No one could have predicted 2020. But it was as different as year as any of us can expect. Can you see clearly for what this year has to bring?
Rishad Tobaccowala is the author of Restoring the Soul of Business: Staying Human in the Age of Data, published by HarperCollins. Here are two of his predictions for 2021:
1. Marketers will invest in direct relationships with their customers. “Marketers will realize that the supply chain that needs to be most resilient is the chain that connects them to their customers and consumers and it is too risky to have Facebook, Google and others be the key gatekeepers. So, while using these platforms, they will invest in developing direct relationships through CRM, partnering with other marketers and ensuring that their long term future cannot be squeezed by the middle men. They will move dollars, even though less efficient in the short term, to new players from Pinterest, Snap, Tik Tok, LoopMe and others, to not be so reliant on one or two platforms.”
2. A third of the US economy will begin to face massive disruption due to new technology and the experiences of Covid. “Healthcare, with 18% of GDP, finance with 8%, and education with 7%, will face intense pressure. These three areas are truly intertwined with society and will change”
CRM helps businesses and non-profits to learn about their customers, including who they are and why they purchase your products or donate money to your cause, as well as trends in customers' purchasing/donating history. This allows businesses and non-profits to better anticipate their customers' needs and, as a result, fulfill them.
What is your customer relationship management strategy? We should talk about this as it’s important to begin laying out THAT strategy!