A fair number of businesses wrestle with the question of whether or not to use Customer Relations Management (CRM) software. One reason for this is that it may be a bit abstract in their minds. They may be hearing that social networking can at least partially replace CRM tools.
But when mulling over your business’s relationship to CRM software, one factor to consider is that CRM use is on the rise, with projections for continued upswings. This is according to a couple of forecasts and reports I’ll discuss in some detail.
The first comes from Jaspersoft, and reveals a focus on the use of CRM to gather data about customers. First off, the data shows that Customer Analysis accounts for 48% of the Big Data collected by companies (with experience analysis coming in second at 45). But most significantly, the top data source was CRM, at 40%, nosing out financial applications.
The respected consulting firm Gartner, Inc. also took a look CRM use, focusing on its future. Gartner projects three strong years of investment in CRM, starting in 2014, validated by this article. In fact it forecasts overall earnings of $36 billion for the industry in 2017. It’s worth noting that cloud-based CRM is on the rise, representing 40% of use.
Joanne Correia, Gartner research veep, says “CRM will be at the heart of digital initiatives in coming years.”
Some of the sectors that are jumping deepest into CRM use include high-tech, insurance, and banking industries. The project of the initiatives is generally to create for customers a consistent cross-channel experience.
The climate we live in places a very high premium on customer satisfaction and on clients feeling they are getting proper attention. Customer Relationship Management software affords a wide variety of information to enable companies to do this. It also organizes customer information for seamless sharing among your team as necessary, and for heightened efficiency.
Another benefit of Customer Relationship Management software is its ability to help you open up multiple channels for customers to interact with your business such as direct sales, online sales, etc.
Finally, Customer Relationship Management tools will help you identify which customers are bringing in the most profits, indispensable marketing information.
But it’s also important to mention that CRM is really a philosophy, one that says that attention to the customer is important for both parties, and that the acquisition of knowledge is crucial. The technology mimics and plays out the philosophy, and more and more companies are doing it.