What’s new in CRM? In this article, our team predicts top CRM trends in 2016. It is becoming increasingly difficult for firms to thrive in the competitive market. Making a profit is much more than just acquiring customers and getting a new customer is just the beginning. In order to be successful, firms need to gain the trust of their customers and create a lasting impact. Companies now realized the significance of CRM
, as it not only helps in retaining existing customers but also helps in acquiring new ones.
There is a tremendous rise in the usage of CRM. As per the research, the CRM industry has recorded a whopping $18 billion in revenue in the year 2012, which was further inflated to 13.7%, i.e. $20.4 billion, in 2013. As per Gartner, sales topped $23 billion in 2014 and are forecasted to expand to $36.5 billion by 2017. According to industry estimates, ROI on CRM software
solutions has been more than 600% - six dollars for every dollar spent. In 2015, digital marketers have primarily focused on video, mobile and social media. 2016 is set to unfold and is expected to bring new trends for CRM. Here are 6 CRM trends that will be prominently observed in 2016:
1. Integration with social media
Social media integration has become part and parcel of everyday life and businesses are no longer an exception. The majority of companies have their presence on the social media, but it’s equally-important to measure the impact of social media. Social CRM will be a new platform used to promote the interaction between customers and companies. Social media monitoring tools are of great help as they help to monitor the presence of the brand. Moreover, response time has become very critical these days as a dissatisfied customer will take to social media, which can hamper the image of the brand. Hence, the vendors are adding features to listen into conversations and provide feedback on social media, harnessing the increasing power of the customer opinion. As per the statistics, the Social CRM industry will flourish to a whopping $9 billion by 2018.
2. Increase in demand of Mobile CRM
By 2016, there will be a tremendous increase in the popularity of Mobile CRM. It is expected to increase by 500% as 55% of people will access sales applications exclusively through smartphones or tablets. Hence, mobile vendors are coming up with this advantageous application that will work on smartphones or tablets and will be more user-friendly. It will help the marketers in making swift decisions.
3. Increase in demand of personalized CRM:
All businesses have different motives and hence, there is an increased need of personalized CRM
. Because of cutthroat competition, firms are striving hard to remain leaders in the industry niche. This is the key for business amplification, as it helps the companies to lure more customers and stand out amongst its competitors. Moreover, it is made per the policies and requirements of the company. Hence, it eliminates the need for extensive training and is more user-friendly which makes it more popular.
4. Increasing demand of strategic CRM:
With the change in the expectations of CRM, companies are no longer interested in using the software for marketing purposes only. They are now interested in integrating the data across various departments for maximum output. Rather than using it in isolation, companies are willing to use the information in coordination with email marketing or other services. The thin line between sales, services and marketing is getting blurred.
5. Increasing popularity of customer loyalty program:
Loyal customers are the biggest asset of a company. Companies aim to retain loyal customers as they are vital to the business. Well-defined data helps track the spending habits and purchasing behavior of the customer, which can be used to design effective loyalty programs. This same data can then be used to make tailored loyalty programs which can magnetize more customers and increase customer satisfaction. By 2016, CRM data is expected to be widely used in designing the loyalty programs.
6. Increase in demand of Saas model:
As per the experts, Software-as-a-Service (SaaS) will dominate the future and likely over half of CRM deployments will be cloud-based SaaS. CRM through SaaS is preferable in terms of cost as well as security. It saves time and reduces the cost to the company. Hence, a majority of vendors are now coming up with the CRM solutions
as part of the SaaS model.
Over the last several years, there have been a lot of changes in the use of CRM
. It is rapidly gaining popularity with the new, emerging trends. Companies are willing to make long-term investments for improved customer services
and this will lead to an increase in the demand of CRM by 2016.