Maintaining customer relationships is a must. Companies must know their customers. They must know them very well. Therefore, it is all the more important that solutions that help companies to fulfil their duty are developed further. Because of new digital possibilities, systems are subject to constant change. Legal requirements also play a role. Today’s reading tips of the week show what insights have emerged from the CRM trends we presented at the beginning of the year.
With the wide variety of solutions for customer data, it is not that easy to keep track of them all. Particularly the more recent category of customer data platforms (CDPs) creates confusion among marketers. After all, it is not always easy to clearly distinguish between a CDP and other solutions. Today’s reading tips summarise the main differences between the most common systems.
You read about these three letters time and time again: CPQ. The abbreviation stands for Configure, Price, Quote. It describes a process chain in sales or in sales processes.
In order to make the sale of diverse and customer-specific products and services as simple as possible, an appropriate CPQ software which fulfils certain functions is required. What is it capable of?
It is immensely important for companies to be tangible for customers. That’s nothing new. Especially in times when all market segments are flooded with competitors, it is essential to have a holistic strategy – after all, you want to establish yourself in the market or further expand the presence of your own brand. As is often the case, there are different approaches, but one concept always plays a key role: the brand experience. It describes how customers perceive a brand and keep it in mind. This means that companies should always be aware of this topic when making decisions. Today’s reading tips provide answers to the questions that are surely buzzing in the minds of many entrepreneurs.
If you take a look at the charts of the world’s most profitable companies, you will see that German brands are rarely found among the big players. Volkswagen or SAP are exceptions. Particularly in the tech and IT industry, US companies dominate and Asian companies have long been on the rise.
This is surprising as Germany is home to numerous first-class brands, which are mostly rooted in the German SME sector. Companies such as Herrenknecht, the global market leader in mechanised tunnelling, are the hidden champions of the German economy – long-established family-owned companies that stand for sustainability and quality. However, this alone will soon no longer be enough. What if Elon Musk starts building tunnels? B2B content marketing is the answer.
B2B start-ups, the next hot thing. High margins, rapid growth in turnover and early profitability speak for themselves. When analysing the success factors of B2B start-ups, they differ greatly from B2C companies.
It becomes clear that B2B models often post a profit more quickly than B2C models because B2C companies have to invest significantly more in order to become popular – and developing a brand takes more time in general. B2B companies, however, can already survive in the market with few customers and little capital.
A modern, user-friendly customer experience should not be a question of industry, no matter whether it is ultimately about the purchase of a product, the potential creation of an offer or a business relationship in the making. Whether it is sales, service or purchasing: the different user groups in B2B wish for high-quality processed content.
Artificial intelligence is the digital business trend par excellence. That’s what you hear. That’s what you read. That’s what they say. The »Hype Cycle for Emerging Technologies« published by the US research firm Gartner confirms this year after year. But what happens next? Either the hype fizzles out and the technologies disappear again – or they reach what Gartner calls »Plateau of Productivity«. They become normal, they become part of everyday life.
At the moment, it looks like artificial intelligence has come to stay – after all, AI can already look back on almost 70 years of development. For companies, this means one thing in particular: they have to think data – available in large amounts – intelligently, using intelligent technologies that are also available.
To put it differently: we are at a turning point where we have to decide which existing technologies we make good use of and develop profitably. In this regard, supermarkets are an exciting field of experimentation – and every single banana can potentially be an exciting data set.
When talking to a chatbot, Germans are among the most unfriendly customers: they are often not satisfied with certain answers and frequently insult chatbots. However, the new communication channels are popular when it comes to topics that are too embarrassing for customers to talk about with a human being.
Nevertheless, chatbots have established themselves as effective business tools in times of crisis and some companies have shown how messenger chatbots can also contribute to effective customer communication beyond the Corona crisis.
BayWa AG is the largest agricultural trader in Germany and a major international player in agricultural and renewable energy business. The group has more than 200 sales locations in Germany and Austria. Besides a wide range of products, customers especially appreciate the competent and personal consulting services at these locations. However, BayWa is also one of the exemplary companies in terms of digitisation strategy.
Particularly during the Corona crisis, it became clear that the importance of the agricultural industry – even online – should not be underestimated. Between March and June this year, BayWa’s total order volume more than tripled in comparison to the months before. The Agriculture and Agricultural Equipment business unit recorded the largest increase. In particular existing customers, who had previously placed orders exclusively by phone, made use of the online ordering options in the BayWa portal for the first time during the Corona crisis.