Xchange says the solution addresses a critical issue facing businesses today: the need to earn more profit from their customer base. "Companies have spent millions on CRM software and hardware, and though they feel they've strengthened relationships with customers in certain segments, overall they aren't getting the hard dollar returns they expected," said Andy Frawley, CEO of Xchange.
According to Frawley, several shortcomings have led to this disappointment. First of all, so-called "end-to-end" CRM suites tend to offer very light capabilities in areas such as analytics and marketing campaign management, crucial to identifying profitable or potentially profitable customers and optimizing customer marketing investments. Second, integration among vendors remains poor, causing each customer touch point to interact with customers in isolation. Third, companies aren't able to track results, measure the effectiveness of their efforts, and learn from past campaigns. Frawley says that, as a result of these three factors, companies are not able to provide customers with a consistent experience across channels, which in turn has a negative impact on the profits companies earn from customer relationships.
Xchange says that Xchange 7, which integrates with virtually all CRM solutions from other
leading vendors, solves these problems by:
- Creating vertical-specific analyses that identify profitable and potentially profitable customer groups;
- Providing personalized offers to each channel so that inbound customer inquiries are responded to with the very best, most relevant offer based on up-to-the-second customer profiles;
- Providing a profit-focused methodology for frontline personnel to use in delivering central campaigns;
- Driving consistent customer communications out across all customer channels, including the Web, email, call centers, branches and retail locations and the field sales force;
- Synchronizing front-office applications and legacy applications to share customer information in real-time, so that customers receive a consistent and personalized experience regardless of the channel; and
- Enabling companies to measure the results of their efforts with vertical-specific, Web-based reports that contain critical statistics such as profitability-by-channel, cross-sell success rates, profit-per- customer and attrition rate trends.
"Most large companies struggle to make large CRM technology investments yield high economic returns," says Sam Clark, Program Director with META Group's Application Delivery Strategies Service. "Companies that successfully generate profits often do so only after developing a real understanding of each customer's needs and desires. We call this understanding 'Analytical CRM.' Furthermore, profits accelerate the closer analytical CRM gets to informing, and being informed by, synchronized enterprise touch-points and channels. By synchronizing touch-points across every channel and providing treatment that entices profitable behavior, Xchange 7 delivers what many other CRM vendors just talk about."
Xchange says five products comprise the Xchange 7 solution. Together, they act as ``the brains'' behind a leading-edge CRM infrastructure. They can be purchased separately or in combination, and share a common, Web-based interface that provides users with a seamless experience as they move from one application to another. Four of the products are encompassed in a suite called Xchange Dialogue; the fifth is Xchange Real Time.
The company says Xchange 7 makes its debut at PlanetXchange, the com