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6 Customer Experience Trends that Define 2022

2 min read

Customer experience is one of the top priorities for competitive companies this year. Learn more about what companies are doing to gain an edge in 2022.

Successful companies have been trying to figure out how to deliver an impactful experience to customers to make them stay and encourage others to enter the sales funnel. According to a survey, 45.9% of business professionals say that customer experience is the top priority of their business in the next five years, beating product (33.6%) and pricing (20.5%).

But how do companies elevate their customer experience strategies in 2022? Here’s how:

1.   Businesses are improving their personalization strategies

Personalization is all about ensuring that the product and service the brand offers meet the individual requirements of a target customer.

When customers receive a product and service that is relevant and responsive to their needs and preferences, they are more likely to get satisfied with the brand. This makes them more likely to stay and purchase again in the future.

In fact, according to research, 86% of buyers are willing to pay more for a great customer experience. Additionally, in another report, 49% of buyers claim to have made an on-the-spot purchase simply because they have received a personalized experience.

Learn more about personalization here and why it matters in 2022.

2.   More omnichannel experiences for customers

An omnichannel experience is achieved when businesses deliver a constant and seamless experience across a variety of communication channels such as email, social media chat, and website chatbots using consumers’ different devices, behaviors, and choices.

If you want to know more about omnichannel experiences, here’s how you can adopt an omnichannel digital strategy.

3.   Customer loyalty remains a priority

Many businesses found that making customers stay is much cheaper than getting new customers— and it has led to an increase in sales. That’s why customer loyalty remains a priority for competitive businesses this year.

Check out these five important techniques for effective customer retention.

4.   Customer reviews matter now more than ever

According to McKinsey, customer reviews now have more influence on consumers than any marketing strategy, especially during the pandemic. And this trend is more likely to stay post-recovery.

Customers leave online reviews to inform others about their customer experience. Many customers look for overall product performance and buyer satisfaction when reading reviews.

Online reviews also help new potential customers learn more about a business. According to Statista, 93.4% of customers check and read customer reviews first before buying from an unfamiliar online business.

5.   The rise of predictive analytics

To leverage customer experience, companies also invest in tools and technologies that allow for predictive analytics. This helps them understand their customers more deeply and amplify the impact of their customer experience.

Companies can also track their customer experience performance through surveys, gather customer feedback, and act on the data they’ve gathered from these surveys. This helps them spot the weaknesses in their strategy and improve it.

Learn more about customer profiling here:

Start enhancing your customer experience

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How Customer Relationship Transformed Marketing

3 min read

Companies that value customer experience gain 4-8% higher revenue than their competitors in their industries. They are found to be 60% more profitable than companies that don’t focus on customers. Find out what customer relationship is all about and how it transformed the way companies deal with their customers.

When companies talk about customer relationships, they usually refer to the marketing strategies a company implements to encourage customers to stay for the long haul. Customer relationship strategies aim to build loyalty and they typically require determining what customers uniquely need and want first before anything else.

However, right now, companies face roadblocks in identifying these needs and preferences. The global pandemic caused a shift in consumer preferences and changes in consumer behavior, which means that the consumer data that companies have gathered in the previous years may be rendered irrelevant.

Without the right data about your target customers, it would be hard to offer the right solutions. This puts a strain on the customer relationship. Some customers may avoid coming in contact with the business again after the business failed to address their needs and preferences.

How Customer Relationship Works

All customers start from a point where they had zero knowledge about the brand. Along the way, they come into contact with the brand via advertisements, word-of-mouth communication, or other promotional activity of the business.

This is where brand awareness starts. When the brand messaging piques their interest, they may seek more knowledge about the brand. And after weighing options, or when a need arises, they may proceed to select the brand’s product and services out from the competition.

They will then use the product. Here, an experience will be formed. If it’s a good experience, the customer may consider buying the product again in the future. In fact, they may even act as brand ambassadors, actively promoting the product and the brand to other people.

If it’s a bad experience, the customer may no longer choose the product in the future and may even discourage others from buying the product.

Customer relationship then aims to keep the customer moving from the first stage (awareness) to the last stage (advocacy). It seeks to keep customers loyal to the brand (and promote the brand to their social circles) by identifying the customer’s specific needs, offering the right solutions, and consistently offering a positive experience throughout their journey.

How Customer Relationship Transformed Marketing

Many marketers began to prioritize customer relationships after seeing successful companies implement a customer-centric model.

According to a report, 45.9% of business professionals would consider customer experience as their #1 priority for the next 5 years.

And this is because many customers now would prefer experience over anything else. In fact, according to research, 86% of customers claim that they are willing to pay more for a great customer experience.

It’s not stopping anytime. At the end of 2020, a study expects customer experience to overtake price and product as the key brand differentiator.

How to Integrate Customer Relationship in Marketing

To emphasize the concept of customer relationship when engaging customers, take note of the following:

1.      Prioritize gaining customer trust

You can never build loyalty without gaining customers’ trust first. That’s why, in all things you do, always ensure that you will be able to gain the customer’s trust at the end of the day.

To do this, your products and services must be reliable. They must create a positive experience for your customers. They should be able to fix a problem or provide a solution to a challenge.

2.      Understand customer’s intent

Understanding why your customers became your customers is essential in running a customer relationship marketing strategy. It helps you predict intent and anticipate the needs of your customers before they even say it.

Here, you can create a roadmap that leads to a smooth journey for the customer, leading to customer satisfaction and loyalty. Integrating technology may be necessary to speed up processes and increase service accuracy and reliability.

3.      Identify opportunities through customer data

Throughout the journey of the customer, sales opportunities may arise for the business. Identifying these opportunities will not just increase revenue but may also enhance the experience for the customer.

Sending personalized offers or promotions, for example, is a way to enhance the customer experience and exceed their expectations. Gathering customer data through tools and technology is an effective way to personalize offers.

Customer Profiling with Saphyte Forms – YouTube

4.      Management must agree

To enhance the customer experience, the management must first agree that this is top priority. Drafting customer-centric company policies are, therefore, necessary to ensure that employees collectively follow protocols that aim to give customers a positive experience.

These policies must also align with company goals, mission, and vision. To build genuine relationships with customers, those at the top of the organization must lead in doing so.

Transform Your Marketing

Learn more about how to use tools and technology to gather customer data and provide a personalized experience. Get in touch with our experts here at Saphyte. Click here to get started.

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Analytics is More than Just Data in a Customer-Centric World

3 min read

We’ve gone past making your business’ identities, and now is the season for building your brand’s success through customer experience analytics. These days analytics is integral to refining your customer experience and overall customer journey. 

For some time now, brands have focused on internal business functions like product design, supply chain, and customer service to drive new and better customer experiences. Some organizations focus more on their product and use customer feedback to generate value or develop loyalty products for better customer retention. We can all agree that these strategies are all good but can also be unsustainable in the long run. 

Analytics Bringing more than just Data on the Table

Customer experience isn’t just about function and form. Guessing what your customers want can be counter-productive and, at the same time, annoying. Businesses fail to understand that the root of customer experience understands how your customer can relate to your entire brand. To gain and leverage such insight, organizations must learn how to harness the power of customer data and analytics.

Customer experience analytics is discovering, collecting, analyzing essential customer data. This process produces actionable insights to derive better decisions and solutions to benefit your customers and business. These decisions, in turn, allow your business to run for a more tailored or hyper-personalized experience for the individual customer.

Analytics will always be an integral part of refining the customer experience moving forward. Research shows that 90% of business managers believe analytics can improve their sales performance. Another study shows that 62% of businesses believe that analytics can increase their sales by 20%. 

Competing in Data-Driven Economy – Not as simple as ABC

Organizations must acknowledge or eliminate guesswork to compete and win in a data-driven economy. Data is more than just mere numbers. With this current economic setup and competitive environment, businesses must have access. They must have the ability to act on customer data with speed, agility, intelligence, and accuracy. 

How Data and Analytics Helps Improve Customer Experience

You’ve heard of the phrase, “customers are the lifeblood of your business” a million times over, and you’re getting sick of hearing it. But, if you’re planning to leverage data and analytics, knowing your customers and keeping them engaged is the best thing you can do for your business. 

Yes, it’s exciting to find new technologies and strategies and harness them for your business’s advantage. However, forgetting the main objective of your business is to create relationships that add value to your company and bottom line. An intelligent customer experience (CX) and your customer lifetime value (CLV) strategies are the best way to go. So how can analytics create an impact on customer experience? 

Understand Customer Sentiments and Level with Customer Emotions

Emotions play an essential role in building relationships with customers and vis-a-vis. Marketers over the globe clearly understand the impact of emotions and feelings in the decision-making process. As mentioned in the previous lines of this article, competing in data driven-economy is not easy. Consumers face many marketing materials, from emails to social media platforms. Unsurprisingly, only a tiny amount of that gets through.                                                                                                                      

Learning how to act on collected and processed data is an essential skill that businesses should pick up. Despite the harsh competition, you’ll be at the most disadvantage without data analytics. Nowadays, using and processing big data to understand the customer better and insight into how they feel is critical to connecting with them emotionally and winning their loyalty. 

Businesses may source data from different methods or mediums. These methods may include formal surveys, call transcripts, social media comments, reviews, and any other form of exchange between a brand and a customer. In return, the collected and processed data allows businesses to analyze quantitative and qualitative feedback to improve customer services, whether by changing or using softer language, more emotionally established marketing campaigns, or a more hyper-personalized service.

Streamline Service and Save Time

Having long sales funnels is no fun for your employees and your customers. Organizations should do their best to streamline processes and save time whenever possible. 

Customers hate it when their calls are redirected frequently and still can’t seem to find a solution. In these cases, when your data is processed and analyzed, you can easily match sales reps to more appropriate roles or improve the efficiency of your entire team. Ensure that all customer information is in a single platform, like CRM software solutions, streamlining your business process and saving time is within reach. 

Analytics Help Improve Communications

Communication is not about the words you say but how you say them. Not communicating well with your customer is like playing minesweeper. That is why it is essential to gather much customer feedback and reviews as possible. 

In this case, you can use customer feedback and satisfaction scores to improve communications among employees and customers. Feedback and reviews allow your team to redirect their efforts and even tap on opportunities that have never been. Or even in situations where agents are not performing well because they spend too much time looking for peer support. 

Your team can avoid confusion and re-routing communications with the help of accurate and valuable data. When data analytics are put in place, your team knows where they stand with the customer. They can use better communication strategies to make service interactions more efficient when they have this knowledge.

Enhance targeted marketing practices

Big data is also paramount for implementing effective and targeted marketing strategies. Organizations need to pay attention to click-through rates of links communicated via marketing emails, text messages, and other channels. For example, it can reveal whether a marketing strategy results in actual sales. Furthermore, geolocation data may allow brands to better target customers near brick-and-mortar stores or during the in-store shopping experience.

Brands may use the information collected to share sales events and other news on discounts applied in-store. As brands collect various types of data on their customers, taking a thoughtful and customer-centric approach to interpreting data can result in better service practices and more substantial customer experiences.

Key Takeaway

Analytics is more than just a piece of processed numbers. Analytics has become their lifeline to stay competitive in a data-driven economy to some businesses. Trusting in guesswork no longer works in this present day and age. Companies need accurate data, precise analytics, and responsible actions to stay relevant and even gain an advantage in the market. 

In a customer-centric world, upping your customer data and analytics game is the best way to get ahead.

Curious how digital ecosystems can help improve your business?

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From Our Clients: Why Businesses Need a CRM

3 min read

“The price of doing the same old thing is far higher than the price of change.” — Bill Clinton

There are so many things that companies do nowadays that we can view as inefficient. Take collecting customer data, for example. Many companies interview customers, type in data on their spreadsheets, and just press “Control+F (or Command+F on Mac)” whenever they’re looking for a specific information.

But this can get tiring at some point. 

Say, for example, the company needs to email customers that are located in a specific city, or customers that are in a managerial position, or customers that work for a specific company. 

Pressing “Control+F” to find each qualified customer to email can be a huge inconvenience for sales teams, especially if they’re dealing with thousands of customers. And companies that seek to grow are bound to face this challenge.

How can CRM address this problem? Why do businesses need a CRM these days? And how has the pandemic highlighted this necessity? 

Let’s take a look at our clients’ feedback.

Our clients’ take:

1. It’s needed to not lose track of leads and prospects

It’s easy to lose track of your leads and prospects, especially when you have thousands of data to deal with. This lost sales opportunity can be a huge cost to your business.

What the CRM does it that it registers an entry of customer-related data to its database. It can describes the interaction between the customer (or lead) and the business,  which helps keep everyone on the same page when it comes to the said customer (or lead).

This helps inform sales team of the status of the customer (or lead) and proactively engage them so they can quickly move to the next stage of the pipeline.

Before Saphyte CRM, we were using multiple tools for the management of our leads, prospects and customers. 

This was too difficult to manage and, as a result,
 we were losing leads and prospects.

Saphyte allows us to manage everything in one central place.

-Amit Nayyar, Chief Financial Officer and Co-Founder at Nautilus Solutions
logo-ms

2. It’s needed to help you visualize data

Data can be overwhelming, but having a software that visually translates data can make things easy. That’s the function of the CRM.

It helps you create, update, and export reports. It can display graphs, charts, or tables on a dashboard to give you insights and help you make data-driven decisions. 

These visualizations can also be adjusted, exported, digitally saved or printed so that you can send them to team members, managers, potential investors, or partners.

Prior to Saphyte, we were logging and tracking all of our sales opportunities in spreadsheets. However, due to manual error and poor data input, it was difficult to have accurate visibility on our sales performance. 

Now, we’re able to easily capture and manage all of our sales activities in one place..

-Tariq Abudayeh, Area Manager at Stalwart Mechanical and Engineering Equipment Trading
stalwart

3. It helps centralize operations

CRMs are built and designed to let you perform important workflows in once centralized database. This means, you can do everything in one software, without the need to switch to other software for other tasks.

In one CRM, you can have a complete set of tools that let you perform email marketing, sales forecasting, lead and client management, team workspace management, and product catalogue management, among others. 

Because you get all the tools you need in one digital ecosystem, you won’t have to integrate third-party tools or even switch platforms just to perform tasks— which helps you save time and effort migrating data in between.

We were using another platform but it wasn’t easy to use and with Saphyte being so user-friendly it was a no brainer for us. 

I now have a complete overview of our operations at the click of a button, which I can access anywhere on the road.

-Stefan Biswick, Co-Founder at 33 Voices IQ

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4. It helps maintain a high level of customer experience

Customers are all about experiences these days. This, in fact, has been highlighted the most during the pandemic.

If a business is unable to meet customer expectations, especially during an online interaction, then the business risks losing that customer for good.

Businesses can use CRMs to automatically capture and analyze leads. They can also gain real-time feedback from customers which can be used to improve the way the business deals with them at every touch point.

Saphyte has been the perfect tool for us to easily digitize the way we manage our customer relationships, moving away from manual processes as the business grows. 

We can now automatically capture and analyse our leads from a variety of different channels, giving us real-time feedback on where our customers are coming from and how they track along the sales process. 

Each person is now completely aligned during each project. Meaning, we’re able to effectively maintain a high level of customer experience when delivering our services.

-Abdullah Gadit, Managing Director at Mystic Advertising

mystic

Book an appointment Curious how a CRM can help improve your business workflows? Take the next step now and click here to get started.

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What is Buyer’s Remorse and How Can Companies Prevent This?

2 min read

Companies should watch out for buyer’s remorse and exert all efforts to prevent it. Ignoring it can spell disaster.

Have you every bought a product that made you instantly regret buying it? Or have you ever experienced bad service from a business that stopped you from buying from them again? Whatever you’re feeling is normal. That’s called buyers remorse and it typically happens across the buying process. The challenge for many businesses is to keep communication lines open to prevent this from happening and encourage customers to get over the “remorse” and purchase again from the business.

What is Buyer’s Remorse?

Buyer’s remorse is the feeling of regret after a purchase. This leads to a buyer wanting to immediately request for a refund or return a purchase or both.

Companies should aim to prevent buyer’s remorse from happening. And they can do this by providing quality products and exceptional service. However, sometimes businesses can’t match customer expectations, leading to a buyer’s remorse.

That’s why businesses should be mindful of these steps to prevent it from happening— and from losing sales and discouraging other customers from buying from you after reading negative reviews:

Steps to Prevent Buyer’s Remorse

Ensure quality in product and service

The first step to ensure customers won’t feel regret after buying from you is to, well, ensure they won’t have something to regret to begin with.

Most customers get dissatisfied when getting a bad product or a bad service, as they should be. To ensure this won’t happen, companies are encouraged to regularly conduct quality checks for their products and services.

Communicate effectively to manage customer expectations

One of the major sources of buyer’s remorse is when customer expectations are not managed well. This may happen because of misleading advertisements, or in general, bad communication.

To ensure customer expectations are met, explain to customers (verbally and in writing) what they can expect to receive from you and your company after making a purchase. Provide as many details as possible. And be honest when sharing reviews from other customers.

Encourage customers to purchase again through simple follow-ups

Simple follow-ups like a thank you note do a good job managing buyer’s remorse.

Notes like “Thank you for supporting small businesses like ours. Your purchase means a lot to us and everyday we strive to provide you better products and services.” encourages customers to be empathetic and be less harsh in criticizing your business.

Here, you can also leave a contact information for feedback, to allow them to participate in improving your business— which coax them to look forward to doing business with you again.

Manage online customer groups

Online customer groups (like those on social media platforms like Facebook) allow like-minded customers to discuss and share their experiences with your products and services.

Not only will these provide you free media mileage, but it will also provide you with valuable feedback to know your customers’ needs better and how to meet them.

Reward loyalty

Loyal customers should be rewarded for their loyalty. According to many businesses, loyal customers are so valuable that they are responsible for at least 80% of a business’s sales.

When customers know that they are loved and valued by your business, it makes it harder for them to switch to competitors. Additionally, when customer loyalty is constantly rewarded, it lessens the stress and regret associated with purchases, reducing the chances of customers experiencing buyer’s remorse.

Redefine Customer Engagement

Keep communication lines open. Have a 360-degree control of your customer needs with Saphyte. Get started here.

Generate a customer feedback loop automatically. Ask us today.

Gain the advantage by using tools to upgrade your customers’ digital experience. Get started with Saphyte.

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25 Stats for Manufacturing Companies in 2021

2 min read

The manufacturing industry is one of the most important and largest industries in the world. In fact, in the US alone, it is estimated that manufacturers contribute over $2.3 trillion to the economy every quarter.

Responsible for the exchange of goods and technology, manufacturing companies are also collectively able to transform countries for the better. Where is this industry heading? And how did the pandemic impact the industry?


Find out with these 25 stats for manufacturing companies in 2021.

US Manufacturing Companies Stats

The US manufacturing industry is one of the largest in the world.

As mentioned above, manufacturers contribute over $2.3 trillion to the US economy.

It is also estimated that between 2009 to 2018, the value-added output from the manufacturing of durable goods rose from $870 billion to $1.33 trillion, with non-durable goods output estimated to have increased from $810 billion to $1.06 trillion.

The US manufacturing industry for at least 11.4% of its GDP.

According to National Association of Manufacturers, for every $1 spent in manufacturing in the United States, another $2.79 is added to the economy— the highest multiplier effect of any American economic sector.

It is also observed that for every single employee engaged in full-time work in the manufacturing industry, additional four employees get hired to work elsewhere.

According to the U.S. Census Bureau, almost 250,000 firms were reported to be active in the manufacturing industry in the United States in 2016. Only 3,837 of them had more than 500 employees and about 75% of the firms have fewer than 20 full-time workers.

By 2030, 4 million manufacturing jobs will be needed.

According to Deloitte, up to 2.4 million jobs are expected to go unfilled in the United States over the next 10 years because of a skills gap in the labor force, and up to 4.6 million manufacturing jobs will be necessary to meet the expected demand.

According to the U.S. Department of Commerce, US manufacturing has reached an all-time high in 2014 for the number of goods that reached the export industry, which brought a total of $1.403 trillion in revenues.

Global Manufacturing Stats

According to the U.S. Department of Commerce, the number of American manufactured goods that are headed to China has tripled since 2005, from $31.9 billion to $98.2 billion in 2018.

The World Trade Organization has also estimated that the global trade in manufactured goods doubled between 2000 to 2017, with the total value of the industry increasing from $4.8 trillion to $12.2 trillion worldwide. Currently, the United States holds an 8.7% market share, up from the 7.6% it held in 2002.

The US manufacturing industry has received an estimated $1.6 trillion in foreign direct investment in 2017, an increase compared to the $569.3 billion it received in 2006.

About 2.5 million manufacturing workers are employed in the American affiliates of foreign multinational firms in the United States, an estimated 20% of the total employment in this sector.

The most significant levels of employment from foreign nationals include automotive vehicles and parts (407,000), chemicals (364,000), food (301,000), and machinery (228,000).

As for research and development in manufacturing, around $252 billion has been invested in 2017, up from $132.5 billion in 2000. Over 30% of the investments have been poured in pharmaceuticals.

Digital Transformation Stats in Manufacturing

Predictive maintenance is a trend you will see rising in the next decade.

Around 98% of active manufacturing organizations report that they incur a cost of over $100,000 with every 60 minutes of downtime.

Tech adoption is estimated to reduce maintenance expenses by 20% in manufacturing.

About one-third of the active manufacturing agencies have digitized their supply chains, with the number estimated to have increased to three-fourths at the end of 2020.

The global market size for digital transformation in manufacturing was valued at $220.90 billion in 2018 and will nearly triple to $642.35 billion by 2025.

The adoption of predictive analytics technology grew 76% from 2017 to 2019.

Around 98% of manufacturing companies expect to increase efficiency by using digital technology.

Around 20% of the top manufacturers expect to use IoT and automation for large-scale processes.

Around 49% of leading companies were found to have invested more in digital compared to their counterparts. 90% of lagging companies were also found to have invested less in digital compared to their counterparts.

Around 75% of manufacturers were estimated to have used cloud technology by the end of 2020.

25 Stats for Real Estate Companies in 2021

3 min read

The real estate industry is one of the biggest industries in the world. It’s also one of the oldest— as houses have been built since time immemorial. But with technological changes ongoing and disruptions in the market existing, how will the real estate industry fare in the next few years?

Here, we’ve compiled 25 stats for you to check out. We’ll also briefly explain how CRM is used in real estate and how you can leverage growth by using one. So let’s get started with stat number 1.

US Real Estate Statistics

Let’s check the stats of one of the world’s largest real estate industries— the US.

According to the National Association of REALTORS®, around 5.64 million existing homes were sold in 2020.

According to the U.S. Census Bureau, around 822,000 newly constructed homes were sold in 2020.

Around 106,548 real estate brokerage firms were acknowledged operating in the US in 2017.

According to the 2020 Profile of Home Buyers and Sellers, the typical home seller is reported to be living in their home for 10 years. The typical home size is said to be 1,900 square feet. And the typical homeowner is 47 years old.

Realtors and Technology

Let’s check how realtors implement their workflows using technology.

According to the National Association of Realtors, 93% of their realtors prefer to communicate with clients through SMS, 90% through the telephone, and 89% through email.

Websites are also important tools to advertise the business and generate leads, with around 70% of broker/broker associates and 69% of sales agents reporting to own a website.

About 81% of members have their own listings on their website, 69% have information about buying and selling, and 66% have a link to their firm’s website.

Social media sites are also important marketing channels, with 74% of realtors reporting to have used Facebook (56% have used LinkedIn) to conduct their operations.

Social media campaigns have been successful so far, with 20% of members reporting to have gotten at least 1 to 5% of their business from social media, and 10% of members have gotten 6 to 10% of their sales from social media platform(s).

Check out how you can record potential home buyer’s data in a clean, systematic way here:

Home Buyer Statistics

Important stats about potential home buyers.

First-Time Buyers:

First-time buyers: 31%

Median age of first-time buyers: 33

Median household income of first-time buyers: $80,000

Repeat Buyers:

Repeat buyers: 69%

Median age of repeat buyers: 55

Median household income of repeat buyers: $106,700

Houses that were typically purchased were about 1,900 square feet in size, were built in 1993, and had three bedrooms and two bathrooms.

Buyers typically financed 88% of the home price.

There has been an increase in homes purchased through real estate agents or brokers— with 88% reported in 2020 from 69% in 2001, an estimated 19% increase in around 20 years.

Buyers report that they have found the home they purchased through:

the Internet: 51%

a real estate agent: 28%

a yard sign/open house sign: 7%

a friend, relative, or neighbor: 6%

a home builder or their agent: 5%

directly from sellers/knew the sellers: 3%

Home Seller Statistics

Important stats about home sellers.

In 2020, many home sellers were reportedly 56 years of age, had a median household income of $106,500, and lived in their homes for an average of 10 years.

Around 89% of sellers were assisted by a real estate agent when selling their homes.

Homes that were sold were reportedly listed on the market for an average of 3 weeks.

Around 41% of sellers who used a real estate agent found their agents through a referral by friends or family.

About 26% used the agent they previously worked with to buy or sell a home.

Around 74% of sellers reported that they would definitely use the same agent again.

CRM in Real Estate

Stats about real estate agents or companies that use CRM in their day-to-day operations.

Around 60% of real estate agents who earn at least $100,000/year use a CRM software.

The Real Estate Management Software Market is expected to hit $12.89 Billion by 2025.

Reports show that each dollar invested in a CRM solution, even for real estate, brings an $8.71 return.

Around 26% of real estate professionals report that they are more productive when using a Customer Relationship Management (CRM) software.

How is CRM used in Real Estate?

Real estate agents and companies use a CRM to organize their sales process. This helps them improve the efficiency in dealing with multiple leads and clients, as well as managing client relationships.

CRMs, when properly used, allow real estate agents and companies to establish good relationships with potential buyers as well as with sellers. The technology helps them gather information about a specific buyer’s needs and preferences, and match listed properties according to their interests.

Saphyte lets users systematically gather information about their leads and clients’ needs, preferences, and interests, so they can personalize their service at the end of the day.

CRMs like Saphyte also let real estate agents automatically send them content via email that are relevant to the buyer’s profile. This improves real estate agents and companies’ ability to generate leads, convert those leads fast, and increase their sales.

Get started with Saphyte by clicking here.

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How Digital Ecosystems Help Improve Customer Experience

3 min read

Digital ecosystems provide some of the best tools for businesses nowadays to improve customer experience. They work together hand-in-hand to streamline companies’ work processes and make them more efficient.

As a result, when customers engage the business in one of their channels, the customer’s needs and requirements are provided for right away. Ultimately, this leads to an enhancement of the customer experience, which leads to customer loyalty and an improvement in the company’s sales overall.

What do digital ecosystems do?

Now you might be asking what do digital ecosystems look like and what do they do.

Well imagine yourself wanting to cook a specific meal and you go to your kitchen— you’ll look for the knife to cut up some of the ingredients, a chopping board, your stove, maybe some ladle, and whatever you’re going to cook your food on.

Now imagine having none of these things or say, at least, you’re missing one of these things— that’s going to make your cooking task much harder to do right? That’s the same with any “ecosystem” that exists in businesses.

What digital ecosystems essentially do is provide a complete set of tools that allow businesses to go digital. It lets them perform sales and marketing tasks in one centralized platform. The ecosystem then provides them all the tools they need there, so they can finish all their tasks much more efficiently, without the need to switch platforms just to use a tool or perform a specific task.

Watch this video for a brief yet complete explanation of digital ecosystems:

Which companies use digital ecosystems?

Below is a list of companies that use digital ecosystems:

Amazon

Netflix

Capital One

3M

Alibaba

Alphabet

Apple

LinkedIn

Twitter

Bosch

Disney

GE

Digital ecosystems are also popular in industries such as automotive, healthcare, and finance.

How digital ecosystems help improve customer experience

Now in the example above, the ingredients for your cooking would be your business data— businesses that use data perform better than those that don’t. And you just can’t cook without the ingredients.

The same is true for business data. It’s virtually impossible to run businesses and achieve your goals without knowing the price of a product, who’s going to buy it, or where your product is available for purchase.

In sales, for example, you’ll need data to know more about your customers, what they need, what they want, when they’re going to take an action, and what ticks them off.

What digital ecosystems do, among other things, is that it lets businesses gather data from customers systematically and organize this data in such a way that it becomes easier for users to use, access, and analyze this data, and ultimately make decisions based on this data.

These data-driven decisions help improve customer experience. It helps businesses collect data about customers’ needs and requirements, without asking them again and again. It helps businesses predict the customer’s next move, and provide customers their needed information so they can take the next action easily and quickly.

Running a Digital Strategy

Digital activities have been accelerated due to the pandemic. It has reshaped how sellers advertise their products and services to potential consumers and it has also changed how consumers look for product options online.

This made strategies such as SEO optimization gain traction. And traditional stores are now seeing the importance of selling products online.

When running a digital strategy, all communication channels of a business should be integrated and orchestrated in one single platform as this ultimately improves customers’ experiences across points of contact, including traditional and digital channels.

Omnichannel marketing lets you make use of the data you’ve gathered from a lead right from the point of contact to any sales and marketing strategy designed to make them stay.

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5 Best Practices for Insurance CRM

4 min read

Insurance companies have seen an increase in relevance lately. With the COVID-19 pandemic, their products and services are used to cancel or at least mitigate the impact of the virus to the lives and businesses of their customers. This means an increase in customers, or at least, the need to increase the number of insurance policyholders to cushion the impact of rising medical costs to insurers.

But the increase in customers could challenge the existing practices of insurance companies. What’s more, when customers are dissatisfied with the level of service they receive during the pandemic, their impression about the company could last even after this global crisis. That’s why it’s important for businesses to consider their strategy in approaching the market during these times, as it could determine their success in the future.

So what role do insurance CRMs play in the marketfield right now? Why is it necessary for businesses to create a CRM strategy? What could they do to maximize their CRMs?

What is an insurance CRM

An insurance CRM is a software designed and developed to streamline the work processes of insurance companies. Their features are made to make the tasks of insurance companies— particularly those sales and marketing-related— more efficient.

Tasks such as lead generation, lead and customer engagement, and lead and client management usually follow a specific workflow. With insurance CRM’s automation features, these tasks can be cut short or at best, eliminated, with the CRM “working for the company like a trusty assistant.”

Insurance CRMs are also known for increasing teams’ productivity, reducing companies’ operational costs, and driving sales growth. When used properly, they could give companies competitive advantage and could lead them to long-term success.

Role of CRMs in Insurance Industry

Insurance companies need to regularly get customers (or policyholders) to succeed. This helps increase the pool of resources and mitigate the risk for all policyholders. They also need to encourage existing customers to pay on time and even avail of other products and services through cross-selling or upselling.

What CRMs do is help sales and marketing teams of insurance companies perform all their tasks quickly and more efficiently. For example, sending out promotional emails can be done towards targeted segments through CRM’s automation features. Meaning, in just a few clicks, customized promotional emails will be sent to targeted leads, depending on the stage they are in during the buyer’s journey.

CRMs also help insurance companies with the documentation— pictures, important information, contracts— which are necessary to verify policyholders’ identities and for insurance companies to conform to legal processes.

In fact, in 2020, CRM in the Banking, Financial Services and Insurance (BFSI) industry is worth $12.86 billion globally. They are primarily used for Marketing and Sales Automation, Customer Management, Lead Generation and Customer Retention, Customer Support and Contact Centre, and Analytics.



A proper and automated system for documentation and analytics is the future for insurance companies

A proper and automated system for documentation and analytics is the future for insurance companies.

Five Best Practices for Insurance Companies

Below are five best practices for insurance companies:

Gathering more customer information to improve personalization of product offerings

Delivering timely and responsive services

Being tenacious — managing rejections and identifying sales opportunities

Understanding your position as an insurance agent — and that of your client’s

Practicing innovation and exploring new ways to engage leads and customers

1. Gathering more customer information to improve personalization of product offerings

One important thing that businesses must do is gain a deeper insight about what their customers like, need, or are potentially interested in. This can only be done smoothly when the business has a system to follow. To make it look less intrusive, businesses are advised to send out forms for their customers to fill out in exchange for a benefit— like a product discount or even a freebie.

When the business gains important data from their customers, this data can be used to generate analytics and form a more accurate buyer persona. It helps them personalize their product and service selections and future engagements with their customers.

2. Delivering timely and responsive services

In business, time is of the essence. Any delay can cause customers to stop buying from you and turn to your competitors for help. To deliver timely and responsive services, businesses must always be on their toes serving customers what they need even before they ask for it. This also applies to leads— some just need a little nudge, a little reminder, or persuasive message to make their first purchase.

Here, it is highly suggested for businesses to use CRMs and other tools to have a “round-the-clock, reliable assistant” that reminds you of what needs to be done or even automates your tasks for you (meaning, they can do your tasks for you on schedule or when certain conditions are met) without having to be reminded. This is a groundbreaking technology that provides companies a competitive edge that they should not miss out on.

CRMs can send personalized messages to target customer segments on schedule or upon triggering certain conditions (such as when a lead makes their first purchase or when a lead subscribes to the newsletter).
3. Being tenacious — managing rejections and identifying sales opportunities

In business, some “no’s” might eventually become “yes’s” and these are what insurance agents should keep in mind. As long as a lead is willing to be part of your newsletters, keep them informed of what your products and services can do for them— how they would benefit them and how they’d be needing them in the future.

Cover stories about how some customer’s insurance premium helped them navigate a world looming in uncertainty— and how it would help them traverse the post-pandemic world. Show them how your products provide value to the lives of “real people” and how they could be part of these people in the future.

Remember, a persuasive content or material could be the only step remaining for a lead to finally convert into a customer.

4. Understanding your position as an insurance agent — and that of your client’s

Sometimes insurance agents miss out on sales opportunities because they’re too sales-driven. Remember to put clients first, before sales quotas. And this begins with understanding your positions as an insurance agent and that of the client’s.

Determine how you should frame the value of your products and services and how it would impact the life of the client. Identify what the client needs, how much they can afford, what they prefer to do in the short-run and in the long-run, and what they prioritize right now.

This helps you trim down your action plan into something more simple yet beneficial to the client. This eventually translates into excellent service— one that the customer would definitely recommend to others.

5. Practicing innovation and exploring new ways to engage leads and customers

As the world is shaped and reshaped by technology, insurance companies must find new ways to engage potential customers as well as existing ones. This means that companies in this industry must be keen in innovating, integrating technology into their workflows, and create fresh and impactful ways of improving the customer experience and welfare.

This starts with investing more in their own research and development, or by partnering with third-party software companies and drafting a blueprint that provides the company more edge in online engagement and in other non-traditional channels.

Find out how you can be more with an insurance CRM

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The Rise of the Digital Ecosystem

4 min read

COVID was the pivotal force that only fast-tracked the process of digital transformation for most parts of the world. Currently, executives are looking for ways for their companies’ digital transformation has become more urgent than ever.

Companies now face an urgent choice: to either go digital, or go bust. Digital transformation is essential now to gain footing and to make a complete business recovery. Digital transformation and adopting platform-based business models will define the shape of organizations’ recoveries and having a platform to execute your recovery plan through digitalization is important.

This is where the rise of the digital ecosystem takes place.

What is a Digital Ecosystem?

With the result of the recent pandemic the world no longer functions on the one-solution-fits-all approach. Thus, giving birth to a newer business model – the digital ecosystem.

A digital ecosystem is a dynamic, interconnected network that necessitates reliable communication among its customers and trading partners. An ecosystem is an adaptive, interconnected network of features that provide a holistic solution to streamlining business processes and effectively managing customer relationships.

What are the Benefits of an Ecosystem

As cliche as it may seem but with a solid digital ecosystem, the possibilities are endless. An ecosystem allows you to create a holistically connected, cross-device system that helps automate the processes of your business. An ecosystem that does not depend on external applications for it to fully function. Here’s how an ecosystem can benefit your business overall.

Sales

An ecosystem can mitigate your sales team’s workload by creating a visual system that allows them to manage their sales pipelines and current and future deals in just a few clicks. This shortens your entire sales cycle ensuring that your team can focus on making sales. When you’re in the right focus, you can secure clients as soon as possible, reducing the threat of competition.

Marketing

You can accelerate your marketing strategy through an ecosystem’s campaign management, marketing automation, email marketing features, and more. These features allow its users to personalize, organize, and automate their marketing campaigns without even breaking a sweat.

You can augment your online presence without having to fuzz over the process. Now, you can focus on creating content that adds value to your campaign that leads to conversions.

Teams and Connect

Have visibility over your team and have better insights on the breakdown of your tasks with an ecosystem’s team and workspace, and connect tools. Through these features you can promote team building, and ensure that your tasks are moving forward and are getting done.

A team that works together, creates better endless opportunities.

Tools and Integration

Better tools for better business. There are plenty of external apps that you can integrate to your ecosystem, such as personal apps, PSP apps, live chat apps, and identity verification apps.

What are the challenges of Migrating to a Digital Ecosystem?

Manual tasks may seem harmless upfront, but in reality they do more harm than good. Studies show that office workers spend 69 days a year on administrative tasks, costing companies $5 trillion a year.

Still not convinced yet? 45% of current paid activities can be automated by today’s technology, that is an equivalent of $2 trillion in total annual wages.

Manual tasks create more room for errors. The more manual tasks you have, the more you need to reinvent your entire process. Why? Out of every 100 steps, a human is likely to make 10 errors, even when carrying out somewhat redundant work.

Moving out from your manual methods does not come easy. But it doesn’t mean it’s impossible. Here are some of the challenges you might face when you move out from your manual methods.

Convincing Your People to Change

Getting Approval from Management

Handling Data Migration and Security

Leaving Favored Programs and Software Behind

Dealing with the Time and Cost of Implementation

Trusting the Technology

Choosing the Wrong Ecosystem

Lacking Scope Clarity

Managing Integrations

How Saphyte helps you deal with these challenges

Saphyte is one of the best digital ecosystems for businesses who are looking forward to making the change.  Saphyte has gone beyond being a three-dimensional CRM and has become a full-fledged digital ecosystem that allows its users to streamline their sales, marketing, and lead generation through its network of features.

So what are the features that users can take advantage of if they decide to partner up with Saphyte?

Always on-the-go? Saphyte has the tools for you

Getting your team up and running smoothly requires features and tools to make it happen. Here are some of the features that Saphyte has for your sales team.

Sales Pipelines

Companies with effective pipeline management had an average growth rate of 5.3, a 15 percent increase. Even more interestingly, companies that mastered three specific pipeline practices saw 28 percent higher revenue growth.

Quotes and Invoice Management

Time is an integral matter that shouldn’t be wasted. Hence, the need for more streamlined and straightforward solutions, rises. You can now stop manually creating quotes, switching from one platform to another, and sending them to clients. With Saphyte’s Quote and Invoice Management, you can effectively remove unnecessary steps and be more effective at the same time.

Email Marketing

Did you know that email personalization generates a 26% increase in open rates? With Saphyte you can personalize your email with our email templates and automate your whole email marketing campaign in one platform.

Landing Page Builder

The average conversion rate for landing pages is 9.7%, because 90% of your visitors who read your headline will also read your call-to-action (CTA). If you think getting yourself to build one requires prior technical knowledge, Saphyte has got you covered. All you have to do is choose a template, edit the content, set your domain, and publish it live. Easy, straightforward, and no hassle.

Drip Email Marketing

Open rates for drip campaigns are about 80 percent higher than single send emails, and average click-through rates are three times higher. Drip email campaigns trigger actions based on a certain action give you a better chance of getting an interactive and genuine response from your prospects.

Marketing Automation

56% of marketers think their companies can’t keep up with marketing technology evolution. If you’re one of them, then Saphyte can simplify it for you. With Saphyte you can automate your marketing processes using uncomplicated automation tools with Saphyte. You can create and deliver personalized and highly targeted messages to your leads and nurture them for sales readiness – all with automation.

Form Builders

Did you know that real time leads data captured into an ecosystem can provide you with marketing insights and better converse and service your customers. This feeds into customer retention rates as well which can be improved by 89% when adopting an omnichannel approach. Forms are the best way to start your marketing approach.

Wrapping Things Up

The rise of the digital ecosystem sprung out of necessity. Customers are becoming more informed and more skeptical about their purchase decisions. That is why you need a tool that not only offers sales intelligence but also the ease of use. Saphyte understands and delivers both these needs.

Aside from the ease-of-use experience, users can also avail practical pay-as-you-go subscription plans. Each subscription plan is inclusive of a free demo. No set-up fees, no extra or hidden charges, no maintenance fees, and a 24/7 expert local customer support availability for businesses in Dubai.

Equipping your business with the right ecosystem is the best way to start your recovery. If you’re ready to start, give us a chat or call, and our digital ecosystem experts are ready to help you get started. Book a demo with us today or start your free trial now.

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