The Future of CRM – 5 Key Trends to Watch For in 2023
The global CRM (customer relationship management) software market is expected to cross 49 billion U.S. dollars in a couple of years (2025), says a report by Statista. With a double-digit CAGR of 12.5%, CRM has become a whooping technology market.
Businesses worldwide use CRM software to maximize productivity and offer their clients top-notch customer services. If you are also investing in this software for your business, it’s essential to understand the future of CRM.
It helps you update your existing software as per the latest technology trends and stay competitive. This article analyzes the ongoing 2023 CRM trends.
What is a CRM?
A CRM is a customer relationship tool that lets you store and manage customer data for intuitive interactions. You can use a CRM tool to identify sales opportunities, record service issues, handle marketing campaigns, and more. It automates sales channels with actionable insights for future growth.
The infographic below offers insights into the leading CRMs worldwide.
Must-Have Features of a CRM
- Contact Management – It allows salespeople to develop contact records & store customer data for prospects.
- Deal Stages – CRM can be customized according to the deal stages to streamline the business sales process.
- Daily Dashboard – The CRM allows you to view and manage metrics like the number of deals in pipelines at different stages, pending tasks that need to complete, etc.
- Task Management – It streamlines your day-to-day workflow and assists in keeping them on top of their follow-up.
- Content Repository – An embedded content repository assists sales teams in integrating their go-to pieces of collateral on one platform.
- Automated Data Upload – The customer relationship management tool must automate the uploading of emails, calls, and chats to eliminate space for human error.
- Analytics & Reports – It must be able to export reports and distribute data to understand the business performance quickly.
Here are Some Notable CRM Stats
- CRM systems can enhance the conversion rate of any business by up to 300% (Finances Online).
- CRM software ROI can exceed 245% when appropriately implemented. (IBM)
- As much as 50% of business teams improve productivity via mobile CRM solutions. (Forrester)
- CRM technology assists in better management of data, says 74% of businesses. (Resco.net)
- As much as 91% of companies trust CRM solutions, with a head count of 11+. (GetBase)
CRM Trends in 2023 and Coming Years
Unifying Various Business Operations with Common Goals
CRM systems are now focused on providing a common platform for handling diverse data related to different business processes. For example, a company using separate software systems for business sales and marketing can instead rely upon CRM software that provides both. A Custom CRM Software Development Company can customize various features to create a solution that unifies multiple business processes in a single platform.
A unified platform eliminates the need to run through various software solutions for business data and boosts decision-making. As such, different operations teams will use a CRM solution that synchronizes multiple business operations. It includes more than just the marketer, salespeople, and managers.
2. Integration of Several Automation Features
The future of CRM in 2023 revolves around higher automation capabilities, with several tasks being done in a few clicks and scrolls. Primary functions of the CRM platforms, like lead identification, tracking, and scoring, may be automated for higher user engagement. It will allow the sales and marketing teams access to the latest data, automatically improving lead handling.
Email marketing, analytics & reporting, data management, and other automation features are currently in trend. For example, email marketing automation in CRM allows salespeople to create welcome messages, email campaigns, follow-up messages, and more. Businesses can integrate CRM with calendars, project management tools, and more.
3. Emphasis on Customer-Oriented Features
The future CRM trends involve creating software solutions that revolve around customer retention and user-friendly interface designs. These are not new trends and have been around for several years and are likely to continue.
CRM customized with higher customer retention values offers 360-degree views of business clients. It helps enhance customer service, as you do not bother the clients with repetitive questions.
For example, a new business representative handling clients’ calls can directly view the users’ issues in detail and quickly skip to offering a solution instead of asking clients to repeat the same information. It helps empathize with the customer and showcases that you care for them.
4. Mobile-CRM Solutions
The promising future of CRM in 2023 shows a significant rise in the adoption of mobile-friendly solutions. The large impact of the pandemic has led to businesses demanding mobile-based CRM solutions more than ever. Readymade CRM software like ZOHO offers various mobile applications that help users with customer data anywhere, anytime.
These apps must work seamlessly across various devices and platforms, including iOS and Android. As the popularity of CRM is rising from large and mid-scale companies to simple startups and small-scale companies, mobile-friendly CRMs will continue to evolve with much faster and easy-to-use solutions.
5. AI-Powered CRM
Artificial Intelligence has dominated several aspects of IT development, and CRM software is no exception. AI integration in CRM solutions is already visible in various readymade software solutions. AI-based solutions help you save time in performing several tasks and activities.
For example, AI centralizes disparaged databases and provides a comprehensive view of the customer lifecycle. Several critical information of customers like contact details, demographic data, communication history, purchase history, and other vital data can be used to maximum potential with AI-powered CRM solutions. It also minimizes human errors and supports predictive lead scoring.
CRM vendors like Salesforce, HubSpot, and One AI have already started implementing AI in their platforms. Overall, AI in CRM solutions help you with deeper insights and build a better user experience.
CRM solutions will become more prevalent in diverse business industries in the next few years. You must implement a future-proof CRM solution that helps you with various roles and responsibilities.
Standard Practices for Building Futuristic CRM
Centralizes Client Communication
The CRM solution must allow you to communicate and collaborate with your clients seamlessly. For example, email and chat integration in the CRM solution helps to keep track of interaction and enhance customer service efficiently.
Automate Key Sales Processes
The CRM solution must automate several standard processes vital to the sales team. The right platform helps you with a comprehensive view of the sales pipeline and daily activity.
Vital Third-Party Integration
Based on your business industry and your specific processes, choose several third-party tools that streamline your workflows. They can integrate from the available readymade solution or be developed from scratch by skilled software developers.
Develop with Trending Technologies
Do not create an outdated solution for the sake of saving costs. It won’t help you in the long run, and you will pay too much for code redevelopment. Instead, use disruptive technologies like AI and ML that keep your business ahead with CRM automation.
CRM platform improves your customer service and scales your business efficiently. However, it’s essential to have an intuitive web design that allows users to use it with convenience.
At JS Panther, we create a scalable CRM solution that grows with the business and helps you tackle a larger database. We implement several AI-based features that automate your business process and streamline workflows.
Frequently Asked Questions
What is the future of CRM?
The immediate future of CRM lies in building solutions with a customer-first approach and providing pragmatic features to businesses. The CRM solution-built AI, Machine Learning, and Predictive analysis features will offer greater support for business growth with deeper insights.
Why is CRM growing?
CRM solutions offer a streamlined process for handling customer service and easily delivering extensive demands. They help businesses build a loyal customer base and boost retention.
What is the next generation of CRM?
Next-Generation CRM systems can combine customer profiles, interactions, and transaction information from diverse resources into a single platform to provide a holistic view of customer data. It is built with several APIs to exchange data between various applications with seamless performance. Overall, it provides you with standard CRM features with business intelligence capabilities.