Top 6 Trends in Customer Relationship Management (CRM) – In the past few years, customer relationship management (CRM) efforts faced challenges and were often deemed unsuccessful in terms of revenue generation, leading to speculations about the strategy’s decline. However, the journey is far from over for CRM software. The emergence of social media and smartphones has prompted businesses to reconsider and reassess CRM initiatives.
As the marketing and sales landscapes evolve to align with changing customer behavior, CRM trends are poised to reshape how businesses engage with their customers. Despite the dynamic technological landscape, successful CRM implementation relies on adherence to best practices and a commitment to ongoing innovation. In this context, let’s explore some of the prominent CRM trends anticipated on the horizon.
Top CRM Software in the Market
Numerous tools are available to help businesses organize customer data and streamline customer service, ultimately boosting revenue. The following are the top-rated solutions we recommend:
- Salesforce
- Thryv
- Monday.com
CRM Then and Now: A Evolutionary Journey
Customer relationship management (CRM) has undergone significant evolution over the decades. The term gained popularity in the early ’90s, primarily referring to front-office applications. Various individuals and organizations, including Tom Siebel, John Anton, and Gartner Inc., are credited with coining the term.
Before the ’90s, database marketing and statistical analysis were employed to gain insights into customer behavior. The late ’80s witnessed the introduction of PC-based contact management software, which eventually evolved into sales force automation (SFA).
Over the years, the CRM industry heavily relied on technological and software advancements, with early leaders such as Siebel, Oracle, and SAP. The rise of internet usage saw the emergence of E-CRM providers like Kana, Broadbase, and e.piphany. Salesforce entered the market as a software-as-a-service (SaaS) provider around the same time.
While major players faced challenges during the dot-com bubble burst, the period from 2000 onward marked significant transitions in CRM. The entry of social media and open-source software initiated transformative shifts. Despite setbacks, the field remains promising for both businesses and customers.
Top CRM Trends to Explore
- Cloud-Based CRM
Cloud computing services are on the rise, and CRM has embraced this trend. Cloud-based CRM is considered a cost-efficient method of gathering customer data, eliminating the need for on-site resources to scout for leads. - Social CRM
The power of social media in customer engagement became evident when companies like Comcast started using platforms like Twitter in 2008. Social media marketing has become influential, allowing consumers to express opinions that can significantly impact businesses. Social CRM strategies are evolving, incorporating social media optimization and gamification. - Centralized Data
Understanding customers through extensive data collection and analysis remains a key CRM goal. Centralizing customer data enables businesses to target and engage customers more effectively, extending beyond lead generation to maintaining relationships. - Mobility
The ubiquity of smartphones and tablets has made mobility a critical component. Customers are no longer tethered to PCs, accessing data on the go. Frontline employees and customer service resources increasingly rely on mobile devices, shaping customer perception through online and mobile experiences. - Flexibility
Flexibility in CRM platforms is emphasized for users to customize the software according to their needs. Ease of integration and multichannel publishing are crucial considerations, making a flexible and accessible CRM platform increasingly important. - Crowdsourcing
With customers having a voice through social media, businesses can leverage crowdsourcing for improvements. Engaging current customers for ideas and solutions fosters innovation, expanding the role of CRM beyond lead generation and marketing.
CRM in the Future
Looking ahead, the marketing and technology aspects of CRM are poised for continued growth. Companies seeking to leverage customer relationships should align strategies with their existing customer base and the type of customers they aim to attract.
The influence of social media and the heightened interaction between people and products online underscore the importance of listening and responding to customer opinions. Harnessing current technology to anticipate and deliver what customers want will be crucial in the future landscape of CRM.