“CRM isn’t rocket science but it can make you a competitive superstar.” No doubt, businesses have heavily invested in CRM to make it the biggest software market in the world. According to statistics, the CRM market will grow to more than $80 billion in revenues by 2025.
Customer service is the key to growth and sustainability in today’s time. Personalized customer service facilitated by access to real-time customer data and technology-driver strategies leads to enhanced customer delight and satisfaction. CRM becomes instrumental for encompassing all of these under one roof. That is why marketers are ready to heavily invest in a good CRM system to reap optimum results. 44% of businesses had already planned to stretch their IT budget for CRM compared to the 38% in 2019.
According to data, using a CRM system can increase sales by 29%, sales productivity by 34%, and sales forecast accuracy by 42%. It can also increase sales conversions by about 300%. It was predicted that by 2020 customer experience will be more crucial than the price and the product as a determinant for purchase. And, the trend has already set in. From big to small-sized business understand the benefits that they can get from a well-suited CRM system. 91% of businesses with 10 or more employees use CRM software and the number is growing by the day.
2019 was also the year for mobile CRM. According to statistics, 65% of the companies who are using mobile CRM are achieving their sales quotas. CRM will continue to impact businesses and marketers in a positive way. Let us take a look at some of the important CRM trends that will influence businesses in 2020.
Rise of AI, Big Data
Personalization is the key to enhanced customer service. This can be best achieved y the flow of customer data at the right time. Moreover, 71% of customers also expect companies to communicate with them in real-time. Hence, the usage of AI and Big Data enhances the capabilities of a CRM system. According to data, The global AI-enabled CRM market revenue is expected to reach $72.9 billion by 2023. Moreover, AI-driver chatbots will double over the next 18-months. They will be able to scale-up support and reduce the manual workload of the agents.
Usage of Voice technology
Most of the CRM giants are investing in voice-assisted technology. Nowadays, many of the mobile searches are voice searches, so it has been predicted that 50% of all searched can be voice-activated by 2020. The integration of voice technology with AI and machine learning will not only give information to the customer but also provide them with analytics and insights.
Enhanced experience with VR and AR
These are some of the emerging technologies which will revolutionize the customer experience. Hence, they needs to be integrated with CRM as well. Augmented and Virtual Reality will change the way businesses will interact with the customers. According to statistics, around 32% of businesses are planning to integrate AR and VR into their marketing plan over the next 3 years. Because trend shows that around 48% of consumers will prefer retailers who use AR. This will be a big thing on the retailer space. AR will also help to improve the efficiency of sales trainings. These technologies impact buying behavior which can be leveraged by companies.
Social CRM
Social CRM will be key for customer service agents. Hence, CRM platforms will offer integration with more social media networks. By integrating CRM with social media, companies will be able to give real-time feedback, provide customer support programs and also do brand promotion. Around 71% and 83% of consumers expect a same-day response from companies. This can be best handled if the systems are integrated and responses are streamlined. Hence, both mobile and social CRM will gain momentum in 2020. Read more about Social CRM here.
CRM gets into IoT
Smart IoT devices can provide valuable information on customer habits. This can be leveraged by CRM systems to enhance customer support as well as plan for personalized marketing campaigns. It has been predicted that the number of IoT devices will grow to 39 billion by 2025. So, experts opine that IoT will continue to make improvements to CRM system and they are already incorporating the same.
Cross-company Integration
Over the coming years, all the verticals from sales to marketing will look forward to connecting over new and multiple channels overcoming the barriers of departments. 8 among 10 customers expect consistent interaction across departments. As more and more companies are adopting CRM, it will become more user-friendly with features like scheduling, bulk messaging etc. more in demand in 2020. We will also see more tailor-made CRM systems for vertical markets like healthcare and others.
2020 will definitely remain as the year of the customer. Customer service will be the main focus for businesses and CRM will be a crucial game-changer in the competitive space. Businesses will continue to invest in CRM as they are aware of its immense potential. Not only if helps you to integrate and streamline your processes, but it also gives you a complete 360-degree overview of every customer you connect to. 74% of businesses using CRM feel that they have improved access to customer data, which gives them an edge in the business.
It is important to keep in mind that your employees can work anywhere and use any device. So, it is advisable to consider this while evaluating a CRM system. This will make them more accountable and willing to use the system more. There is also a prediction on the rise of CRM solutions for specific vertical markets, like healthcare, manufacturing and others.
If you also planning to deploy a good CRM system that is both effective and pocket-friendly, EngageBay might be your best solution. Their CRM products and resources will help you to boost your business as well as provide strong support.
CRM is definitely the need of the hour for businesses to thrive, sustain and excel in 2020. A good CRM system will always enable you to streamline and integrate your processes while striving to provide enhanced customer service.