By RS Maan, Managing Director and Global CRO, Codleo
The way people research, compare, and buy has drastically changed in the last few years. The days when buyers would simply talk to their sales rep or meet suppliers at an industry event are disappearing.
In such a tech-driven environment, relying on traditional approaches of CRM would not make much of a difference. Organisations will have to embrace technology to be able to reach out to customers and thus help them become more responsive.
The Organisation’s approach to customer relationship management needs to be flexible and collaborative to be able to reap success. In a tech-driven space, it is needless to say that technology will be shaping CRM to a great extent and will definitely be reshaping marketing as well.
Going forward in 2023, certain trends will be reshaping the way CRM functions. Some of these trends are explained in the below paragraphs:
1. AI will become standard fare in CRM and a competitive differentiator
In 2023, artificial intelligence or AI as it is commonly known as will become a pre-requisite with companies at the forefront of AI adoption like Netflix, Alibaba and Amazon. Several CRM vendors already offer various AI powered apps that assist in improving analytics, marketing, sales, and customer service. It can be said that the reach and impact of AI in CRM will only continue to grow in the forthcoming times.
AI-driven software resources — from conversational intelligence programs to sales analytics platforms — have a presence in virtually any industry that rests on SaaS solutions. Several CRMs fit that bill, incorporating AI into their broader functionality.
2. The power of predictive analytics will grow
It is estimated that the domain of CRM will be leveraging the power of predictive analytics. The power of predictive analytics cannot be denied. It will help analyse pat customer behaviour and thereby help make more informed decisions about future customer behaviour. This allows them to target their marketing and sales efforts more effectively, resulting in increased revenues. Predictive analytics can also help businesses improve their operations.
3. Social CRM will keep rising
What is social CRM? Social CRM is something where integration of social media channels happens along with CRM platforms. By viewing social media and CRM together, companies will be able to gain a more powerful overview of what people are posting about on social media, as well as give a clearer understanding of brand sentiment.
If companies can make use of social CRM to respond to comments more thoughtfully and probably more quickly, they can go about building stronger relationships with existing as well as potential customers, and of course incorporate more user feedback into their roadmap.
4. Integration with the Internet of Things (IoT)
In 2023, the Internet of Things (IoT) will continue to influence the CRM trends. As a network, IoT successfully connects billions of internet-connected devices. These devices can collect & transmit data allowing users to monitor and manage many aspects of their daily lives.
An increasing share of IoT devices can help assimilate with business management software, helping businesses to integrate IoT data along with CRM data. This integration aids in better management of customer touchpoints across channels.
CRM vendors such as Salesforce, Creatio, Microsoft Dynamic and SugarCRM are actively working towards developing IoT-CRM integration solutions. Trends of CRM in 2023 indicate that IoT market is expected to receive a shot in the arm significantly in the forthcoming years and thus, vendors are continuously focussing on the technology of IoT being integrated into CRM features.
5. Automation Integration will improve
Automation has been the core technology used in business management software and it will continue to influence CRM trends in 2023, and beyond. This technology is constantly improving the CRM features and helping businesses stay organised via an ever-increasing list of contacts & team members. They improve functionality with features like email integration, social media management, and editorial calendars. Some of the ways in which automation integration helps the CRM process are explained below:
· Increased productivity & efficiency
· Reduced costs
· Improved accuracy
· More enriched customer experience
· Upskilling and continuous learning
6. Mobile CRM to grow rapidly
As information becomes more accessible, especially at the palm of our hands with the help of smartphones, mobile CRM would become the norm in 2023.
A mobile CRM is developed to be implemented on devices such as tablets and smartphones. This enables access to customer data more easily, anytime, and anywhere making business management way easier. On the other hand, it can also assist businesses in saving time & money by providing an e-trail of records and also reducing the need for paper.
Closing Thoughts
The CRM market is experiencing constant evolution with emerging CRM features and improvements. At times it can get difficult to keep up with fast-evolving changes, however it is required to remain informed to be able to make the best possible business decisions.