CRM – Market Implications and Trends in 2014
- Posted on December 3rd, 2013
Customer relationship management or commonly known as CRM refers to all business communications and is typically based on the people involved, business processes and the current technologies being used. CRM not only bridges gaps between different business units and customers but also makes it easy to access as well as share information. Many large businesses and SMBs around the globe are making use of software tools to track deals, create sales pipelines, manage contacts and interact with customers on a single platform. In June, Gartner made 2017 market forecast for CRM to sharply increase to $37 billion, a $16 billion rise from this year. This means that not only the use of CRM software will exponentially increase but the tools for businesses to effectively connect with their customers will also evolve in the near future.
What CRM Buyers' Want?
A number of market trends and implications of these trends on CRM vendors have been recorded this year. You can also find a number of articles as well as blogs about such recent CRM trends. Software Advice however, conducted a survey among the prospective CRM buyers to analyze the upcoming trends in the CRM market and came up with a CRM Software BuyerView report for the year 2013 to uncover what an average CRM buyer expects from a CRM software. This report argues that although the original motive behind CRM solutions was increasing operational efficiency in a work environment, today the effectiveness of such a solution is translated in terms of sales conversion and actual revenue generated from these sales. Similarly, cloud-based deployment model, sales automation and efficient contact management are now, among the most desired features in a CRM solution.
As Paul Greenberg, Owner of The 56 Group, LLC mentions that the ultimate goal for small businesses is sales automation and lead generation. However, large enterprises are now more focused on competitor and sales analysis, therefore they require a state-of-the-art marketing automation capability from a CRM solution. On the ground, these customer requirements can be translated into capabilities such as personalization, analytics and a CRM system which works with social and other forms of data to streamline customer service efforts.
A number of market trends can be derived from this survey but the most important ones for CRM vendors, in my opinion, are as follows:
1. Mobile CRM:
Techcrunch recently reported that the use of mobile apps is on the rise and has surpassed web browsing on desktops over the span of just three years. Customers around the world are using Smartphones for everyday communication as well as workplace collaboration. Therefore, businesses are also moving towards mobile-based CRM solutions so that not only your sales, marketing and other project teams are on the same page but also have access to customer information anywhere, at any time. With cloud-based CRM solutions and mobile connectivity, customers will have an extraordinary experience which will help businesses build loyalty.
2. Social CRM:
According to the IBM Institute for Business Value, Social CRM is the new frontier for businesses. With the integration of social media services such as Facebook, Twitter, Linkedin with techniques such as online collaboration, email marketing and information sharing, a new generation of CRM services is created where customers as well as businesses can mutually benefit from the ongoing practice. Businesses can use social media as a platform to communicate with the customers by setting social sites for feedback and closely monitor the customer experience. Similarly, with direct social contact with the business, customers can feel free to share information about the likes and dislikes about the products and services.
3. CRM Analytics:
CRM Analytics is one of the best practices of making intelligent business decisions. It employs data mining, customer data analysis and personalization to ensure a real time view into sales, marketing and customer service performance of any business. Having an opportunity to process data in real-time will allow businesses to grow powerful as well as connect with each customer immediately. With personalization feature, businesses can manage as well as improve customer satisfaction. CRM analytics help organizations to not only invest in tools for gaining new customers but also perform competitor analysis to create more accurate sales forecasts based on facts/statistics.
Based on these forecasts and market implications, Banckle is also determined to provide customers with easy to use and intelligent customer service tools such as Banckle CRM. It ensures powerful management of tasks, contacts, deals, email integration and online collaboration among geographically divided teams. It also provides additional features such as reporting, sales analytics, pipeline management as well as customization. If you are not yet part of Banckle family, sign up for FREE or share your valuable feedback regarding the Banckle CRM application on our Community Forum.
This entry was posted on Tuesday, December 3rd, 2013 at 4:17 am and is filed under Banckle.CRM, Others. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.