With the ever-increasing market competition, the need for a seamless and automated platform to enhance customer service and communication is higher than ever before. This is what has skyrocketed the demand for CRM software. To adopt a CRM strategy that is best suited for their business, companies are on a constant lookout for the best CRM software in the market.
With developments and upgrades in CRM systems, some features of CRM have proven to be highly effective, while some look promising. These features have set trends in CRM for how effective they are. The following is a list of 5 CRM trends that companies should look out for in the coming months:
The age of AI and Automation
AI has revolutionized customer servicing while automation has revamped the digital customer engagement. The ease and accuracy with which businesses sort leads and reach out to them has become an indispensable part of client servicing and business management.
- AI’s total worth in CRM will be $73 billion by 2023
- An estimated 28% of companies that use CRM have adopted AI
- An estimated $128 billion revenue is expected to be generated by AI in CRM in 2021
The use of AI in CRM majorly encompasses chat support (like automated chatbots), data analytics, and lead management. Further, it plays a major role in streamlining the customer servicing process, increasing productivity, efficiency, and effectiveness in business operations.
Focus is on customer experience
The idea behind having the best CRM system is not just to streamline customer service but to offer a value through it in the form of enhanced customer experience. To know how easily a customer can interact with the brand and get a problem solved, is a key indicator of the best CRM software in the market.
As a matter of fact, it is important to note that customers will buy more or spend more only if the experience is worth it. 49% buyers make impulsive purchases after having a personalized customer experience.
Big data will be a driving factor
Speaking of customer experience, what really helps in personalizing a customer experience is a customer’s data. Being able to gather information on customer’s preferences and overall profile gives businesses insights into market segmentation and targeting each segment in a personalized manner.
Integrating AI with Big Data Analytics will be crucial to ensure that these insights are as accurate as possible, while also ensuring ease and swiftness in the analysis. Thus, a CRM software that is at par with market trends should be able to analyze these large sets of customer data accurately to facilitate a personalized customer experience.
Mobile CRM has been launched with an effort to simplify the CRM interface and give sales managers and representatives the leverage to access data and analytical insights on the go with a simplified user interface.
It is understandable that accessing CRM on mobile is always going to be easier than accessing it on desktops. To validate this, a survey suggests that 65% of sales representatives who use mobile CRMs met their targets, as compared to just 22% who used traditional desktop CRMs. As with any online application, it is just a matter of time before mobile CRM becomes the new way to go, rendering traditional CRMs obsolete.
An expanding CRM market
As of now, CRM, although massively popular, is used widely in only a few industries. In 2019, 50% of all CRM users belonged in one of the following 4 industries:
- Real estate
However, the market for CRM is expected to grow rapidly with mass adoption of CRM across industries of all kinds. Healthcare, finance, and manufacturing are the three industries that are predicted to boost the growth of CRM in the coming months.
The changing market dynamics and shift toward innovative digital solutions to enhance customer experience calls for flexible CRM systems can adapt to market changes and continually facilitate a business’ competitive edge.
It is important to rely on credible CRM companies that have a prominent portfolio in the market and are still serving the major corporate giants in the market. Talisma is on top of the list of such CRM companies with innovative and seamless CRM solutions designed specifically for business needs. Get ahead of the market competition with Talisma Digital Platform.