As I am quite frequent on the varied social networking sites, some common phrases used by people amuse me such as ‘the year of CRM’. It does not have the same effect on people like the way ‘year of mobile’ has on people. The probable reason is that since lot of CRM action is taking place in the enterprise B2B and isn’t very appealing in nature in comparison to brand campaigns.
The point which emerges is that CRM, which is considered as a traditional concept, via cloud and mobile. It is not just sophisticated but also witnessing strong growth in the market. Gartner had claimed that in 2013, the CRM market was worth $20.4 billion.
The strong growth is expected to continue this years as well as analysts are of the opinion that CRM to be the expected technology most earmarked for investment.
Now let us take a look at some of the reasons for the strong growth of CRM.
- New set of client expectations
The clients are looking at getting importance
1. A new set of customer expectations
- The customer expects relevance
Engagement can be quite personal and contextual in its approach. If a CRM do not follow these steps, then it can be an expensive affair for the clients. Offering a degree of relevance can be attained when you are rightfully confident about the client’s journey and also the existing position in the sales cycle.
- The clients are ready to spend more for an improved experience.
CRM is not just about enhancing the sales or bringing improvement in client servicing. If it can help to bring improvement in the value of experience, it has the potential to strengthen the value of your proposition as well.
- Clients looking for transparency
More clients want to see the details related to their product or even service ranging from e-receipts to complete client dashboards.
- Technology has potential to facilitate human connections as the younger generation is completely digital in their approach
Audiences for varied firms are quite broad, with a complete series of demographics involving in varied ways. This is slowly shifting with the younger lot have fast adopted the digital approach.
2. Mobile has brought tremendous change in data
With the emergence of mobile devices that are being used for carrying out interactions across lot of different marketing channels, it means more data. The data also becomes more revealing when it believes in improving service, considered the fact that many firms are still sorting out the mobile experiences.
3. Business leaders are working in close coordination with the IT professionals
One of the fundamental blockages to innovation is siloed data. More, CMOs and CIOs are working in close coordination with the marketing, sales and IT with the aim to put an end to the siloed organizational structures and also the data sets.
Since more firms want to bring improvement in their performance with the changing digital parameters, CRM assumes importance.
4. Global markets
With the advent of globalization, better fulfillment, marketplaces, it becomes easy to easily access to the newer/emerging markets and also the global pricing strategies. All these and more demand a partnership approach to the global and also cross border sales.
A CRM that allows each team to access the product and client information is significant.
5. Data security on cloud
Gartner had claimed that last year, around 41% of the CRM tools sold were SaaS based.
The public and private cloud services allow for flexibility along with the knowledge that all things are penetrable helps in securing data in cloud.
But there are certain domains such as the financial services sector which still in favour of on-premise tool.
6. Working habits
One of the prime benefits of the cloud and sign on availability on mobile devices is the tremendous jump in productivity levels via the flexible working opportunities. The CRM that can be accessed while on the move is obviously a desirable solution to opt for as it helps in the projection of as a more engrained business solution.
7. Automation and availability of machine learning
It is believed that a basic email trigger level of automation is required in a CRM.
The ability to cross-sell and also up-sell efficiently are the features machine learning is proving helpful along with judging a client’s behavior, cross checking all the past interactions with the similar clients and also recommending further products and services as well.
With the growth in businesses and CRM all across the globe, it is time to closely watch the CRM rise.
The point which emerges is that CRM, which is considered as a traditional concept, via cloud and mobile. It is not just sophisticated but also witnessing strong growth in the market. Gartner had claimed that in 2013, the CRM market was worth $20.4 billion.
The strong growth is expected to continue this years as well as analysts are of the opinion that CRM to be the expected technology most earmarked for investment.
Now let us take a look at some of the reasons for the strong growth of CRM.
- New set of client expectations
The clients are looking at getting importance
1. A new set of customer expectations
- The customer expects relevance
Engagement can be quite personal and contextual in its approach. If a CRM do not follow these steps, then it can be an expensive affair for the clients. Offering a degree of relevance can be attained when you are rightfully confident about the client’s journey and also the existing position in the sales cycle.
- The clients are ready to spend more for an improved experience.
CRM is not just about enhancing the sales or bringing improvement in client servicing. If it can help to bring improvement in the value of experience, it has the potential to strengthen the value of your proposition as well.
- Clients looking for transparency
More clients want to see the details related to their product or even service ranging from e-receipts to complete client dashboards.
- Technology has potential to facilitate human connections as the younger generation is completely digital in their approach
Audiences for varied firms are quite broad, with a complete series of demographics involving in varied ways. This is slowly shifting with the younger lot have fast adopted the digital approach.
2. Mobile has brought tremendous change in data
With the emergence of mobile devices that are being used for carrying out interactions across lot of different marketing channels, it means more data. The data also becomes more revealing when it believes in improving service, considered the fact that many firms are still sorting out the mobile experiences.
3. Business leaders are working in close coordination with the IT professionals
One of the fundamental blockages to innovation is siloed data. More, CMOs and CIOs are working in close coordination with the marketing, sales and IT with the aim to put an end to the siloed organizational structures and also the data sets.
Since more firms want to bring improvement in their performance with the changing digital parameters, CRM assumes importance.
4. Global markets
With the advent of globalization, better fulfillment, marketplaces, it becomes easy to easily access to the newer/emerging markets and also the global pricing strategies. All these and more demand a partnership approach to the global and also cross border sales.
A CRM that allows each team to access the product and client information is significant.
5. Data security on cloud
Gartner had claimed that last year, around 41% of the CRM tools sold were SaaS based.
The public and private cloud services allow for flexibility along with the knowledge that all things are penetrable helps in securing data in cloud.
But there are certain domains such as the financial services sector which still in favour of on-premise tool.
6. Working habits
One of the prime benefits of the cloud and sign on availability on mobile devices is the tremendous jump in productivity levels via the flexible working opportunities. The CRM that can be accessed while on the move is obviously a desirable solution to opt for as it helps in the projection of as a more engrained business solution.
7. Automation and availability of machine learning
It is believed that a basic email trigger level of automation is required in a CRM.
The ability to cross-sell and also up-sell efficiently are the features machine learning is proving helpful along with judging a client’s behavior, cross checking all the past interactions with the similar clients and also recommending further products and services as well.
With the growth in businesses and CRM all across the globe, it is time to closely watch the CRM rise.