With CRM implications showing improvement in customer satisfaction, equity, and experience in the consumer goods industries, could the same outcome be expected when applied to higher education?
It had become an unquestionable truth that in modern-day society, data is king. Possibly more important than money, fame, or class, data has become the best evidentiary force we have to shore our convictions and guide our future actions. In academia as well as consumer products markets. While data is certainly a fundamental and functional foundation for future policy and performance, market health and storage systems are of current concern. Perhaps even more so than application.
Market research and data aggregation firms, like LISTedTECH.com, have been stockpiling and collating data in the context of CRM market in higher education for decades, giving them the perspective needed to appropriately implement the information we have at hand. Which could bring about an entirely new and innovative system for improving higher education systems functionality and effectiveness. Possibly going as far as to improve student retention, outcome, and even create a more effective and agreeable pricing structure for both the institution and the students that utilize its services. Provided that the data is not only comprehensive but also relevant and accessible to the industries that hope to implement it.
What is CRM?
Customer relationship management (CRM) has been a part of how companies relate to their customers and improve business since the 1970s. With the advent of better data collection services, management firms, and analysis systems, CRM and the abilities that it puts forth is an ever-evolving market. Improvements in CRM Market systems have helped the market to burgeon, as the implications supplied by the collected data not only apply to business owners and their profit margins, but also to improved customer satisfaction and experiences. Making products seem a better value for money in the mind of the consumer.
The inherent value of any given product is of course, highly subjective. However, improving customer experience through effective problem-solving systems and direct to consumer lines of communication can indeed make customers feel as though their product is of far greater value, as they feel they are of value to the company itself. Particularly as companies can analyze data to see how to better cater to the needs of their target customers. While the advantages that CRM market has been historically applied mostly to consumer goods industries, new arenas— such as healthcare and higher education— are also looking to benefit from these practices.
CRM Market Share Systems
This more ubiquitous dissemination and usage of CRM systems has caused the market to experience unprecedented growth within the last two years. Exceeding $450 billion in 2019. A 9% growth from the previous year and with highly optimistic growth for the upcoming years. Which could be contributed to the further innovation and implementation of cloud-based computing solutions. Cloud computing is a rapidly developing technology that allows computer users— both public and private— to store, process, and disseminate information without the need for physical storage. This means that costs associated with computing technologies are significantly reduced. As additional hardware, energy demands, and space requirements are all reduced in and of themselves.
Physical storage of information requires a huge amount of energy and hardware. Take the Bitcoin mining industry for example. As huge amounts of physical computers are required to process mass amounts of data, energy requirements also soar. A paradigm that exists in nearly any computation and data storage system. Cloud computing has revolutionized the way we not only store data, but how we access and acquire it as well. Particularly within the realm of CRM market systems, cloud computing offers a more direct and instantaneously accessible data collection and application format. Which when used together, CRM and cloud computing, can not only improve revenue, but also reduce operational costs. Creating even healthier revenue streams for a business.
CRM in Higher Education
Where the customer relations market has shown promise in traditionally non-commoditized industries, is that it’s looking to improve participants’ experience. In the setting of higher education, CRM market in higher education have been proposed to better inform future policy and student outcomes. CRM market in this industry has been historically implemented in order to beneficially impact economic performance of the industries that employ it, the impact it has had on customer experience within these industries has not only been suggested to improve overall customer satisfaction, but has also decreased customer dependence on self-service as well as improved pricing and customized products tailored to specific audiences.
Which could reasonably be applied to students in the same fashion, allowing them to better tailor their own collegiate experience for better outcomes and tailor an educational system to a student, as opposed to the other way around. Allowing educational institutions to employ CRM data and analyse it to further benefit not only the students but also the operative procedures of the institution itself. Creating a more bespoke and beneficial approach to the educational system as a whole.