Over the past few years, the business world has witnessed a massive growth of reliance on technology. A lot of companies have reaped significant benefits from introducing new technologies to their otherwise manual processes.
However, simply adopting a new technology doesn’t make you ‘good to go’ for years to come. Quite the opposite. You can’t afford to fall behind on technology adoption if you want to remain competitive in your industry.
One of the technologies that you have to keep an eye on constantly is Customer Relationship Management (CRM). A new report by Grand View Research predicts that the global CRM will grow to US$81.9 by 2025.
The report attributes this growth to the ability of CRM to simplify the way of doing business in both big and small enterprises.
Yet, with customer needs constantly evolving, so must your CRM. Check out our predictions for the evolution of CRM systems in 2020 and beyond to ensure that yours is up to par.
Artificial Intelligence-Driven CRM
Artificial intelligence is becoming a vital part of CRM systems in 2020. What’s more, AI cuts across all industries. Organizations are utilizing AI in their daily operations a lot than they might think.
Salesforce sponsored a research study in 2017 that sought to bring to light the economic effect of artificial intelligence on CRM. Out of 1,028 firms sampled across the globe, 28 percent confirmed that they were already using AI, with 41 percent sharing their plans to adopt it within two years (by 2019).
AI facilitates the automation of routine and mundane tasks where employees spend too much time. This way, companies can focus on other important business factors. It explains why AI linked to CRM activities is expected to enhance global business revenue moving forward.
Portable CRM becomes a reality
Salespeople are always moving. They spend most of their time in the field, which makes it imperative for them to have remote access to data. They should be in a position to manage the different phases of sales from every location.
That’s where CRM apps on mobile come in handy. 2020 will witness the development of fantastic mobile CRM apps, and businesses will be spoilt for choice. The applications go a long way in making the CRM system more functional and efficient.
As a result, they can remotely check and update potential leads, conversions, as well as new opportunities every day. It also allows them to add intuitive observations, besides updating the dashboard on a real-time basis.
By permitting remote interactions, the general sales process becomes more productive, and in turn, helping salespeople to deliver world-class customer service.
The current CRM systems analyze customer behavior, determine buying preferences, and then show personalized content feeds that point out the exact needs of different customers.
By 2020, the business world anticipates smarter CRM software capable of serving the customer with increased customizable suggestions and content to ensure more filtered and smart purchases.
Such software will improve customer experiences thanks to its focus on targeting, smart segmentation, as well as real-time communication. Customers are known to become loyal to businesses that offer highly customized experiences.
This entails the bringing together of social media channels and CRM platforms. The integration allows companies to gain more insights by having access to what people are saying about them on social media sites. It also permits a better comprehension of brand sentiments.
What should businesses do? To benefit from social CRM, organizations must reply to comments on social media quickly, yet thoughtfully. Chatbots help to initialize conversations on social media networks and facilitate fast response.
Doing so allows companies to create stronger relationships with existing and prospective customers. The information received from customers can also help organizations determine future business routes.
This CRM trend controls the interactions of brands with existing and potential customers. Social CRM monitors, benchmarks, and interacts with customers on the website via chatbots, and on different social media sites.
More and more companies will be applying technology to eliminate or automate tasks they don’t wish to handle, and consequently, obtain improved outcomes from other tasks. One of the best ways to make this happen is to embrace CRM systems and to ensure their integration with social media and other solutions.