For many companies, embracing CRM – or customer relationship management techniques – has proven to be incredibly lucrative. It’s a way to engage with customers, build that relationship, ensure it’s strong, and create the kind of atmosphere where loyal and returning customers are the norm. Customer satisfaction is always at the core of a successful business no matter the industry or size of the company. Over the past decade or so, CRM software has been helping to advance this notion and really improve the entire relationship from the ground up.
And while many businesses have taken to CRM software with open arms, blockchain hasn’t been quite as mainstream. Many businesses are under the impression that it’s either one or the other and that blockchain may not be necessary. Here’s the thing – a flawless combination of blockchain and CRM is proving to be the best solution and is well worth investigating further.
So, let’s peel back the layers and take a look at how blockchain is, in fact, improving CRM and how it could be worked into your own company.
What is Blockchain?
In order to better understand how CRM and blockchain can work in conjunction with one another and complement each other, it’s important to understand what blockchain technology actually is. If you’ve written it off because you figure it’s too high-tech for you to grasp, it’s time to think again.
At its core, blockchain makes it possible for digital information to be distributed, but yet it won’t be copied. It is described as the basis of a new type of internet that is more modern.
While it was originally designed in order to create Bitcoin blockchain – which is a digital currency – it has opened up the doors to all kinds of other practical uses that have nothing to do with digital currency.
The premise behind blockchain is that it’s transparent – there are no secrets, so to speak. It makes it possible for you to share information that can’t be altered and is clearly visible to all. It also provides a transparent path that shows exactly who created the information or ledger, again keeping everything in the open.
How Does Blockchain Enhance CRM?
So, how does this open-source information and data actually enhance CRM platforms and software? Well, employees will be able to tap into a complete customer profile and a data infrastructure that can be used in all different ways. In a sense, it makes your current CRM more functional, more efficient, and it can just “do more” overall.
Some of the standout features of blockchain include:
- The ability to use cross-brand and cross-platform services that were not attainable before blockchain
- The ability to transfer data in a very efficient way that is also cost-effective and doesn’t allow for errors to take place during transfer
- The integrity of the information will be kept as everything is transparent and cannot be tampered with
What’s also great about blockchain technology, or ledger technology as many refer to it, is that it gives businesses a huge amount of information regarding their customers in real-time. You aren’t looking at data that is days, weeks, months, even years old. You can access real-time information as it’s happening, allowing the company to have much better reaction times.
As a great example, you can have access to such specific information as the amount of foot traffic in a particular department of your store. This information is crucial for companies who are looking at ways to get the best return on their investment when it comes to the marketing plan.
Blockchain and Accounting Applications
Then there is the very notion that digital currencies could become the norm in the future, which would impact businesses in a big way. Rather than using standard forms of currency, Bitcoin could be used in transactions. This has prompted people to question how that fits in with their current accounting software.
In reality, it’s meant to enhance and complement it. Because the backbone of blockchain relies on transparent open-sourced information, it makes these transactions easy to document, track, and follow. It can be seen as just another layer of the business rather than a replacement.
Today many businesses turn to such popular software as Freshbooks and Quickbooks for all their accounting needs. You can read a summary of Freshbooks and Quickbooks on the PieSync website. The blog highlights all the pros and cons of each. Both are meant for small businesses and both are wildly popular right this moment. For those unfamiliar with PieSync, it offers a way to sync contacts two-ways between your chosen accounting software and your CRM. It’s all about giving businesses accurate, reliable, and effective information at their fingertips.
Watch for This Trend to Pick Up Steam
So, as more and more businesses become comfortable and informed on what blockchain is, watch for this technology trend to continue to grow.