5 CRM Trends in 2016 (India)

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.

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15 Practical Challenges in CRM Implementation

15 Practical Challenges in CRM Implementation

Plan vs Reality small

Challenges in CRM Implementation can be broadly categorized into:

  1. People Challenges
  2. Technology Challenges
  3. Business Process Challenges
  4. Other Challenges

People Related Challenges in CRM Implementation

#1 Lack of senior management sponsorship

challenges in crm implementation - lack of mgmt support

 

  • CRM initiative solely driven by IT team without management buy-in.
  • Business users unclear or unconvinced on benefits of CRM.
  • Management not willing to commit to enforce CRM adoption.
  • Underestimating Change Management demanded by CRM.

Mitigation – Having an internal CRM champion from executive management.

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