5 CRM Trends in 2016 (India)
According to Forrester Research, today’s age is the “age of customer”. Today, the customer has greater access to information through forums like company websites, live chat, social media, self-service options and more and drives the CRM trends in the market. Customer is now able to voice his opinions and ensure that grievances are heard. To ensure customer loyalty in this competitive world, companies are increasingly adopting Customer Relationship Management (CRM) tools helps keep pace with the dynamic world and hence, to have a fair idea of the expected CRM Trends in near future.
Some Numbers that might interest you:
CRM market in India was valued at around INR 18 billion in 2014 and is estimated to grow at a CAGR of around 20.9% over 2014-19*. Global market for Customer Relationship Management (CRM) software stands at INR 1,397.6 billion in 2014 and is expected to grow to INR 2,639.7 billion by 2019. Asia/Pacific grew the fastest, with growth of 18.7% in 2014**. As per Gartner, ROI on CRM software solutions has been more than 600% *
Pure play vendors in the market recorded strong revenue growth as midsize and large organizations sought to build out digital market and customer experience. In 2015 digital marketers have mainly focused on video, mobile and social media channels & 2016 is set to unfold and is expected to bring new CRM trends.
Major Contributors in growth of the CRM Industry:
Large Enterprises have always been early adopters of technology and rightly so. In addition to the Large Enterprises, Medium Enterprises (ME) are fast adopting CRM and it is expected that at least 60% **of mid-sized businesses across services industry and 25% of mid-sized product enterprises will have invest in CRM by this year. Also, SMB is catching up with almost 25% **adoption rate in services industry.
Across the Small, Medium and Large Enterprises, Service Industry is expected to be the major contributor to growth of CRM industry. To learn more about how SimpleCRM can benefit Service Industry Click here.
#1 Mobile CRM: It is expected that there will be a tremendous increase in the popularity of mobile CRM. By 2016, at least 55% of the sales people will access sales applications exclusively through smartphones or tablets. Hence, CRM vendors are coming up with this advantageous application that will work on smartphones or tablets and will be more user-friendly. It will help the marketers in making decisions without losing much time. To see a quick demo of how SimpleCRM’s Mobile CRM functionality works Click here.
#2 Integration with Social Media: Most of the companies today have their presence on the social media, but mere presence is not enough, it is extremely important to measure the impact of social media on the business. Social CRM will be “the medium” to promote the interaction between the customers and the companies. The social media tools will prove to be of great help as they will help to get a fair idea about the brand awareness. Moreover, response time has become very critical these days, as a dissatisfied customer will take it to social media, and, this can prove to be a disaster to the brand image. Hence, businesses are now asking for CRM with features that help track the opinions and feedback of customers and prospects on social media. To participate in online webinar on how social listening (for Facebook and Twitter) works with SimpleCRM, register by sending an email to email@example.com.
#3 Cloud Deployment: As per the experts, software-as-a-service (SaaS) will dominate in the future. The trend is currently 60 %cloud and 40% on premise**. Small and Medium Business (SMB) organizations are mainly adopting on demand or cloud CRM as it does not require any initial investment.
However, security of information and data privacy are the two most important concern for cloud or on demand CRM. Banks and financial institutions generally use on-premise CRM solutions as data security and having complete control over data is a regulatory concern for them. However, for SMBs, Cloud CRM is a preferable option.
#4 End to End solution for Client and Prospect Management: CRM is no longer used only for sales or support. It is now become a platform for end to end process, right from prospecting, marketing, lead to invoice cycle as well as calculation of return on investment for the marketing campaigns. Also, project management has now become an important part of CRM. Companies are now interested in integrating the data across various departments to get the maximum output. The thin line between sales, services and marketing is getting blurred these days.
#5 Increase in demand of personalized CRM: Every business is unique and so is the requirement in terms of software. Today, the competition is cutthroat and the customer has more options than ever before. Under such circumstances, it gets crucial to have the flexibility in the software. It should be open to third party integration, modification as well as code customisation. Hence, a more personalised CRM is in demand!
Summing it Up
CRM is now getting more personalised, mobile, strategic, flexible and social media friendly. This is the need of the hour and the CRM industry is fast catching up with today’s requirements!!
Here are a couple of things that you can do next:
- Access self-paced slideshare demos
- Schedule a personalized, live online demo to learn how SimpleCRM can help you better serve your customers – Schedule Personal Demo. OR
- Send us an email at firstname.lastname@example.org or Contact Us.
References: ** Gartner ,Springboard Research, IDC and Forbes Report