CRM, defined as customer relationship management, no matter if it’s cloud-based or software-based, its main purpose is to help store massive amounts of customer data so that organization can then process said information to help generate leads while maintaining existing relationships. However, is CRM the only way for organizations to connect with their customers, is there a better way? Could online events be your answer?
What is CRM
CRM is a powerful tool for organizations that want to improve their efficiency, organization of data, and relationships with their clients. Advancements in technology have also meant that using CRM is now easier than ever, and more secure than ever, allowing for all the employees of an organization to access customer data securely and quickly. CRM also allows for organizations to gain a better view of their business with detailed analytics and sales reports, enabling them to improve their forecasts and improve productivity.
Limitations of using CRM
CRM is indeed a tool that can help propel a business forward, giving them a way to better utilize all their data by using cutting-edge analytics. However, it also brings forward some massive difficulties businesses may not be able to overcome.
High cost of ownership
Nowadays, most organizations use CRM to better connect with their customers, but it comes at a high cost. Businesses must factor in the cost of the subscription itself, which is usually based on a per user basis. They may also require more services such as marketing and servicing, which adds to the already hefty price of the software. Businesses will also need to completely revamp their IT systems to accommodate the brand-new CRM software. As with every piece of new software, there is a steep learning curve. For CRM to function correctly it requires all staff to be trained on what the software’s benefits and limitations are to avoid accidental inputs which skew projections. Not only does this take time, but it also requires a large amount of money.
Security and availability concerns
CRM requires its users to have an internet connection to access and store customers’ data, the data is also stored with the CRM software supplier rather than locally. As internet outages become more frequent over time, whether it be because of natural disasters or server failures, businesses will be unable to access its customer data during internet outages, causing a potentially significant amount in lost income until the issue is fixed. Moreover, the increasing prevalence of hackers means that the security of the CRM system must be airtight to prevent loss of customers’ personal information, which usually comes at a significant cost to the business.
Loss of human touch
CRM essentially works independently; it takes in data and processes it automatically. This may save businesses a significant amount of time when it comes to sorting data but it makes the customer’s interactions with the business seem robotic. The loss of a human touch may cause them to go to other businesses who have a more personalised approach to customer relationship management.
What are online events?
Online events are events that have at least parts of, if not all their guests interacting online rather than in-person. There are 3 main types of online events: webinars, hybrid events and virtual exhibitions, each unique in their own way.
Webinars allow users to attend events as an online audience, allowing them to interact with the speakers from the comfort of their own home. Hybrid events combine both in-person events with virtual events, allowing for clients who wish to get a more hands-on experience to be able to do so, while also catering to clients who are unable to attend in-person to do so virtually and learn more about your product and services, proven by our customers’ 43% boost in attendance when hosting events with EventX. Virtual exhibitions allow vendors to create unique stalls they otherwise would not be able to do in real life, it also allows for even more customers and brands to attend.
Why can online events be part of the CRM?
In a post COVID-19 world, businesses are increasingly realizing the incredible potential hosting online events hold. The lack of a need for physical venues has meant that businesses can save on one of the largest costs associated with hosting events. EventX allows its customers to try out its webinar and online exhibition services for free for the first time, and costs significantly less than CRM systems when customers decide to continue using our services.
Better networking opportunities
When hosting webinars with EventX, customers can choose to include breakout sessions and expandable lounges for audiences to interact with each other. Users are also able to schedule 1 to 1 meetings with each other for quick networking opportunities during webinars.
A more personal touch
Even in the digital age, customer relationships are still managed best when interacting with others directly. During webinars, clients using EventX to host their event will be able to interact with their audience to let them share their insight with everyone by putting out polls and Q&As, making the event feel more bustling and personal. EventX also provides live chat support for all its events with dedicated account managers for their enterprise clients, which is why we have a 98% customer satisfaction rate.
In a Nutshell
CRM software is a great option for large corporations or organizations that deal with a lot of data, but it’s a costly investment that might not pay off. Online events on the other hand are relatively inexpensive and with EventX providing the extra human touch and in-depth analytics, it is a perfect option for those looking at add-ons to traditional CRM.
Interested in our solution?
Are you looking for a great one stop hybrid event solution for your virtual, physical or hybrid events? You may want to have a chat with our event consultant.
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