The Demise of CRM

CRM, or Customer Relationship Management, is the capture and analysis of data related to interactions between a company and its customers. The largest and most-respected CRM provider on earth is, of course, Salesforce.com (SFDC).

Salesforce, as the name suggests, has been a force in empowering sales & marketing teams to better track data related to relationships with customers and prospects. SFDC itself is a system of record that can deliver an updated and global view on all data related to customer interactions. Website visits, meetings, transactions, support tickets, feature requests. The ecosystem that has been built around SFDC has made it possible for companies to better understand and sell to its customer base. SFDC users (companies) leverage this data and ecosystem to lower sales & marketing costs, close deals faster, spot patterns in customer behavior, and even automate the top of the sales funnel. Undoubtedly, SFDC creates immense value for its users, but what about the end customers – the individuals who generate the data that fuels this powerful CRM engine?

In the traditional CRM paradigm, the end customer's data is the valuable asset, yet they often receive little to no direct benefit. In a shared ledger system, there is a mutually beneficial relationship between the end consumer and the manufacturer: a positive sum game.

In a shared ledger system, every interaction, transaction, and engagement is recorded on a transparent and secure blockchain. This not only ensures the integrity of the data but also gives customers direct ownership and control over their information. Unlike traditional CRM, where the value of customer data primarily accrues to the business, a shared ledger system acknowledges the intrinsic worth of customer data and provides a framework for equitable exchange.

One significant advantage of this shift is evident in the realm of digital marketing. Companies allocate substantial budgets to digital marketing and data analytics, aiming to understand their audience and tailor campaigns for maximum impact. Yet, what could be closer to the customer than the very product they purchased, how they use it, and the reasons behind their affection for it?

Consider this: In 2021, global spending on digital advertising reached a staggering $389 billion, highlighting the immense financial commitment companies make to understand and engage their audiences. In a shared ledger system, this expenditure can be more targeted, efficient, and, most importantly, mutually rewarding. Companies can directly engage with customers, gaining insights into their preferences and behavior without resorting to intrusive tracking methods.

The paradigm shift to shared ledger systems enables companies to build deeper, more dynamic relationships with their customers. By involving customers in the value creation process, businesses can foster a sense of shared ownership and responsibility. This not only enhances customer loyalty but also establishes a more transparent and ethical framework for data usage.

In this new era, both purchasers and sellers have "skin in the game." Customers have a direct stake in how their data is used and benefit from personalized interactions, exclusive offers, and a more tailored experience. Simultaneously, businesses gain access to richer, more accurate customer insights, fostering a collaborative approach to value creation.

As we bid farewell to the traditional CRM model, the rise of shared ledger systems heralds a future where the exchange of value is not a one-way street. It's a paradigm where businesses and customers are co-creators of meaningful relationships, fostering a digital landscape where data is not just collected; it's shared, respected, and leveraged for the benefit of all parties involved. Welcome to the era of true customer empowerment, where every interaction is a step toward a more mutually beneficial future.

Transparent Ownership

Traditional CRM: Customer data is owned and managed by the company, offering little visibility or control to the customer.
QED: Customers have shared ownership of their data, fostering transparency and trust in the relationship. Customers gain value through personalized interactions, exclusive offers, and tailored experiences, creating a symbiotic relationship.

Dynamic Marketing Insights

Traditional CRM: Marketing insights are derived from aggregated data, potentially missing individual nuances.
QED: Granular insights into customer preferences enable targeted and efficient marketing efforts, reducing costs and increasing impact.

Direct Customer Engagement

Traditional CRM: Engagement is often indirect, relying on generalized strategies that may not resonate with individual customers.
QED: Businesses can directly engage with customers, building stronger connections based on real preferences and behaviors.

Enhanced Loyalty Programs

Traditional CRM: Loyalty programs may lack personalization, diminishing their effectiveness.
QED: Tailored loyalty programs, informed by accurate customer insights, increase customer satisfaction and loyalty.

Streamlined Customer Support

Traditional CRM: Customer support may lack context, leading to inefficiencies and delayed issue resolution.
QED: Comprehensive product information and ownership history streamline customer support, ensuring quicker and more effective assistance.

Proactive Fraud Prevention