Improve Customer Relationship Management with Blockchain
Customer relationship management requires continuous data collection, sorting, and analysis to deliver the best customer experience. It enables businesses to make every interaction with their customers more meaningful and personalized. Implementing customer relationship management based on Blockchain technology improves customer experience and increases the perceived value of the enterprise’s offerings. The application of blockchain makes data management more systematic due to its ability to maintain chronology. It allows businesses to make decisions based on real-time and updated data.
Organizations that are aware of blockchain technology and its capabilities are planning to use distributed ledger technology to improve their CRM system.
Let’s take a closer look at the benefits of using blockchain technology in customer relationship management.
Blockchain brings transparency in business dealings which allows customers to access information that builds a sense of trust in an organization. In retail business, it gains customer trust by enabling a product tracking facility enabled by a blockchain that allows their customers to check from where their product is sourced. Secondly, you can also conduct transactions on your website without any third-party financial organization involvement.
Ensuring customer privacy and security of records
Token IDs for customer profiles which are done by using blockchain, ensure the privacy of customer data that is collected for the personalization of services. This system makes it difficult for even organization employees to link profiles to actual customers, preventing the possibility of identity theft and other forms of data misuse. It keeps the identities of customers safe as no one has complete authority over the system. This ensures proper regulation of any set policy on the CRM as well.
Collecting and profiling consumer data to provide them a highly personalized experience enhances the perceived value of a business’s product or service. Personalized services help in improving customer engagement by using targeted marketing campaigns that would ensure a sale conversion.
Improve loyalty programs
Keeping track of every transaction allows businesses to devise loyalty programs. Blockchain enables analysis of customer’s purchase history, which can lead to the creation of personalized rewards based on the products bought by the customer.
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May 7, 2021