QSR, Franchise, and CRM

Part
01
of five
Part
01

QSR Opportunity Support 11/18-11/26

On 22nd November 2019, Wingstop announced the appointment of Christina Clarke as its new chief marketing officer. Full details of the information about news stories, articles, press releases and the like about quick-service restaurants that were published between November 18-November 26, 2019, is contained in the attached spreadsheet.

QSR Opportunity Support 11/18-11/26

Research Strategy

To Identify news stories, articles, press releases and the like pertaining to quick-service restaurants that were published between November 18-November 26, 2019, we conducted a thorough search through the QSR Magazine, Ad Age, Adweek, and Destination CRM websites, for information relating to chief marketing officer changes, agency reviews, CRM announcements, loyalty program announcements, and digital RFPs. After an extensive search, we were only able to identify an article by the QSR Magazine about Wingstop's appointment of a new chief marketing officer. Other news articles and publications available in the sources mentioned above failed to meet the selection criteria.
Part
02
of five
Part
02

Franchise Opportunity Support 11/18-11/26

On 22nd November 2019, Wingstop announced the appointment of Christina Clarke as its new chief marketing officer. Full details of the information about news stories, articles, press releases and the like about quick-service restaurants that were published between November 18-November 26, 2019, is contained in the attached spreadsheet.

QSR Opportunity Support 11/18-11/26

Research Strategy

To Identify news stories, articles, press releases and the like pertaining to quick-service restaurants that were published between November 18-November 26, 2019, we conducted a thorough search through the Ad Age, Adweek, and Destination CRM websites, for information relating to chief marketing officer changes, agency reviews, CRM announcements, loyalty program announcements, and digital RFPs. After an extensive search, we were only able to identify an article by Ad Age about Wingstop's appointment of a new chief marketing officer. Other news articles and publications available in the sources mentioned above failed to meet the selection criteria.
Part
03
of five
Part
03

CRM Developments: AI/ML

Recent developments in the use of artificial intelligence and machine learning in CRM include customer service advancement, voice interoperability, blockchain integration, real-time CRM insights, and data cleaning.

Customer service advancement

  • CRM companies are keen on improving customer service capabilities of their CRM. AI has been a powerful tool towards improving the overall effectiveness of CRM customer service tools. The result has been the gradual encroachment and success of CRM in call center services.
  • In November 2019, Salesforce is expanding partnership with Amazon Web Services (AWS) to power its customer service technology tools in its CRM with artificial intelligence from AWS. It involves bringing together phone, digital, and CRM data in one console that features AI capabilities.
  • The partnership will also result in call center agents getting real-time transcription of customer conversations that are attached with customer CRM data. It will also enhance customer history tracking across orders and interaction with customer service.

Voice interoperability

Blockchain integration

  • Integration of artificial intelligence with blockchain will deliver enhanced control and distribution of decentralized information. Effectively, it will enhance data security features, transparency, and user control of artificial intelligence capabilities within a CRM environment.
  • In May 2019, Salesforce launched a low-code blockchain platform. The blockchain platform will provide CRM users with the opportunity of using a distributed ledger to improve data security and collaboration. After the launch, Salesforce will scale the capabilities of the blockchain platform to increase its functionalities.

Real time insights and suggestions

  • Using business rules, artificial intelligence can deliver predictive models of next best action that CRM users can undertake when engaging with clients resulting in artificial intelligence delivering real time insights and suggestions to CRM users based on extensive data analysis. Such insights and suggestions include real time customer behavioral analysis to improve sales and customer journey analysis to improve customer outreach.
  • In May 2019, Veeva CRM introduced Veeva Andi, an AI application that delivers tailored insights and suggestions within the CRM. The AI tool aggregates CRM data to provide real time insights on the customer journey. It also provides simulation of the customer engagement outcomes to improve customer experience and relationships.

Data cleaning

  • Manual entry of CRM data distorts the quality and hygiene especially when wrong entries are made. Dirty data reduces effectiveness of customer interaction as it is based on wrong data that also hampers analysis of client data. Artificial intelligence is being used by CRM companies to identify and clean customer data to ensure data completeness and accuracy.
  • People.ai is an artificial intelligence platform that is delivering AI driven task optimization and execution for human resource capabilities in CRM. The company data cleaning is driving customer data quality that improves client outcomes.
Part
04
of five
Part
04

Data-Driven Marketing

Some recent developments in data-driven marketing include the increasing use of data to create even much more personalized user experience, the greater use of what is known as data onboarding for targeted Ad campaigns and omnichannel marketing being used more and more in data-driven marketing.

Increasing Use of Data to Create More Personalized User Experience

Greater Use of Data Onboarding for Targeted Ad Campaigns

  • LiveRamp is an example of a company that is at the forefront of this recent development and is even involved in the development of onboarding services for marketers.

Omnichannel Marketing is Often Being Used in Data-Driven Marketing

Research Strategy

In an attempt to identify recent developments in data-driven marketing, We searched for news articles, press releases, and media publications on related topics. The rationale is to try to pull out any developments that could include, but not limited to, things like new techniques for capturing data, or new uses for data. We scoured through numerous news articles published in leading media outlets including but not limited to Forbes, New York Times, Stirista, Wall Street Journal, Financial Times, Business Insider, Fortune, and Bloomberg, among others with a particular focus on the past 6 months and with greater preference on the most recent data available.

We then found out that some recent developments in data-driven marketing included the increasing use of data to create even much more personalized user experiences, with Amazon being at the forefront of this recent development. We also found out that there is greater use of what is known as data onboarding for targeted Ad campaigns with LiveRamp being an example of a company that is at the forefront of this recent development. It is involved in the development of onboarding services for marketers and that omnichannel marketing is often being used in data-driven marketing with Sephora being an example of a company that is at the forefront of this recent development, and has successfully realigned itself in accordance with today's multi-channel shopper in implementing its omnichannel marketing strategy in its data-driven marketing.
Part
05
of five
Part
05

CRM Trends

After an exhaustive search through reliable news articles, industry reports/analysis, and top retail CRM software sites, we were unable to find any publicly available data on emerging trends around the use of CRM tools in retail space. Most of the reports available in the public domain detailed information about the future trends in the CRM space with no reference made concerning CRM tools used in the retail space. However, we have provided some helpful findings regarding emerging trends in customer relationship management tools.

The Merging of Big Data, AI-Powered Analytics, and CRM

Trend Drivers

  • The growth in the use of AI-Powered CRM is brought about by the need for improvement in the sales, servicing, and marketing methods applied by companies.
  • Another driver is the inefficiency in the current method of operating CRM tools. According to a survey by Interface, about 87% of sales teams are not satisfied with their CRM tool as a result of the difficulty in use, a significant amount of time spent on logging, and loss in data due to manual data entry.
  • A survey by IDC's AI/CRM reported that 28% of the respondents affirmed to having adopted AI and while 41% hoped to do so within two years.

Industry Impact

Increase of Mobile CRM usage

  • According to Market Watch, the increasing popularity of mobile CRM is fueling the growth of the CRM software market globally.
  • Super Office reported an increase in the number of companies adopting cloud-based CRM for the benefit of their employees to gain access to the software from anywhere around the globe using their smart devices.
  • The report suggests that 48% of CRM users access the tool through their smartphones, while 45% access it through their tablets.
  • Financesonline has predicted that the growth in mobile CRM usage will gain momentum in 2020 and beyond. In the coming years, more CRM systems will be able to provide a full user experience and complete functionality on smartphones and tablets without compromising the security of user data.

Trend Drivers

  • A major driver for the increased mobile CRM usage is accessibility.
  • Companies are in search of real-time access to customer data using mobile and cloud solutions. They hope to provide a more personalized experience by connecting platforms and technologies with customer data.
  • The growth in mobile device usage has brought about a corresponding increase in the number of CRM users who access their system on smartphones and tablets will continue to grow as well.
  • Another driver of the mobile CRM usage trend is the increasing number of companies adopting cloud-based CRM tools. In 2019, about 87% of business have adopted cloud-based CRMs compared to 12% in 2008.

Industry Impact

CRM is becoming interwoven with IoT technologies

  • IoT is believed to be one of the factors responsible for driving CRM market growth as it boosts the industry in terms of improving CRM systems functionality and output for organizations, driving sales, and improving customer service experience and satisfaction.
  • Experts predict that IoT will continue to improve the way CRM is done significantly.
  • Advanced CRM systems are leveraging the trend by incorporating connections to IoT feeds from devices with the devices being able to provide a large volume of insights on customer use. Companies can then use these insights to deliver improved customer service and more personalized marketing campaigns.
  • Also, the customer would now be able to use IoT devices to send company information on product performance issues.

Trend Drivers

  • The integration of CRM with IoT devices is driven by the increase in the number of IoT devices worldwide and their connectivity. Research forecasts that IoT devices will increase in number to 39 billion by 2025.
  • The number of IoT installed bases in use for consumer businesses will be 12.86 billion by 2020.
  • The global IoT market size is predicted to reach $1.7 trillion in 2019.

Industry Impact

  • About 42% of enterprises with an average of $3.1 million spend on IoT annually are getting positive results such as greater cost efficiencies, supply chain visibility, and organizational capabilities.
  • With IoT technologies, companies have been able to increase customer experience by 70% and also, monitor and service their clients in advanced and proactive ways that were previously unimaginable.
  • According to Forbes, by 2020, 53% of enterprises expect data gotten from IoT to aid in driving revenue increase. Another 51% expects it to open up new market opportunities.

Research Strategy

To identify emerging trends around the use of CRM tools in the retail space, first, we searched through the public domain for precompiled market report/analysis conducted by industry experts such as Allied Market Research, Market & Market Research, and Business Wire. Unfortunately, we were unable to find any report concerning emerging trends around the use of CRM tools in retailing. Most of the market reports (e.g. Market Watch) available in the public domain where about emerging trends in the use of CRM tools with no particular attention paid to CRM retail tools. We also looked into the CRM industry reports by consulting firms such as Deloitte, McKinsey & Company, and Bain & Company, most of the reports by the consulting firms were regarding the retail industry in general with no information about emerging trends concerning CRM tools used in the retail space.

Next, we searched through trusted news agencies, media publications & articles, and news reports such as Forbes, The Guardian, The New York Times, and Business Insider for available reports and publications concerning emerging trends around the use of CRM tools in the retail space. This strategy also proved futile as most of the reports available online were either about current trends or emerging trends in the retail space. Furthermore, we searched through the database of professional academic research sources such as Research Gate, Although, we found a report concerning emerging trends concerning the use of CRM tools, the report also was not specific to the retail industry.

Lastly, we identified top CRM software used in the retail space according to customer reviews by trusted review sources such as Financesonline and Software advice, Next, we searched through the company websites of the tools with the hope of finding any report, survey, or market analysis conducted by any of the companies as industry leaders. This approach yielded no result as we did not identify any of such documentations on emerging or future CRM industry trends. We, therefore, concluded that data about emerging trends around the use of CRM tools in the retail space is not available in the public domain.
Sources
Sources

From Part 05