Do you still believe that Blockchain technology starts and ends with Bit-coins? If it is so, then you must not have been paying attention in the way this technological marvel is rapidly gaining importance in the IT world, and it is very likely that this technology will get even bigger in the times to come.
This is because Blockchain has opened up a completely new range of possibilities and has revolutionized how the present business processes and technologies work.
As a matter of fact, Blockchain technology has the possibility to develop as one of the most technologically superior constructive tools for uniting and securing the CRM database in the coming years.
Therefore, in this article let us find out how Blockchain and easy to use CRM software may be just what you require to bring up your business to the next level.To ensure a successful Blockchain project, focus on the business problem, not the technology solution- Gartner Click To Tweet
Blockchain means improved security of the CRM Database
As the name “Blockchain” suggests, this technological wonder is nothing but a chain of blocks. Each of the blocks holds transactional records and stays connected to the blocks, which both precedes and follows the chain. In general, these blocks in a Blockchain remains cryptographically secured in a manner that the users of this technology are able to gain access to the chain if they have the access to the network keys that stands as a guard, for eliminating the possibilities of unauthorized entries.
In addition, thinking about how most of the CRM Database is hosted on the Cloud servers, security of the data in the Cloud remains a prevalent concern for many.
Of course, in the present times the Cloud protection protocols have been enhanced considerably, but all Cloud based CRM software platforms have an inherent solitary point of failure by virtue of being essentially centralized, and therefore, it could be wrong for a company to take unnecessary risk of sharing their critical data with CRM vendors of lesser market reputes.
This is exactly where coupling Blockchain technology and CRM Database of an online lead management system is the solution that comes into play.
Contrary to the Cloud systems, Blockchain(s) remains decentralized and distributed over synchronized P2P networks. Therefore, the chances of tampering the whole Blockchain is virtually impossible, since that would require a gigantic amount of computation power, which consequentially reduces the possibilities of fraud and repudiation to the bare minimum level.
Put an end to CRM Database tracking
Blockchain and easy to use CRM system can perform together to keep your CRM Database useful and clean. Right now, the user of cloud based CRM systems across the globe argue in different levels about the problems faced by users of easy to use CRM in matters of duplication or corruption of their customer information in the CRM Database.
Blockchain technology when coupled with CRM offers a unique solution to this ever-persisting data corruption problem by enabling customers to own a single block. Hence, this process offers a unified and accurate image of a user’s (lead, prospect, or customer) personal details, transaction history, and several other vital data.
Therefore, Blockchain ultimately ends up doing good for both the organization that adopts Cloud based CRM software platforms and the customers.
This inherent structure of Blockchain technology prevents duplication of CRM data or corruption of information from causing problems with the CRM Database. Additionally, once you wipe off all the inaccurate data, you will instantly notice a boost in the speed of your easy to use CRM processes along with greater improvements in customer behavior understanding.
Find the benefit of enhanced transparency
As a decentralized process, Blockchain enables companies to deal with their customer base in a secured and transparent manner, without relying on a financial institution like a bank or third party broker to facilitate the entire process.
Therefore, once you are capable of eliminating these intermediaries, it is imperative that your dealings will speed up and can get your work done more efficiently, while at the same time all your private data will change hands less frequently and you do not have to worry about your information falling into the wrong hands.
Find the advantage of enhanced user privacy control
Security of private data has become one of the most crucial issues in the IT world with more cases of virus, breaches, and malware attacks being recorded each year more than ever before. Therefore, it is not surprising that the modern age CRM systems are expected to address these issues by modifying the way they deal with the private data of their customers.
Thanks to its decentralized and secured nature, Blockchain technology enables the CRM vendors to implement the concept of self-sovereign identity within the organization.
Now, users are able to encrypt and store their personal data and authenticate the same data upon inquisition without having to divulge any details with parties concerned, which is a great boon for easy to use CRM vendors in these trying times of GDPR (General Data Protection Regulation) data protection norms.
Escape the hassle of lead generation
Users of CRM can harness the power of Blockchain and Machine Learning to figure out, which businesses are most trustworthy in a particular area of interest. In the present times, the existing digital ad-space has its own flaws, and Blockchain is a technology that is capable of changing the way people connect with their brands.
Do you want to know how?
Well, primarily, with the advancement of Blockchain, a single business can no longer control various retail categories, as businesses will have to focus and select their specific search categories.
This implies that targeted marketing will no longer be the central focus and this will impact CRM-based lead generation strategies.
Apart from this, companies will be no longer forced to advertise for leads or purchase new database without the knowledge of where it came from.
Small and medium businesses using easy to use CRM software platforms will also benefit from this system, as they will be able to capture customer attention by earning trust.
Get rid of outdated information with data cleansing
All easy to use CRM users across the world must deal with outdated data at some points of time. Generally, this occurs because of negligence on the part of the users or for using the wrong kind of data importing tools. However, once you implement a Blockchain technology in CRM, you get the privilege of owning your own block that offers the most accurate and unified 360-degree view of your personal information.
Therefore, leveraging Blockchain and CRM technology lets you overcome the problem of storing outdated information, since cleaning out old data, and useless information and keeping an updated CRM Database, improve your customer insights and allows businesses to engage information in the CRM Database in a more effective manner.
Harness the full potential of loyalty programs
The key purpose of loyalty programs is to increase the profits of a business by adding value to the overall customer experience.
However, unfortunately, because of their variable mileage, volatile values, and privacy concerns loyalty programs becomes quite cumbersome for customers and therefore it yields a reducing ROI.
Nevertheless, in a way similar to different crypto-currencies, brands can utilize the Blockchain system to reimage and revitalize the entire loyalty program.
Implementing Blockchain with CRM systems will greatly benefit the customers as it offers a ‘single and decentralized wallet’, which is compatible with various brands. Effectively, the customer takes charge of the experience and companies must contend with one another by providing better deals so they can access their wallets.
The Bottom Line
Hence, in a gist, Blockchain technology will not only change how we approach a CRM system, but this newfound technology also has the potential to fundamentally alter business operation models and keeping in view all that Blockchain is capable of, we believe this claim is a justifiable one.