Management
Module #20 Student Activity Sheet
5. Reduced Cost
(a) Improved customer satisfaction ratings
(b) Personalized customer service.
(c) 24X7 service and support.
(d) Customized products.
(e) Improved information availability
Exercise:
MATCHING TYPE: Read each statement carefully. Match Column A with the best corresponding answer in
column B by writing the correct letter before each number.
COLUMN A COLUMN B
_________1. The king and the business strategies must be A. CRM
built for ensuring customer loyalty.
_________2. The concept of retailing has been redefined B. Chatbots
with ________.
_________3. Latest addition in the CRM market trends C. Customer experience
_________4. Continue to mold the future of the CRM D. self-service and
systems automation
_________5. Automated AI can ascertain and forecast E. Sales Revenue
what additional details a customer might need.
F. Customer
Check for Understanding
Read each statement carefully. Write AGREE if you agree on the statement and DISAGREE if you do not
agree.
_____________1. Increasing number of product manufacturers are able to retail directly, thanks to CRM.
_____________2. Traditional integrations teaming up with future CRM software will facilitate more information
on the users and expand the overall platform functionality.
_____________3. When ERP is deployed, it becomes really easy to create deeper relationships with
customers.
_____________4. Experts predict that the CRM systems of tomorrow will evolve to provide simplicity in use,
access, and analysis.
_____________5. CEOs are realizing those who are not able to come up with effective CRM strategies risk
being edged out of business.
This document is the property of PHINMA EDUCATION
BAM 181: Customer Relationship Management
Module #20 Student Activity Sheet
C. LESSON WRAP-UP
Summary / Frequently Asked Questions
● Marketing of Banking Services
Answer: Marketing of banking services means organizing the right activities and programmes in rendering
the right services to the right people at the right place, at the right time at the right price and with right
communication and promotion. Marketing of banking services embrace the following unique features
λ Intangibility: They cannot be seen or possessed physically but can only be experienced.
λ Inseparability: Their production and consumption occur simultaneously.
λ Variability: They are highly variable depending on the merit of customers.
λ Perishability: They cannot be stored.
Thinking about Learning
Which parts of the lesson still feel confusing to you even after checking the answer keys and reviewing
the content? List them below and tell your teacher.
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Answer Key
Content and Skill-Building
1. F
2. A
3. D
4. C
5. B
Check for Understanding
1. AGREE
2. DISAGREE (Advanced integrations teaming up with future CRM software will facilitate more information
on the users and expand the overall platform functionality.)
3. DISAGREE )When social CRM is deployed, it becomes really easy to create deeper relationships with
customers.)
4. AGREE
5. AGREE
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