As a business, your customers are your priority, and rightly so!
With the help of automation, taking care of your customers’ needs and serving them is even easier.
One such insightful automation tool that can help you serve your customers better is Customer Relationship Management software, popularly known as CRM.
The world of customer relationship management (CRM) software has been rapidly evolving over the past decade, and we are pretty sure that as a business owner, you must not only have heard about a CRM but also considered having one for your business. CRM solutions are becoming increasingly sophisticated and powerful, allowing companies to better understand and serve their customers. With rapidly evolving technology, it is essential to stay up-to-date on the latest CRM software stats and trends. So as we get ready to enter the year 2023, let’s have a quick look at some of the important stats about CRM every business owner must know:
Before we dive into the trends, let’s first understand what a CRM is and how it works.
CRM software is a tool used to manage customer relationships, track customer data and interactions, and automate customer-related tasks. It is an essential tool for any business looking to build strong customer relationships and increase customer loyalty. They provide features such as customer segmentation, customer data analysis, customer tracking, customer service automation, and more. CRM software allows businesses to quickly and easily identify customer needs and provide better customer service.
Many businesses might struggle with whether or not they should invest in CRM.
Well, it is fair to ask yourself this question especially when it could be a significant investment for your company to adopt a CRM.
To make this decision easy for businesses, here are some stats that will help:
According to multiple pieces of research, the size of the CRM market is growing rapidly.
According to Fortune Business Insight, The global market for Customer Relationship Management was valued at $52.64 billion in 2020 and will be worth as much as $128.97 billion worldwide by 2028.
Well, this is one stat every business needs to consider during the COVID-19 pandemic, when almost every industry suffered, automation was among the few industries that flourished. Businesses desperately needed a new, virtual way to constantly stay in touch with their customers. In such a scenario, CRM came as a rescue for businesses and helped them stay in touch with their customers.
Worried about the return on investment you’ll be getting after adopting a CRM for your business? Well, Nucleus Research discovered in 2014 that the return on investment (ROI) through CRM was $8.71 for each dollar spent. Even though there have not been many studies and this number has not been updated since then, Dynamic Consultants examined the evolution of the CRM market in 2021 and speculated that it has increased to an average of $30.48 for each dollar spent.
Worried about staying behind your competitors? Then this is a must-know stat for you! Grandview Research suggests that over 91% of companies with 10 or more employees use CRM to manage their customer relations. Moreover, CRM analytics are one of the quickest-developing areas of customer experience (CX) technology. So if you are worried about your competitors getting ahead of you, it’s the right time for you to adopt it!
According to a report published by Salesforce in the past, companies are expecting to raise the usage of Artificial Intelligence (AI) by 47% and CRMs (Customer Relationship Management systems) by 40% in the upcoming years.
AI is making CRMs more sophisticated as it is capable of handling large amounts of unstructured data. AI and Machine Learning (ML) recognize trends in customers' buying behavior and offer appropriate recommendations at different points of the sales cycle, enabling businesses to make decisions based on data. In addition, some CRM systems have adopted AI to provide automated services through chatbots.
Experts around the globe are anticipating that by 2023, a combination of CRM and AI will have a positive impact on sales.
According to Capterra, almost 65% of businesses adopt CRM within the first 5 years of their inception. You see, maintaining healthy relationships with customers is a priority for businesses and during their initial years of operations, it becomes even more important to keep the customers engaged.
Within five years of a business commencing, the CRM technology is typically adopted by sales personnel at a rate of 80%, while marketing and customer service teams utilize it at 46% and 45% respectively.
Looking ahead to 2023, it is likely that the CRM software market will continue to grow rapidly. As businesses become increasingly reliant on CRM software, the demand for more sophisticated and powerful solutions will continue to increase.
The demand for mobile CRM solutions is also likely to continue to grow. This is because mobile users are becoming increasingly common and businesses need to be able to access their customer data and manage their relationships on the go.
Finally, more businesses will start to use predictive analytics with their CRM software. Predictive analytics can help businesses to better anticipate customer needs and provide better customer service. This can help businesses to increase their customer base and boost their bottom line.
CRM software is an essential tool for any business looking to build strong customer relationships and increase customer loyalty. As technology continues to advance, it is important to stay up-to-date on the latest CRM software stats and trends.
If you’re looking for a CRM software solution for your business, you can end your search with OneHash CRM, an effective and affordable SaaS-based solution that fulfills all your sales and marketing needs at once!
To talk about our solutions and explore how they can help your business, book a demo call with us here: https://calendly.com/onehash/anand
-Blog written by Anand