What is CRM
Are you a beginner to CRM?
If you’ve just heard about the question about what is CRM (Customer Relationship Management) software? You want to know more about it, you’re on the right page. Today in our day-to-day life, Information plays a crucial role to do task completion which are integrated with the latest technology.
According to the 21st-century business strategies, the data (Information) flow of particular product and service in the organization must collaborate with an efficient business outcome from HR to customer service and supply chain management. If your business is going to last, you know that you need a strategy for the future. You have targets for sales, business objectives, and profitability. But getting up-to-date, reliable information on your progress can be tricky. How do you translate the many streams of data coming in from sales, customer service, marketing, and social media monitoring into useful business information?
Here, the solution for complete achievement of desired goals of the organization is: A CRM (Customer Relationship Management) is a Software-as-a-System (SaaS) can give you a clear overview of your customers. You can see everything in one place – a simple, customizable dashboard that can tell you a customer’s previous history with you, the status of their orders, any outstanding customer service issues, and more
So, let you know the agenda of what is CRM – Customer Relationship Management (CRM) is a software solution that brings a host of capabilities together which are store all your prospects and customers, make calls, send emails, create reports, schedule appointments, add notes, manage your pipeline, and find out who’s opened your latest email—without stepping out of the CRM system. Here’s how different business functions can benefit from customer relationship management:
Marketing teams can use CRM (Customer Relationship Management) software to measure the Return on Investment (ROI) on their activities and campaigns. It also gives them insight about whether they are targeting their Ideal Customer Profiles (ICPs), and the right geography and industry.
Sales teams can use CRM (Customer Relationship Management) software to get a deeper understanding of their prospects, customers and manage their sales pipeline better. The CRM also helps automate day-to-day tasks, track and improve sales productivity, identify industry trends, and enhance sales strategy.
3. Customer Service:
Customer support teams can use CRM (Customer Relationship Management) software to help improve customer relations and retention. It gives them insight into the customer’s issues and their past interactions and provides the necessary tools to manage activities around customer engagement.
Now, we get the clear idea about What is CRM – Customer Relationship Management software and it has been around for several decades, the biggest game-changer in recent years. Moreover, it has been the migration of CRM software to cloud-based technology.
How the CRM Growth in 21st Century Tech-Industry:
The Growth of CRM (Customer Relationship Management) software in Tech supported industry has been a catalyst for success to many entrepreneurs due to its excellent features. The potential growth of CRM accelerates the revenue by 41% per sales. It helps to visualize your business progress with this technology.
According to the Forbes CRM shows Compound Annual Growth Rate (CAGR) of:
- 15.1% from 2012 to 2017.
- 22.8 % from 2014 to 2018. It will reach $127.5 Billion by 2018.
According to Gartner Estimates, Global CRM software predicted to grow at 13.7% of CAGR 2021.
Now, these are the top sectors where CRM is being used by the various types of CRM:
- Contact Management (94%)
- Lead Nurturing (65%)
- Email Marketing (59%)
- Sales Forecasting (59%)
The Future Prediction for dynamic CRM based on 2018 Stats:
The above statistical report on 2018 for CRM predicts the efficiency of business strategy in digital marketing.
Customer Relationship Management is an important strategy for every organization makes smart innovation for a global business idea. Research believes that CRM can take the business to the next level for the dynamic run of all the leads, sales and customer service. The following aspects of CRM tend to create a revolutionary era in business strategy:
- CRM is proven to increase customer retention by 26%.
- CRM systems when implemented properly yield a 245% ROI (Return on Investment).
- 68% of CRM Solutions will become cloud-based in 2019.
- In 2019, The social CRM market is expected to reach $10 Billion.
- 74% of companies utilize CRM reported better customer relationship.
- CRM will Overtake the data management market and becomes the largest of all software marks by 2020.
- CRM can boost purchase value by 40%.
- CRM is supposed to create 8,00,000 direct and 2 million indirect as well as induced jobs by 2021.
- Growth revenue from CRM’s Artificial Intelligence related features will reach $394 billion by 2021.
- CRM as a whole is expected to reach over $80 billion in revenue by 2025.
Case Study of CRM:
- A recent survey revealed that for companies that use a CRM, the average return on their technology investment is $8.71 for each dollar spent. (Source: Nucleus Research).
- Businesses that leverage CRM software lead sales increase by 29%, sales productivity increase by 34%, and sales forecast accuracy increase by 42%. (Source: Salesforce).