Now it’s time to take a look at a Korean business bringing about changes in the global economy with some new ideas.
Today, we’ll introduce you to Finger Post, a developer of a customer relationship management or CRM solution. Let’s hear from company CEO Choi Hee.
My experience in information tech is mostly on services for companies, including CRM solutions, in particular. While examining the overseas market size and considering introducing foreign CRM solutions, I was sure of the huge potential of CRM systems for companies. B2B and B2C are buzzwords these days. B2B refers to business-to-business and B2C means business-to-consumer. I’ve read news articles that Naver and Kakao, the two major tech companies in Korea, are interested in the B2B area. I thought that solutions for business management had great prospects.
Choi majored in computer engineering in college. He set up Finger Post, a company specializing in CRM solutions, as he was convinced of the huge growth potential of this particular area. Customer Relationship Management refers to a process, in which companies gather and analyze customer data to conduct marketing activities that would best cater to customer needs. In other words, CRM systems allow companies to manage their customers more systematically. With CRM services, companies can identify loyal or important customers and retain them. In fact, such services are easily found in our daily life.
For example, a restaurant operator could make menu recommendations for a regular customer, since the operator knows the customer’s taste. The customer will then find it easy to pick a meal, build trust with the restaurant and feel like visiting the place again and again. By working with customers in this way, the restaurant can secure more regular customers. Our corporate clients using our solution have seen their sales or profits increase by 10 to 20 percent. It shows that customer management is highly important and effective from a business point of view.
The global CRM market, which has grown rapidly year after year, had an even greater opportunity last year in the wake of the COVID-19 pandemic. That’s because CRM systems, based on scientific and technical approaches to customers, have become increasingly important amid difficulties experienced by businesses that rely on face-to-face services. According to the market research and business consulting firm Grand View Research, the global CRM market was valued at 40.2 billion US dollars in 2019 and is expected to grow at an annual average rate of 14 percent from 2020 to 2027.
Salesforce, which is the global CRM leader, joined the Dow Jones Industrial Average in August last year, replacing Exxon Mobil in the 30-stock menu. Just as Salesforce is a leading CRM service provider in the U.S., Finger Post is regarded as one of the representative CRM companies in Korea.
Choi explains the company’s signature product called “Fingersales.”
Fingersales is a customer management solution. It manages all customer-related histories, including their purchases, complaints and inquiries. It can be operated on mobile devices such as tablet PCs and notebooks. Users can also get notification services and other information through wearable gadgets such as Apple Watches and Samsung Galaxy watches. It can meet the needs of trend-conscious Korean users more easily and quickly, compared to foreign alternatives.
Fingersales are used by some 600 corporate clients. Companies do not have to download and install particular software. Rather, they can use the service immediately once they sign up with Finger Post’s website and pay. The solution is reasonably-priced, compared to foreign CRM services that generally cost much to introduce and manage. Fingersales provides various features tailored to the domestic business environment and also maintains a follow-up management service
On the back of the innovative solution, Finger Post is establishing itself as one of Korea’s leading CRM companies that could compete with renowned global firms.
Fingersales are used by many large and mid-sized companies in Korea, including Hana Financial Investment, MetLife Korea, Kumho Tire, Asiana Airlines, SeAH Steel, Dong-A Pharmaceutical and AJ Group. We’ve offered the cloud-based CRM solution over the last seven years. Customers use the cloud service by paying monthly fees. It can be used by small-and mid-sized firms and individual users as well. Most of the clients are satisfied with our service, as they have continued to use it for a long time. I think they recognized the solution’s strong points, including an easy and quick data input and the efficient use of the extensive data.
Finger Post is considering expanding the use of Fingersales to a wider range of areas. Its CRM program has already been used in logistics, construction, manufacturing and education.
The company is also considering using its CRM software in the B2B sector. At present, 68 percent of Korean firms with a market cap of over 1 trillion won are B2B companies. CRM systems can help companies increase their sales in the non-face-to-face business environment triggered by the pandemic. That’s why many B2B companies are paying attention to CRM services.
We’re preparing to launch our service in Southeast Asia in the second half of this year. When the pandemic abates, we plan to explore the market in Canada next year. Currently, we’re in the process of establishing an overseas corporation in New York to compete with foreign CRM service providers in the global market.
It is said that less than 50 percent of Korean companies have introduced CRM systems. The CRM market in Asian countries, including Korea, has grown rather slowly, compared to the markets in the U.S. and Europe. On the flip side, this means that the Asian market has so much potential to grow. Finger Post’s success model will certainly set a good precedent for the Asian CRM market.