As many are still processing that 2023 has begun, we can’t help but wonder what will CRM software might bring to the table this year. That said, here are the trends and predictions for CRM this year:
A Richer Understanding of Customers by Using CRM
CRM trends have evidenced that this type of softwares has evolved to do way more than lead nurturing and contact management. These tools now work to provide businesses with a greater detailed view of customers. This is due to the data amount they’re now able to gather. Comprehensive profiles of each customer that Sales and Support teams interact with can be built by them in the CRM.
Specifically, Sales teams earn lots of benefits from this in-depth view of customers. A sales industry report says that 70% of salespeople think about CRM as “very important” for closing deals (Chang, 2021). Undoubtedly, comprehensive and up-to-date CRM data is vital for Sales teams to achieve huge success.
Connecting All Business Aspects to CRM
To take maximum advantage of CRM’s benefits, companies and organizations must integrate the software into all business processes.
Integrating CRM with other business software and tools allows companies to build a single and centralized view of each customer, as well as remove data silos in the organization. Therefore, marketing systems can use this information to build very personalized customer journeys, which help increase brand loyalty.
All Teams Within the Organization Will Rely on CRM Tools
Back in the day, CRM technology was only thought to be for customer-facing teams in Sales and Customer Support. Nonetheless, this may shift in upcoming years as CRM becomes part of the tech stack used by the whole organization. This company-wide use of CRM may arrive quicker as organizations recognize how underutilized CRM systems are.
For example, finance and accounting teams can already benefit from CRM tools, especially those that come with features such as invoicing and tracking expenses. When sales teams close deals, accounting teams can use the CRM systems to instantly send an invoice to customers. These systems also make it easier to track revenue.
CRM’s Role in Customer Experience Will Continue Increasing
CRM systems are now playing a more substantial role in improving customer experience, thanks to its capability of serving as a centralized location for all customer data. CRM tools delivers all the data businesses need to create positive customer experiences that foster brand loyalty and increase the bottom line.
CRM tools allow teams to manage an increasing volume of customer interactions while making sure that each message is targeted and personalized. These efforts can improve customer experience in a greater way. Proof of this is that, according to a 2020 study, over 60% of customers will talk to their family and friends about a negative experience with a company (Smart Insights, 2020).
Social CRM Continues to Grow
Social CRM was one of CRM’s best practices in 2020, while businesses today keep using social media to develop better relationships with customers. That is why many CRM tools seamlessly integrate with social media channels like Facebook, LinkedIn, and Twitter.
Besides CRM systems that provide integrations with social media channels, businesses now have the option of diverse social CRM solutions. These tools let companies obtain insights into a great amount of customer data that includes information such as product feedback and buying habits. This data can help businesses to have a more precise scenario of their customers. As of 2021, 92% of companies were using social media, at least for marketing (Wutzke, 2021).
Companies Will Opt for More Advanced CRM to Avoid Tech Stack Fatigue
Lots of CRM tools nowadays provide advanced features not just for customer relationship management, but for sales and marketing as well. As these tools become widely adopted, more businesses will cut down their tech stack. This can help companies increase productivity while reducing tech expenditures.
Also, this is one of the multiple CRM trends that shows the broader integration of CRM throughout a company’s tech use. It’s best for companies to set up data syncs between the tools teams use to maximize their advanced CRM. This assures that customer data is always up-to-date, no matter when it’s viewed.
CRM Automations for More Business Workflows
Business experts anticipate expanding automation capabilities from CRM systems. Many CRMs now have also started offering features to help teams automate routine tasks, like manually sending emails, sharing documents, and customer data updates. These “work about work” tasks utilize up to 60% of skilled professionals’ time (Koetsier, 2020). By automating tasks, CRM professionals can concentrate on more significant tasks (for example: analyzing customer data, mapping out customer journeys, etc.).
CRM Gets Smarter Through AI
The AI and CRM integration is not really new, but it is expected to considerably affect how businesses carry out CRM in the future. In 2023, the AI-enabled CRM market is projected to be worth $73 billion (Infoholic Research LLP).
One of the most crucial advantages of integrating AI into CRM has to do with AI’s capability to quickly examine and make sense of high levels of data that is unstructured. This can detect patterns and trends in buying behavior, which segments customers in innovative ways. Furthermore, AI can make recommendations at different stages of the sales funnel, which in consequence helps businesses to make data-driven decisions. Some advanced CRM systems use AI to analyze customer data and make predictions on lead sources, while other use AI for chatbots.
Voice Recognition and Conversational UI in CRM
Voice technology has the potential to enhance the abilities of CRM tools, and it makes the software more accessible and easier to use. Teams can use speech-to-text features to drastically speed up data entry and easily record meetings for documentation purposes.
It is expected that conversational UI will continue to be adopted by CRM tools. This will allow teams to interact with CRM systems through a broad array of verbal and written phrases. With these effortless interactions, teams will instantly access or input customer data, prioritize tasks, and create reports (Blank, 2020).
CRM Will Experience Improved Mobility
Numerous business experts predict a wider adoption of mobile CRM in the coming years, as more CRM users access these systems from multiple devices and locations.
Mobility and flexibility became particularly crucial when companies adopted remote work during the COVID-19 pandemic. For full efficiency, nearly all mobile CRM tools come with a user-friendly interface, offline functionality, and multiple integrations. Safety and privacy of customer data are assured by strong security features.
Self-Service CRM is Here to Stay
Customers are becoming more empowered, so now they look on their own for ways to resolve issues with products and services. So, most consumers now expect companies to have a self-service portal on their websites. This portal lets customers to gain access to resources like user forums and knowledge bases.
Current CRM trends show that more of these self-service portals are being integrated into CRM software. These integrations help businesses gain insights into common customer issues and foresee needs.
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