CRM’s popularity as a viable business function is growing rapidly. In a highly competitive market, CRM helps companies stay relevant and find ways to stay ahead of the competition. From humble beginnings, CRM has come a long way- both as a business function and the technological advancements in the field.
For businesses using CRM Software, it is crucial to stay up-to-date on growing & changing trends. CRM is changing and to leverage its full power, businesses need to understand the changing trends that will help them improve. Improvements in technology will make 2020 a very exciting year for CRM as complex features such as AI & machine learning come into play.
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5 trends that CRM will reflect in 2020 include: -
Data Mining Will Take Centre Stage
Data mining is the process of using statistics, maths, AI and machine learning technology to extract and identify relevant information and gain knowledge about audiences. Using different solutions such as CRM, lead management software features etc, companies have collected large volumes of extensive customer information. How this data has been used, can be best described as inadequate.
Most businesses are still struggling in ways to use this data effectively and target customers better. This has created a huge investment loop in which such companies get stuck, with very nominal ROI.
All that is about to change with the rise of artificial intelligence and deep learning technology becoming more mainstream and accessible. Using such tech, companies will start mining data more effectively in 2020, to gain more footfalls and for greater benefit for themselves.
Social CRM Will Boost Relationships
Social CRM refers to the use of social media techniques and technology by companies, to engage with their audience and customers. Social CRM is very relevant in today’s world, where customers wish to have more personalised and one-on-one conversations with companies, which CRM technology helps in achieving.
In 2020, companies will use social CRM to not only capture customer information from different social media platforms, but to also engineer customer experiences that offers tangible value in exchange for attention & engagement.
Customer Service Will Get Top Priority
Customer service has repeatedly quoted by customers as the #1 deciding factor for long term brand investment. In 2020, companies will finally pay heed to that and prioritise customer service.
Exemplary customer experiences through personalisation & all-out services, will be a major priority for companies in 2020. Amazing customer experiences are beneficial for both retention and long-term branding. In a few years, customer experience will ascend pricing and quality as the main brand differentiator.
After all, 86 percent customers are reportedly willing to pay up to 25 percent more for better customer experience. That’s why, more than ever, companies that make customer service support and experience, will get rewarded with increased consumer lifetime value and transaction size.
Response Time Will Decrease
Even though multiple channels exist for customers to communicate with companies, response time remains notoriously long in most cases. Customers expect quick responses to their queries and problems, and companies are finally starting to work on this and reduce the response time.
As per a Forrester research, over 75% of adults stated that companies that value their time were deemed as good service providers. A separate research conducted by Gartner stated that poor response time led to an increase in customer churn by up to 15%!
Companies will have to keep this in mind and use different integrated tools like WhatsApp & Messenger to respond faster to customer queries. CRM software will also help companies in setting up processes which improves their customer support and reduces response time.
More Companies Will Adopt CRM Software
To provide customers with better faster response time, better customer service and stronger engagement, companies will start adapting CRM solutions into their day to day business operations.
CRM solutions will not only help companies in providing better customer experience, but also in streamlining different verticals of a company’s sales and marketing. To effectively use CRM, companies will also hire better talent who know exactly how to use such tools to their benefit.
Consequently, CRM will also become more user-friendly to keep up with this growing demand. Features such as scheduling, bulk emailing and instant messaging, will be much in-demand in 2020.
2020 is just starting so while these trends will play a vital role through the year, there will be other trends that’ll come into play as well. The bottom line for anyone reading this being- CRM trends are changing, and you should keep yourself in the know. Lest, you miss out on something big.