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Not every customer relationship management system is made equal. Typically, a B2B sales environment is more complex, with multiple buyers involved. A sale can take up to 12 months to close and involve more steps in the process. B2B deals are larger which means that there are fewer purchases. There are fewer leads because B2B products are not universally needed. Many people like Coca-Cola, but not everyone needs the tire assembly for an off-road earth mover.
Given the level of complexity, you need a customer solution that fits your unique B2B needs. Consider a system that provides the following:
As mentioned above, not every customer management solution is created equal. A B2C sales environment is typically less complicated than B2B. Sales take days—not months or years—and usually require fewer touchpoints. Deals are smaller, but there are more products per purchase. Given the need to focus on a broad audience to make quick and easy sales at a massive scale, you need a solution that fits your unique B2C needs. Ideally, your B2C solution should provide:
Data is the most important part of any customer software solution. The basis for successful customer relationship strategies hinges on accurate, complete, and accessible customer profiles.
Bad CRM data can come from several places, including:
Insufficient or wrong data can be costly and snowball quickly to degrade the value of your CRM.
However, with accurate information, businesses stand a better chance of reaching their target customers and prospects. Therefore companies need to collect and optimize these four CRM data types:
Identity data includes descriptive details to identify customers, leads, and contacts. This data should be the data used for marketing segmentation.
Descriptive data includes lifestyle details relevant to your contacts. This data gives you a 360 view of leads and contacts.
Quantitative data includes measurable data points that can help you interpret how your contact has interacted with your company.
Qualitative data can help understand your contacts' intent, including search behaviors related to buying decisions.
The best CRM systems offer robust analytics coupled with AI and machine learning. AI is the future of CRM, going beyond contact management and sales force automation to truly helping you sell. AI in CRM can guide you toward the next best actions and provide smart talking points—specific to each customer opportunity. AI also delivers timely customer intelligence that helps you optimize CX across marketing, sales, and customer service.
Traditionally, CRM was viewed primarily as a sales tool. Not anymore. While customer software solutions help sales teams organize their leads, automate follow-ups, and manage their opportunities and pipeline, it does a lot more for the other departments within your organization.
Since your solution holds important information about every lead and customer, this gives all customer-facing teams much greater insight into who they are, their motivations, what they might want, and what type of relationship they’ve had with your brand in the past.
This information gives your customer service reps context for when the time comes that they interact with those customers. The more your CSRs know about who they’re working with, the better they can serve them.
A complete customer view is necessary for business success and growth. Without a CRM system, you’ll struggle to develop that much-needed 360-degree view of the customer that you need to
Learn more about Oracle Sales—a CRM designed to help you sell more, faster.