With today’s ultra-competitive market, organizations cannot afford to lag behind when it comes to their interactions with prospective clients and existing customers. Organizations are spending fortunes on CRM systems. And all the indications point to this figure only increasing in the foreseeable future. The latest forecasts from IT Intelligence markets predict that the global CRM market will grow by 36% through 2022.
CRM products and strategies play an increasingly important role in the success of most of the organizations today. CRM solutions address the growing demands in marketing automation, sales automation and customer service. Whether you need to identify the potential customer or align the sales and buying process, CRM plays a major role in the overall customer lifecycle management.
Where is CRM headed in 2019?
A couple of years ago, CRM giants like Hubspot and Microsoft dominated this market. Thanks to advances in cloud technology, more and more vendors have entered the segment making CRM accessible, easy to implement and customizable based on the business need.
Price: Price is definitely a differentiator when it comes to choosing the right CRM platform. Smaller and midsize growing companies have to allocate huge budgets on a complete platform while all they need is a fraction of features practically. The customizable CRM solution could turn out to be an expensive alternative. However, there are options where customizations on an already built product are available and that can be easily implemented based on your business requirements.
Business use case: It makes sense that a real estate company might have different needs than a healthcare company or a non-profit organization. There are plenty of CRM solutions out there that are tailored for specific industry verticals. Going with an industry-specific solution can be helpful in implementation and helping your teams onboard easily.
A Collaborative tool: CRM is no longer a relationship management tool. It helps business organize information and hence increase productivity. A Forrester’s study notes that 50% of the teams using CRM improved productivity and respondents have seen a 20% reduction in employee cost.
CRM platforms streamline workflows and remove data silos by providing a 360 degree view of all the customers and prospects in the pipeline.
How do I know if my business needs a CRM?
Any organization that wants to maintain a constant relationship with the potential clients and existing customers will need the CRM platform.
- B2B companies that track lead for longer duration and where a consultative sales cycle is followed. Eg: Software, SAAS platforms, recruiting firms.
- B2C companies (for example, realtors, financial services, or landscaping services)
There are many companies that may not fall into the above groups but would still benefit from a CRM system.
The questions you should ask yourself when evaluating your need for a CRM system are:
- Do I have to manage a lot of customer data
- Is my client and prospect data scattered in different places
- Am I finding it difficult to manage my clients
- Are my customers finding it difficult to stay in touch
- Can I measure my sales team productivity
If you answered “yes” to any of the questions above, your business could benefit from a CRM platform. Avoid frustrations and save your future headache by adapting to one sooner.
A CRM platform is about being able to maintain customer life cycle, organizing your leads and ultimately increase revenue.
According to Walker Info, by 2020, customer experience will overtake product and price as the key brand differentiator. RightNow notes that 86 percent of consumers are willing to pay up to 25 percent more for better customer experience.
CRM is how you make that experience happen. If your company hasn’t invested in CRM yet, 2019 is the time to get on board or be left behind.