In celebration of the upcoming new year, today we’re going to look far ahead into the future of Customer Relationship Management software.
Why pick 50 years into the future to talk about CRM?
Well, if you haven’t been paying attention, we are at the cusp of some game-changing developments in technology with the maturation of artificial intelligence (AI), deep learning, and quantum computing in approximately 15 years.
You’ve heard the common CRM benefits: better customer relationships, improved ability to upsell, greater visibility into important company metrics, increased efficiency in customer service, cost savings, customer retention, and so on.
When you consider the benefits, it’s easy to understand why the CRM market has grown significantly over the last decade. And at this point, most successful companies know that using CRM is a necessity.
As a business owner, it’s important to be cognizant of the fact that new competitors consistently show up in your space. And just like you, they’re always employing new tactics to help increase the size of their market share in your industry.
To stay ahead of the game and provide a customer-centric marketing plan, many new businesses are trying to understand how to properly leverage their CRM. This helps them better understand and reach their customers, leading to improved customer relations and conversion rates, among other benefits.
Marketing teams work tirelessly to figure out the hows and the whys of customers’ buying decisions, new ways to bring in clients and remind current customers why they should continue doing business with you. All of which is a necessity for pretty much every business.
Unfortunately, making that all happen sometimes requires routine, repetitive tasks that are quite time and resource consuming.
The use of CRM in business is not a trend. The benefits of using CRM software clearly outweigh the drawbacks, which are few and far between. Evidence of the rapidly increasing CRM market is the fact that by 2021 the CRM software market would have increased by over two and a half billion dollars from its $24 billion value in 2015.
A common misconception about CRM is that it can only be used by the sales team in an organization. Though sales departments experience tangible benefits from adopting CRM software, its use shouldn’t be limited to your salespeople.
Let’s take a look at why every department in your organization needs to adopt CRM.
The business space has experienced huge amounts of changes with the emergence of technology, and there are significant differences between the business landscape today and what it was not long ago.
Nowadays, the focus has shifted further towards customer engagement, and organizations are continuously looking for ways to be innovative in their approach to customer service. According to a 2015 study, 86% of businesses were willing to pay more for a great customer experience, which is an indication of the direction in which businesses have moved over the last few years.
It is quite understandable that the quality of goods and services produced are no longer the most crucial factors for business success, as 73% of buyers say that customer experience is an important factor for making purchases, behind price and product quality.
Therefore, to remain competitive in the rapidly changing business market, it is essential that you give your customers an unforgettable experience. Using tools like CRM make it easy to achieve high levels of customer satisfaction in your business.