Top 10 CRM Trends Businesses Should Look for in 2021

Customer Relationship management

Customer Relationship management

CRM software market is forecast to reach over US$80 billion by 2025.

Establishing a robust and lasting relationship with customers is indispensable to grow a business from the bottom line. Customer relationship management (CRM) remains a vital tool to build and grow a customer-business interaction. CRM is typically software that leverages technology to formulate strategies that help companies to analyze customer data for business growth. This software also refers to a one-stop solution to drive data-driven decision-making and improve sales and revenue. The significance of the CRM software cannot be overlooked. It does not help in building customer relationships but also performs tasks such as tasks assignment and taking some actions when the leads become inactive.

As staying ahead relentlessly evolving customer relationship management trends is crucial and complex for an organization to gain an edge over their peers, IndustryWired presents the top 10 CRM trends businesses should look for in 2021. 

 

1. Artificial Intelligence to Become Vital in CRM

The progression of artificial intelligence is not clandestine for anyone. This technology today is being used across various areas and functions across diverse industries. With its ability to automate and empower menial and tedious tasks, enterprises are now expecting AI-powered CRM tools that can help them with real-time customer data and offer insights on customers’ behaviors. According to Gartner’s 2019 CIO Agenda survey, AI associated with CRM activities will boost global business revenue by US$1.1 trillion by the end of 2021.

 

2. Integration of Social Platforms into CRM

The proliferation of social platforms is continuing on the rise. With ever-increasing customer activities on different social mediums, businesses now are talking about social CRM. This new concept to customer relationship management will significantly add a social dimension to the way companies think about their customers. By integrating social platforms into CRM, they can reap a more powerful overview of what people are posting about them on social media, while understanding brand sentiment. This will essentially help organizations to design their offerings and services based on that.

 

3. Big Data and Analytics-Driven CRM

There is no wonder that the success of a customer interaction relies on data that drives the personalization of customer experience. The use of CRM technology makes it easier for businesses to gather data on leads and contacts, with systems applying real-time updates to this information whenever possible. Big data and customer data platform software also make it possible for CRM to facilitate a continuous flow of data.

 

4. Channel-less CRM 

Today’s CRM strategies are majorly focused on an omnichannel or a multi-channel approach. Through this, companies make themselves available everywhere for establishing communication with customers. However, many business leaders are now thinking about channel-less CRM. This CRM approach can benefit businesses with greater efficiency and cost reduction. It could be done with the rapid integrating of artificial intelligence that will recognize the same customer profile interacting with a company through distinct channels.

 

5. The Use of Voice Technology in CRM 

Voice technology is already starting to gain traction in consumer-facing industries. It is now expecting that this technology and CRM will be a perfect partner in the coming days. Many customer service providers are investing in voice technology to make the most of their CRM software. Salesforce, for instance, invests in this technology like Einstein Voice Assistant to make it even easier for sales staff to track, message, update and notify their teams about relevant customer-oriented data. Voice technology in CRM is also garnering interest from the likes of Microsoft, SAP and other CRM leaders.

 

6. CRM’s Integration into IoT

The internet of things (IoT) is already transforming the world from how people live and work to how businesses perform. IoT devices significantly glean actionable data through various existing technologies and then autonomously flow that data to other devices and systems. Experts now believe that IoT will continue to make significant improvements in the way CRM is done. As IoT devices are expected to grow in number to 39 billion by 2025, advanced CRM systems can capitalize on this trend by integrating connections to IoT feeds from devices. 

 

7. CX Will Shape the Future of CRM

The customer experience (CX) is undoubtedly one of the most influencing factors in business growth. With increasing customers’ expectations, businesses are forced to deliver an effective and improved customer experience. Today, many companies believe managing customer relationship is not only an adequate solution but customer experiences as well to drive innovation. Indeed, the customer experience will shape the future of CRM. CX expands on CRM and enables companies to improve customer interactions to meet, or exceed, customer expectations, thereby fortifying long-term loyalty.

 

8. Business Automation with CRM

Today, almost every organization is on the way to automate their business operations for smother customer service delivery. As it has become a synonym for business processes, many companies are using CRM software to automate their workflows. Research indicates that a majority of business leaders found paperwork is their biggest time waster, while in sales, 50 percent of the time is wasted on unproductive prospecting. Thus, to stay germane to tech-savvy customers, companies will leverage the best CRM software that offers advanced automation features.

 

9. The Rise of Mobile CRM

The mobile-first strategy will substantially enable mobile CRM. As mobile usage is rapidly growing all around the world, sales teams must incorporate mobile CRM. Offering mobile CRM access will upsurge the use of the software while boosting workforce productivity of the workforce. According to Forester’s statistics, 50 percent of teams improved their productivity by using mobile CRM.

 

10Growth of Cloud-Enabled CRM Solutions

Gone are the days when it was thought that CRM is the expensive software that requires an entire team of IT experts working solely on installing and maintaining the system. Modern-day CRM systems are now coming equipped with advanced technology and user-friendly that are designed to address the unique needs of all types of businesses. One of such advanced technologically-driven CRM solutions is Cloud-enabled CRM. It plays a key role in today’s business as it is accessible to all types and sizes of businesses and adaptable to any business’s changing needs.