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 is 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 workflow in a critical situation, you need to know that the CRM strategy for future achievements. You have targets for sales, business objectives, and profitability. But getting the updated and reliable information on your progress can be tricky. But, we have to explore the solution for: how do we transform the many streams of reliable data/information coming from sales, customer support, marketing and social media platforms 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. In CRM, We can see everything at a glance in one place – a simple, reliable and customizable dashboard that can tell the customer’s previous history records, the status of their orders, any outstanding customer service issues, generating reports 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 leads and customers, assign calls, sending emails, generate reports, schedule appointments, manage your pipeline, assign goals, and find out who’s opened your latest email without stepping out of the CRM system. Let’s have a clear workflow of CRM, how different business functions can benefit from it:
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 helps to automate daily tasks, keep tracking the data and improve sales of productivity, Branding the industry trends, and enhance wealth business strategy.
3. Customer Service:
Customer support teams can use CRM (Customer Relationship Management) software to help improve customer relations and retention. It gives the insight view for the customer’s conflicts, their past interactions and provides the accurate tools to manage activities around customer engagement.
Now, we get a 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, the CRM software migrates with cloud-based technology and Artificial Intelligence in the future.
How the CRM Growth in 21st Century Tech-Industry:
The Growth of CRM (Customer Relationship Management) software in Tech supported, the marketing and advertising industry have 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, The following aspects are the top business 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 Explosive for dynamic CRM based on 2018 Statistics:
The above statistical report on 2018 for CRM predicts the efficiency of business strategy in digital marketing.
Customer Relationship Management is a prominent strategy for every organization which makes smart innovation and great Explosive achievements 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 digitalized era in the business process for an organization in the future:
- CRM is proven to increase customer retention by 26%.
- CRM systems proper implementation can yield a 245% ROI (Return on Investment).
- 68% of CRM Solutions adopt cloud-based technology and Artificial Intelligence in 2019.
- In 2019, The social CRM market is expected to reach $10 Billion.
- 74% of Organizations utilize CRM reports for establishing a 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%.
- 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:
CRM is supposed to create 8 Lakhs direct and 2 million indirect as well as induced employment by 2021.
- 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 increased by 42%. (Source: Salesforce)