There are few tools more valuable in the CX landscape than the CRM. Designed to simplify the process of tracking and improving complex customer relationships, CRM technology is at the heart of countless sales and service strategies.
Customer Relationship Management technology is so crucial to the success of the modern business, that experts predict the market will reach a value of $96.39 billion by 2027.
As the needs of customers continue to evolve, and the journeys your clients take become more multi-faceted and complex, the right CRM solution could be the key to outshining your competition. Here’s everything you need to know about the CRM market today.
What is a CRM System and How Does it Work?
The term “CRM” refers to "Customer Relationship Management". While there are many aspects involved in managing a customer relationship, most people talking about CRM will be referencing CRM technology. With this software, business leaders can curate and aggregate data from multiple points in the customer journey, to map the path to purchase and improve CX.
CRM solutions make the otherwise overwhelming process of building relationships with clients through multiple conversations and touchpoints more manageable. The technology is common in the contact centre, but it also appears frequently in the toolkits of service providers, sales teams, helpdesk management groups, and so on.
So, how exactly does the technology work? Find out by watching the video below, or keep on reading!
CRM systems start by collecting as much information about individual customers as possible, across a range of sources and channels. This information helps to create profiles about clients, complete with their email addresses, website information, social media data, and even their previous purchases.
After consolidating all of your data into one view, the CRM allows business owners to access valuable records of individuals and audience segments, to help build better relationships over time. From a marketing perspective, the solution can help to form a better understanding of a customer to ensure you send prospects the right message. From a sales perspective, a CRM can help reps work faster and more effectively with a clear view of the purchasing pipeline.
CRM Trends
Demand for Customer Relationship Management tools is only continuing to rise as the customer experience landscape grows more complex. Currently, around 91% of companies with 10 or more employees are already using CRM solutions to enhance the customer journey. All of these companies are looking for ways to make their CRM solutions more innovative.
Some of the most compelling CRM trends to watch right now are: