Advertiser Platforms
Article | March 4, 2024
There is no doubt that we are experiencing times of tremendous change and uncertainty. Yet Univision's mission remains the same -- to inform, empower and entertain U.S. Hispanics.With a strong programming lineup, due to exceptional content partners and a proven strategy, we are focused on super-serving our audience, especially now when they need us most.
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Advertiser Platforms
Article | April 5, 2024
Are you new to audience campaigns, or looking to expand your existing presence on the Microsoft Audience Network? Using Facebook Import, it’s now easier than ever to get audience campaigns up and running by importing from Facebook Ads. Now rolling out to all advertisers in the United States, United Kingdom, Canada, Australia, New Zealand, France and Germany, this new feature is designed to save you time and maximize ROI by seamlessly bringing over your campaigns from the Facebook Audience Network into the Microsoft Audience Network. Facebook Import can be used as a standalone tool, as well as a powerful complement to any existing Google Import strategy.
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Advertiser Platforms
Article | March 12, 2024
Unlock the full potential of the CRM system with expert strategies and address issues and challenges in CRM implementation through tactical solutions for customer engagement and business success.
Contents
1. Introduction to CRM Implementation
2. Challenges in CRM Implementation
2.1. Data Migration and Integrity
2.2. Scalability
2.3. Data Security and Privacy
2.4. Cost Overruns and Budget Management
2.5. Inadequate Training and Support
2.6. Integration with Existing Systems
2.7. Measuring ROI and Performance
2.8. Mobile Compatibility and Remote Access
2.9. Data Quality Management
2.10. Vendor Reliability and Support
3. Future Proofing CRM
1. Introduction to CRM Implementation
Implementing a customer relationship management (CRM) system requires precise alignment with corporate objectives, rigorous system selection, and comprehensive stakeholder engagement to ensure seamless integration into business operations. Successful CRM implementation is a continuous journey of adaptation and improvement, central to building strong customer relationships and achieving business growth. The key strategies for successful CRM implementation that emphasize the importance of meticulous planning, customization, and ongoing evaluation to fully harness the system's potential will be presented below:
Strategies for successful CRM implementation: Avoiding the Challenges
Strategic Alignment: Begin with a clear CRM strategy that aligns with the business goals, ensuring the system supports customer engagement and growth objectives.
System Selection: Conduct a thorough evaluation of CRM platforms, focusing on scalability, integration capabilities, and customization options. Choose a solution that fits the company’s unique business needs and technological infastructure.
Stakeholder Engagement: Secure buy-in from all levels of the organization through effective change management practices. This involves clear communication, setting realistic expectations, and involving key users in the implementation process.
Customization and Data Integrity: Tailor the CRM to business processes while ensuring data accuracy through a thorough audit and cleansing of existing customer data before migration.
Training and Support: Develop a structured training program tailored to various roles within the organization, complemented by ongoing support to enhance user competency and adoption rates.
Monitoring and Continuous Improvement: Establish metrics to evaluate CRM performance, with regular monitoring and feedback mechanisms to continuously refine and improve the system's effectiveness.
2. Challenges in CRM Implementation
The selection of a CRM platform aligns with and propels business objectives forward. Integrating this system within the existing technological infrastructure without disrupting workflow, comprehensively training staff across diverse functional areas, and maintaining impeccable data integrity are just the tip of the iceberg. Each of these components presents its own challenges, demanding a nuanced approach and a depth of understanding that transcends primary operational considerations.
The CRM industry’s market value is going to grow at a significant growth rate (CAGR) of 13.9% from 2024 to 2030, as stated in Grand View Research.
Strategically overcoming these barriers necessitates a blend of foresight, expertise, and meticulous execution. Some of the common challenges in CRM implementation are listed below:
2.1. Data Migration and Integrity
The implementation of a new CRM system, the consolidation of data from diverse sources, or the merger with another entity calls for data migration. Regardless of the circumstances, it is imperative that organizations comprehend and meticulously manoeuvre through this procedure.
A primary obstacle encountered during data migration pertains to the assurance of data integrity during the transfer process. Data inconsistencies and inaccuracies can significantly affect customer relationships, decision-making, and overall performance. While taking technical factors into account, organizations must also consider the potential repercussions for their consumers and employees. Change can be intimidating and upheaval-inducing, particularly when it pertains to data that is indispensable for the execution of daily activities.
It is critical to establish protocols and procedures to ensure continuous data management. This encompasses routine evaluations and examinations, in addition to explicit protocols for data input and upkeep. Ensuring the veracity of data and preserving the integrity of CRM systems are both dependent on data governance.
2.2. Scalability
Scalability in CRM is a complex challenge that goes beyond simply managing an increasing volume of customer data. It requires a harmonious blend of technological, human, and strategic elements. At the heart of scalability is the need for a flexible infrastructure. Here, cloud-based systems play a pivotal role as they provide the adaptability necessary to accommodate growth without significant modifications. The integration of artificial intelligence and machine learning further enhances scalability by offering predictive analytics and automation to streamline operations.
Moreover, a strategic approach to data management, emphasizing rigorous governance and integrating diverse data types, is crucial for maintaining data integrity and leveraging information for personalized customer engagement. Encouraging an innovative culture within organizations, along with investing in ongoing learning and development for teams, ensures both the workforce and the CRM system can adapt and expand. Achieving scalability in CRM necessitates a multifaceted strategy prioritizing flexibility, intelligent data use, and an environment conducive to continuous improvement and innovation.
2.3. Data Security and Privacy
Integrating customer relationship management systems into businesses marks a pivotal advancement in leveraging consumer data for marketing, strategic planning, and analysis. However, this evolution brings data security and privacy challenges to the forefront. The complexities of data-driven methodologies within CRM systems necessitate a strategic and comprehensive approach to uphold data oversight and maintain consumer trust.
Ensuring optimal data oversight within CRM implementations requires balancing data utilization for business growth and safeguarding consumer privacy. Organizations must adopt a rigorous policy framework compliant with data protection laws and emphasize customer privacy as a cornerstone of their operations. A privacy-first culture is essential, transcending legal requirements to embed data privacy into the organization's DNA through clear data policies, ongoing training, and a structure that prioritizes privacy at its core. Additionally, leveraging advanced technology, including encryption and AI, is paramount to fortifying data security as an essential defense layer to complement policy measures.
During 2022, the worldwide number of malware attacks reached 5.5 billion, an increase of two percent compared to the preceding year..
Forming strategic partnerships with industry peers, regulatory bodies, and cybersecurity experts is a proactive step toward enhancing data protection standards. These alliances provide valuable insights and foster a collaborative approach, strengthening an organization's privacy strategies and contributing to industry-wide improvements.
2.4. Cost Overruns and Budget Management
Overcoming obstacles in CRM implementation, particularly financial ones, requires shifting from traditional budget management to a proactive, agile approach. The complexity of CRM systems often leads to escalating costs, posing significant challenges. These can stem from a lack of proactive planning, early underestimation of change management efforts, and insufficient stakeholder involvement, leading to scope creep and budget overruns.
To counter these primary challenges organizations face when implementing a CRM, a multifaceted strategy focusing on strategic reserve planning, agile budgeting, and data-driven decision-making is needed. Strategic reserve planning involves detailed risk assessment and allocation of funds for identified high-risk areas, moving away from a generic contingency fund approach. Agile budgeting allocates resources in cycles, matching the project's iterative nature, allowing for more flexible and responsive financial management. Data-driven decision-making utilizes CRM-generated insights for informed budgeting, enabling proactive adjustments. Cultivating a culture of financial agility that is supported by executive sponsorship and enhanced financial literacy among non-finance staff ensures that financial awareness permeates all levels of the organization.
2.5. Inadequate Training and Support
Addressing the deficit in CRM training is crucial for maximizing the system's potential and ensuring successful implementation. With adequate training, employees may fully utilize CRM features, leading to underperformance and failing to achieve the desired return on investment. The consequences of inadequate training extend beyond mere inefficiency; they can lead to data inaccuracies, user resistance, and a negative perception of the CRM system, compromising its integrity and effectiveness.
74% of companies say CRM software gives better access to customer data.
To overcome these challenges, organizations need to adopt a tailored approach to training that addresses the diverse needs and learning preferences of their workforce. CRM systems evolve, introducing new features and updates that require ongoing training to ensure users remain proficient. Providing accessible training resources, user forums, and communities for knowledge sharing are key strategies for fostering a culture of continuous learning. Proactive support efforts, such as regular user surveys and the establishment of superuser advocates, can help detect and resolve problems early, maintaining the CRM's efficacy.
2.6. Integration with Existing Systems
Integrating a CRM system within an organization transcends mere technological implementation and requires an understanding of existing legacy systems and cultural dynamics. The question of challenges in CRM implementation and how to solve them will remain persistent until the blending of the new with the old, ensuring the CRM coexists with and enhances the organization's ingrained processes and cultural fabric. Successful integration requires a holistic approach, encompassing data management, process adaptation, and, most importantly, human factors. Moreover, data governance and the strategic use of ETL tools and data warehousing are crucial for seamless data integration and utilization. The future of CRM integration lies in adaptable, scalable solutions that balance customization with sustainability, as exemplified by the rise of SaaS and cloud-based platforms that offer flexibility and innovation while minimizing infrastructure costs.
2.7. Measuring ROI and Performance
Unlike traditional ROI metrics, CRM's value encompasses both tangible outcomes, such as increased sales, and intangible benefits, such as customer loyalty and brand reputation. Calculating CRM's ROI necessitates cross-functional collaboration, recognizing that value is not solely derived from sales enhancements but also from cost reductions in customer service and improved interdepartmental communications.
CRMs have been shown to increase conversion rates by up to 300%, revenue by 29%, and sales team productivity by 34%.
Key Performance Indicators (KPIs) are fundamental in guiding CRM strategies toward achieving organizational goals. Continuous monitoring of these KPIs enables organizations to adapt quickly to market changes and customer behaviours. User feedback, coupled with data-driven analyses of usage patterns and customer interactions, paves the way for targeted system optimizations.
2.8. Mobile Compatibility and Remote Access
The strategic adoption of mobile CRM empowers modern businesses with real-time customer engagement from anywhere. Still, it also brings challenges such as security concerns, user adoption hurdles, device and platform compatibility issues, data synchronization needs, and cost considerations. Ensuring the security of customer data against the increased risk of mobile device loss, theft, or compromise is critical, necessitating stringent security measures like two-factor authentication and data encryption.
The mobile CRM market size was USD 32.8 billion in 2022 and is anticipated to reach USD 56.2 billion in 2032, growing at a rate of 5.5% from 2023 to 2032.
Additionally, ensuring that mobile CRM is compatible across various devices and operating systems is essential to avoid user experience and productivity setbacks, which calls for optimization across platforms. Maintaining data integrity demands regular synchronization processes and protocols for resolving data conflicts. Furthermore, mobile device procurement, software licensing, and maintenance costs must be carefully balanced against the long-term benefits of increased efficiency, enhanced customer engagement, and streamlined operations.
2.9. Data Quality Management
The critical importance of data quality in CRM systems forms the bedrock of modern customer-centric business strategies, transcending mere technological upgrades to become a central operational necessity.
The advent of AI and machine learning technologies has provided CRM systems with the capability to actively monitor and correct data quality issues, learning from system modifications to prevent future data degradation. This marks a shift towards viewing data quality management as a continuous, integral process rather than a series of isolated tasks.
The International Data Corporation (IDC) states that during 2020, the amount of data that has been created, captured, and replicated across the world will be more than 59 zettabytes, and over the next 5 years, the world will create more than three times the amount of data compared to the previous 5 years.
To maintain data quality, an agile management strategy that adapts to the dynamic nature of data and market changes is essential. This requires infrastructure and personnel that can respond swiftly to evolving data needs. Overcoming obstacles in CRM data quality management is not solely a technological endeavour. It is a comprehensive strategy that integrates technology, culture, and governance. Organizations that prioritize and invest in data quality can establish themselves as industry leaders, leveraging their CRM systems as a vital component of their operational and strategic success.
2.10. Vendor Reliability and Support
Implementing a CRM system is a collaborative effort that requires prioritizing vendor reliability over traditional evaluation methods. It's about focusing on the vendor's ability to deliver on promises, foresee integration challenges, and adapt strategies to meet the client's unique needs. This process calls for a partnership that spans the entire implementation process, from design and data migration to user training and change management. This approach encourages customization and ensures the sustainability of the CRM solution, making each stakeholder an integral part of its success.
For effective vendor selection, it's crucial to evaluate their technological roadmap, update their history and assess the strength of their partnerships. Also, service level agreements, support team interactions, and feedback from existing customers should be reviewed. The goal is to foster a relationship beyond transactions, promoting continuous engagement and growth for both parties.
Ensuring vendor reliability involves a rigorous assessment of their product development methodologies, commitment to risk management, and quality of customer service. Agile development practices, adequate customer support, and proactive risk management strategies indicate a vendor's commitment to maintaining a durable and flexible system, differentiating genuine partners from mere suppliers.
3. Future-proofing CRM
As organizations strive to harness CRM systems' full potential, they are confronted with challenges ranging from data integrity and scalability to data security, privacy, and vendor reliability. Overcoming these difficulties in CRM implementation requires a cohesive approach integrating meticulous planning, agile methodologies, and a commitment to fostering a data-driven culture. The strategies for CRM implementation to address the challenges with foresight and precision enable organizations to unlock the transformative power of CRM systems. This, in turn, enhances customer engagement and drives sustainable business growth.
The future of CRM is dynamic and promising, with technology playing a pivotal role in transforming how businesses understand, interact with, and deliver value to customers. By embracing AI, prioritizing data privacy, and creating seamless omnichannel experiences, companies can leverage CRM systems to meet and exceed customer expectations. As we move forward, the emphasis will be on using CRM as a tool for managing customer relationships as well as a strategic asset for driving customer success and business growth.
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Ad Tech and Martech
Article | June 22, 2022
Effective marketing is the lifeblood of every company. From the 1800s, when billboards influenced audiences to buy a certain soda, to today when an ad on social media can make people spend thousands of dollars, marketing has come a long way.
The success of the internet has opened new doors for advertisers and marketers. Companies cannot afford to ignore the lucrative online audience that is always available. Despite this digital advertising boom, out-of-home advertising (OOH) remains a popular and effective medium to influence customers. Figuratively, OOH and digital advertising are at war to claim supremacy. B2B marketers need to determine which is the better choice for their businesses.
Let us look at what OOH and digital advertising entail.
Out of Home Advertising: Promising Impact
Any advertising material promoting a business and displayed outdoors counts as OOH advertising. Billboards, vehicles, walls and benches are the common tools that advertisers use to promote products and services across cities. More recently, tactics like flash mobs and digital dashboards have added frillsto OOH advertising.
Companies are swiftly transitioning from traditional advertising to digital advertising. However, OOH advertising brings in a huge audience. For example, if you book a bus bench in Los Angeles to advertise your product, over 35000-50000 people might look at your ad. Netflix ran an interesting OOH campaign in France. It placed a digital screen on the outdoor boards that displayed GIFs of their original shows. These GIFs were reactions to events happening in France. When France was kicked out of the World Cup, the GIFs garnered attention and helped viewers remember Netflix.
Digital Advertising: Broader Demographic
Digital advertising is the way of the future. While it does not eliminate the power of OOH advertising, it does bring in a broad demographic online for most of the day. In addition, digital advertising is efficient when it comes to driving sales and revenue because digital ads go beyond advertising through personal engagement. According to Upward Labs, a highly recommended share can increase a product's value by an average of 8.8%.
Internet tools and social sharing get the audience involved in conversations and influence their buying decisions. As a result, it is easier to target the right audience when running a digital ad campaign. According to a study by Marketing Land, digital advertising is five times more effective than direct mail in terms of cost-per-conversion. Digital advertising hits a few snags, like ad clutter, ad fraud, ad blockers, and bot farms, but advertisers cannot deny how broad a demographic it reaches. Moreover, its influence is easy to track.
Parting Words
Though your digital ads may reach a broader demographic, they may lose impact over time. OOH advertising may be a more natural course to take. However, the demand for “360” marketers is taking the market by storm, so striking a balance between your digital and OOH ad campaigns and, at times, fusing the two can be the right way to go to.
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