Gartner has stated that the CRM software revenue may successfully touch $23.9 billion this year. The report also further went on to state that this segment has witnessed strong investment rate in the last three years and is hoping to see moderate expenditure during 2014. This US-based information technology research and advisory firm has also predicted that CRM will be representing the largest chunk of the enterprise software by the year 2017, registering a surge to $36.3 billion in the global market.
Some of the top areas for CRM investment comprises of mobility, social media, technology, web analytics and e-commerce. Some of the industries which have seen the highest adoption of CRM solutions are finance, real estate, banking mortgage, Insurance, IT/ITES, manufacturing, pharmaceuticals and telecom.
There are many solution providers who are now pushing CRM among the traditional users with the only aim to better understand their work and how it will be benefitting them.
On taking a close look at the history of CRM industry, we realize that it is about 20 years old approximately and comprises nearly 20 million users. Moreover, it enjoys about $20 billion in overall revenues. To strengthen the growth figure of this vertical, CRM solutions are made flexible to such an extent that it helps the project managers and subcontractors to make use of this solution to keep a close tab of the client deliverables apart from being available to the sales rep.
Many over the years have often complained that CRM solutions are built keeping in mind the requirements of organizations, while forgetting that it needs to be populated with features that are more user centric. To resolve the time consuming data entry process, CRM solution providers came up with features of capturing client details while working in the field.
The unveiling of other essential features which gives the sales and marketing team the ability to give a complete picture of the sales processes has been welcomed by all. It is believed that the distribution of the marketing content can be a great way to improve interactivity. Over the years, CRM solutions have proven that it enjoys the capability to place the most essential data at the fingertips of the sales rep without any hassle.
But, despite the presence of plenty of features in CRM, there are many organizations that fail to capitalize on it. So, it becomes essential to measure the success rate of a CRM on the basis of these below mentioned metrics such as
- Client satisfaction
- Influence and reach
- Client lifetime value
- Client engagement
- Count of client complaints and handling time
- Investment in brand
Although, it is a great idea to measure the performance of CRM from the company’s perspective but it is also important to take count of the client’s viewpoint to enhance the performance. Everybody knows that happy clients purchase more.