Well-known businesses such as SAP, Oracle, Salesforce, Microsoft, Adobe, HubSpot, Zoho, and accounting software like Sage are leaders in the customer relationship management (CRM) software industry. It is evident that the CRM industry is experiencing a rapid growth rate, regardless of one’s specialisation or perspective.
By 2023, Statista predicts that the global customer relationship management (CRM) software industry will be worth over $40 billion. This highly competitive market has the potential to be highly lucrative, and is seen as essential for acquiring and retaining the customers needed to drive revenue growth.
Over the past few years, the use of customer relationship management systems has seen significant growth as businesses increasingly rely on them to meet their goals. We are becoming more reliant on software and, consequently, new advances are being made in this area. Here are eight points to bear in mind.
Importance of the Customer
Many companies are now focusing on customer satisfaction. They are revising their Customer Relationship Management (CRM) systems to better meet the demands of customer experience (CX), to help acquire and keep customers. For instance, they may use the enhanced capabilities of the platform to improve communication and make it more efficient.
Customers’ requirements and preferences should be taken into consideration when utilizing Customer Relationship Management (CRM) systems. During the pandemic, when digital communication became the primary means of communication, businesses had to explore alternative approaches to remain competitive in the market.
Approaches that Are Driven by Data
As digital tools become more widespread, organizations are able to collect and process large volumes of data, commonly referred to as ‘big data’. This data can be used to inform strategic planning and decision making. In this context, Customer Relationship Management (CRM) systems are integral as they allow organizations to store and analyze customer data, such as interactions, replies to emails and campaigns, sales figures, growth metrics, and more.
A Customer Relationship Management (CRM) system can provide a centralized repository for storing and organizing data, enabling organizations to more easily analyze and draw insights from it.
Easily Reachable
The accessibility crisis has had a significant impact on almost every software domain. The need for access to applications, systems and platforms from any location has become even more critical due to the pandemic. Whilst customer relationship management software is only one of the many tools available in this field, it is undoubtedly an integral one.
There is increasing appreciation for the benefits of a centralized Customer Relationship Management (CRM) system that is accessible from a variety of locations and platforms, such as mobile and desktop devices. Employees who need to use the system should be able to do so regardless of their access to the internet, using a variety of devices.
Intelligent Machines, or AI for Short
We are seeing an increase in the complexity of CRM solutions, with the integration of Artificial Intelligence (AI) leading to more advanced features. For example, in the customer support sector, chatbots are enabling an increase in volume, whilst also improving accuracy and speed. Furthermore, AI can be utilized to provide customized product and service recommendations based on a user’s past behavior.
Integrations in Social Life
Social media marketing is a highly effective tool for companies to gain tangible results and receive direct feedback. To optimize results, it is advisable for businesses to integrate their CRM and social media strategies. Nowadays, customer relationship management (CRM) systems can be integrated with social networking sites such as Facebook, Twitter, Instagram and LinkedIn.
By integrating social media into their customer relationship management, organizations can track the effectiveness of their activities and respond to customer feedback in an efficient manner, thus enhancing their brand reputation.
IoT Integrations
The use of the Internet of Things (IoT) has been demonstrated to be a highly effective way of gathering essential data about user behavior. This network of interconnected hardware, software, and data sources provides an abundance of information. Companies can now upgrade their Customer Relationship Management (CRM) software by incorporating IoT technologies.
If a client utilizes their IoT device and experiences a technical issue, the CRM platform may record the interaction and any associated data. This enables businesses to quickly address any problems, make any necessary product modifications, or contact the customer directly.
Voice User Interfaces
Recent advancements in voice recognition technology, which is a key aspect of digital personal assistants such as Siri and Alexa, have seen an expansion in its use. To further enhance customer service, CRM programmes are now integrating this technology into their workflow. Allowing users to issue instructions with their voice alone provides them with the capability to multitask and complete tasks faster.
Some services have already started to employ speech technology to simplify and expedite communications and the usage of their features.
Robotic Process Automation
Robotic Process Automation (RPA) is a high-tech method of automating tasks with minimal or no human input. Automation is playing an important role in the development of increasingly sophisticated Customer Relationship Management (CRM) software.
Automating routine tasks can provide a more efficient approach to working, saving time which would otherwise be wasted. For instance, tasks such as closing tickets and producing real-time analytics can be completed more quickly and with reduced human input. Automation can also be used to track operations, by allocating duties and notifying the relevant individual automatically.
Customer Relationship Management (CRM) software has become a fundamental requirement for businesses, from marketing to sales. In order to remain competitive in this new era, companies must stay abreast of the advancements in CRM system capabilities. As with most forms of software, new and more sophisticated functions are regularly being added. It is therefore essential to remain informed of the most recent developments in this field.
