The Important Business Development Trends
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The Important Business Development Trends

By CIOReview | Wednesday, May 22, 2019

FREMONT, CA: Marketers try to keep a track on the current developments and make strategic transformations accordingly. It takes over 18 calls to connect with a buyer. Further, customer retention is even more challenging. An unhappy client is more likely to leave than negotiate. However, awareness and adhering to some intelligent business practices can work wonders in terms of business growth.

1. Personalized Communications

Almost 98 percent of the marketers agree that personalization boost business. But personalization comes at the cost of raised expectations. Clients expect the marketers to offer a minimum of what they had suggested in the previous interactions. If not, they won’t hesitate to move on with a new suitor.

With the help of relationship intelligence automation, marketers can have an understanding of their probable customers, which is a significant insight into personalized communication.

2. Prioritize Customer Experience

Currently, the marketers do not compete primarily on product or price, but on customer experience. In 2016, around 64 percent of consumers reported that they had switched providers owing to unsatisfactory customer service.

Tools like Introhive helps to build deep customer relationships while aiding marketers to develop a strategic business plan according to their requirements in advance.

3. Data-Driven Digital Transformation

The universal trend of digital transformation often overwhelms an organization. Though technologies like machine learning (ML), blockchain, and artificial intelligence (AI) are promising, their prime focus must be on understanding the trend through customer data. Data-driven transformation leverages business growth and fosters an environment of trust among the marketers and the customers. Merging technological advancements and customer data holds the key to gain significant market share.

4. Relationship-Driven Business

It’s a fact that people buy from the people they like. Customer relationship management (CRM) tools help to discover common grounds and insights that strengthen the prospect of a long term relationship. A significant cut in the amount of effort and time spent in prospecting for probable customers using relationship mapping tools.

5. Account-Based Marketing

Account-based marketing (ABM) refers to the practice of engaging a particular set of target accounts while leveraging personalized communications and client focus. Based on a survey report, ABM enhances the target account engagement capabilities, sales and marketing alignment, qualified prospects, and pipeline opportunities.

Thus, there is a trend of building personalized customer relationship among marketers. But without a strategic plan that meets customer requirements, those customers cannot be retained.

See Also: Business Management Review