How it's always been done
Posted on 24 February 2017
In business, there are some eternal values that still hold as true today as they did a century ago. The importance of a strong brand, for example, and of developing great products and delivering excellent customer service.
But there are many ways in which relying on the past can be dangerous to your business. Take technology, for example. We all know how fast paced and evolutionary this world is. Sticking to “how it’s always been done” can be a seriously risky strategy and inevitably, you’ll get left behind.
This is exactly what happened to rental movie giant, Blockbuster. Back in the 90s, they were the go-to place for your evening’s video and, latterly, DVD rental. The tide was already turning on high street rental shops in the early 2000s, when Blockbuster had the opportunity to buy a little known DVD-rental-by-mail outfit called Netflix. Netflix CEO and co-founder Reed Hastings offered Blockbuster his start-up for $50 million, but was turned down. When Blockbuster finally filed for bankruptcy in 2010, it had lost $1.1 billion and was valued at around $24 million. Meanwhile Netflix was valued at approximately $13 billion and has gone on to dominate the now massive streaming sector.*
Embracing new technology doesn’t necessarily mean global domination. But it does mean you can improve efficiency across the business and, in turn, offer a better service to your customers.
A Customer Relationship Management (CRM) solution is just one great example of embracing technology to improve customer experience for better customer satisfaction.
Customers want to be able to engage with businesses through a variety of means, such as social media, email, SMS, and phone calls. They expect the business to recognise they’re the same person who just emailed a complaint, without going through a lengthy explanation of their actual concern. With CRM software centralising your customer interactions, you greatly increase your chances of nailing the kind of service your customers expect and deserve.
New technology can be daunting. However, it can also open your business up to a whole raft of new opportunities and benefits. It’s time to stop saying “that’s how it’s always been done”, and start saying, “How can we make it even better?”.
Enhanced is highly experienced in working with businesses to develop a bespoke CRM solution, discover the top three benefits in our blog.