As the business world keeps moving into digital processes, it’s always a good idea to see what’s in store for Customer Relationship Management (CRM) technology. Learning about trends and technological advances is a great way to know the value of what CRM can do for your business. Just in 2017, the CRM software market took the top spot as the biggest software market. Even more so, the expectation is for the CRM market to reach $81.9 billion by 2025. With numbers like these, CRM trends are definitely something to watch out for.
Merge of CRM with Big Data and AI-Powered Analytics
CRM trends are moving towards the ability of big data and customer data platform softwares to collect and analyze customer data from many touchpoints, like contact centers, marketing campaigns, sales, and social media. The most advanced CRM software has evolved to make a connection between big data and strategies. These CRM tools will soon deliver to companies data-driven insights of their customers. This will result in marketing and customer retention strategies that can be fueled by accurate customer data.
Another thing that companies can expect is CRM platforms that employ artificial intelligence for analytics. This drives predictive analytics, which enhance the capabilities of the CRM software to offer forecasts from the data collected. With AI-powered analytics, CRM tools can deliver real-time insights on customer behavior. This can identify buying patterns that can be transformed into conversion opportunities.
One-Channel Instead of Omnichannel
2020 trends show an increasing movement towards a single-channel approach to CRM. According to CRM experts, communication channels will be merged into a single piece of software that has the capability of handling all channels. For sales and customer service agents, they won’t have to switch anymore between multiple channels to maintain communication with customers. This allows to put more focus on making a connection with customers, which is crucial now more than ever as customers keep turning more and more into interacting with brands. Also, advanced CRM technology can improve and smooth out internal operations.
Furthermore, it might be possible that, in the future, companies will have a channel-less CRM strategy, all thanks to artificial intelligence. Now this is something Back to the Future never predicted!
CRM and the Internet of Things
Experts are confident that the Internet of Things (IoT) will keep making considerable improvements in terms of how CRM is done. It is estimated that in 2025, IoT devices will increase to the amount of 39 billion. Advanced CRM systems have been taking advantage of that by integrating connections to IoT feeds from devices. If you’re wondering how this works, smart devices can offer lots of insights on customer use. That way, companies can utilize those insights to deliver better customer service and personalized marketing campaigns.
Mobile and Social CRM Get a Push
The developments in mobile technology and the need for constant connectivity that customers have are showing a push for CRM platforms to offer more mobile features. Experts predict that more CRM systems will deliver a full experience in devices that have an internet connection, like tablets and smartphones. At the same time, these systems won’t compromise the security of user data, even though they’re providing complete functionality. And, clearly, social media’s predominance drives a widespread implementation of social CRM.
Improved Customer Experience
This trend was also predicted for 2019 and it continues to build the future of CRM for its users and the customers of those users. The most successful CRM systems will have a more user-friendly interface so it can be easier to use with a simpler data access and analysis. Experts also say that there will be CRM features that will let sales and customer service agents to initiate contact with customers in a more convenient way.
With an easier use of CRM, companies will be able to provide a more personalized and improved customer service. Customers’ needs will be fulfilled accordingly and they will be further guided into the marketing funnel.
Customized CRM for Vertical Markets
The growth of CRM will cause platforms to be more niche-oriented. We might even see the development of new systems targeted to vertical markets, while existing vertical CRM will have more advanced features. Industries like finance, healthcare, and manufacturing, which are highly regulated, might soon be able to choose from a variety of CRM platforms with built-in functions to guarantee that companies meet all the industry regulations.
Integrations Will Make CRM More Powerful
CRM companies like Zoho are constantly adding important integrations for streamlined functionality in businesses, which enhance productivity and a better use of data for nurturing leads and customers. Soon, CRM platforms will have more advanced integrations with different data sources and other third-party software to offer even more customer information and an expansion of platform functionality. The integration with other business systems and data sources like marketing automation and analytics software will allow CRM platforms to track external interactions with customers. This will result in companies getting a unified view of the customer journey and a delivery of data that’s more relevant and, therefore, functional.
New CRM Users From a Younger Generation
While millennials take over the workplace, the user base of CRM software has begun shifting to a younger generation of workers. 28% of millennials think that the usage of CRM software is critical for a business to succeed. Meanwhile, only 18% of Generation X and 9% of Baby Boomers share that thought. This trend could possibly be more influenced by the fact that nowadays businesses are more centered in technology. In addition, freelancers have proven to be a growing segment of CRM users, since more freelancer tools are offering CRM features.
With all these trends and technological developments, there is no doubt that the future is CRM.
To read more CRM trends, read the full article here.
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