Latest Trends in CRM Software

November 14, 2019 in Insurance Broking



Latest Trends in CRM Software

CRM software has experienced quite rapid development in the last couple of years. The inclusion of new functionalities and new technologies has brought new possibilities for managing and serving customers. In fact, the previous year use of CRM software increased from 56% to 74%. 

CRM with cutting-edge capabilities are helping businesses to boost sales and improve customer satisfaction. As more and more companies are adopting CRM to remain competitive in the market, it becomes essential to stay up-to-date with the latest trends in the CRM industry.

Business benefits of using a CRM software

Companies can achieve several benefits because of CRM. One of the significant benefits of implementing CRM is an increase in ROI.  

After implementing CRM software, 74% of organizations noted improvements in customer relationships. Meanwhile, 40% of them reported a reduction in labor cost and 50% said they experienced an increase in productivity.

In terms of mobile CRM, 87% of the organizations noticed improvements in sales. Meanwhile, 74% of the organizations reported an increase in customer satisfaction, and 73% of organizations reported increased efficiency of their business processes. According to Inc.com, well-implemented CRM can generate an ROI of 250% to 560%.

CRM software trends

Let’s have a look at current B2B CRM trends and understand how the businesses are benefiting from CRM solutions

CRM solutions powered by conversational AI

AI-powered CRM is one of the most significant emerging trends in customer relationship management. AI, combined with conversational CRM, helps organizations and consumers to get information using voice commands quickly. This can revolutionize the way customers are served and reduce the response time.

According to CRM Economic Impact Survey whitepaper published by IDC, CRM activities powered by Artificial Intelligence can boost the global business revenue by $1.1 trillion in the next three years. 

From all the organizations that participated in the survey, 28% of the organizations have already adopted CRM solutions powered by AI. There are 41% of organizations mentioned that they are planning to integrate such solutions in the next three years.

Increased usage of mobile CRM

Mobile CRM software allows easier access to relevant information, delivers better customer experience, and eliminates the requirement to learn new software.

Mobile CRM provides all the capabilities of a full-fledged CRM on handheld devices. One can easily access the CRM from anywhere, anytime, using any smartphone. With that, it’s essential for companies to learn and utilize a successful mobile CRM strategy.

According to a survey, 91% of the companies have more than nine employees having access to CRM. As the trend of using smartphones for completing work-related tasks continues to grow, it is expected that the number of mobile CRM users will increase.

Hyper personalization for improved customer experience

Companies who have been using CRM from the last few years have multiple years of data about their customers. By using CRM and data, they can implement hyper-personalization. Hyper-personalization is a new way to deliver improved customer experience by keeping the customer as a center point of focus. 

It delivers customer service to make customers feel more valued and appreciated. It is to convey that the organizations understand customers and know what they want. Using hyper-personalization, brands achieve the ability to understand the needs of the customer even before the customer realizes it. This is a growing trend for companies that have been in the market for the long-term.

The increased popularity of social CRM

Companies use Facebook and Instagram to share updates and engage customers and do promotional activities. Social media also helps them to gather feedback and improve their products. Because of the possibility of directly connecting with customers (such as Messenger and Instagram), customer service departments of B2C companies can use social CRM to manage queries, requests, and grievances of existing customers.

Social CRM will be one of the most popular CRM trends 2019. Companies can adopt social CRM to capture customer data from multiple platforms and create a quality customer service experience for customers. Using Social CRM, companies will be able to receive attention, engagement, and advocacy in return for excellent customer service.

IoT in CRM for proactive customer service

Internet of Things, or IoT, can be considered as the next big thing when it comes to customer service. Thanks to IoT integration with CRM, businesses can analyze information generated from connected devices, and provide instant remote support. It is believed that the inclusion of IoT in CRM systems will boost sales, improve customer service, and make CRM more effective.

CRM software is helping companies to improve customer experience

The world of CRM software will continue going through improvements in the coming years. Emerging trends in CRM include improvements in customer experience using Artificial Intelligence and mobile CRM. Mobile CRM has made serving customers easier and faster. 

Companies have understood the importance of CRM and increased their spending on CRM because of improved features and functionalities. As CRM will become even more crucial for companies, we can expect CRM software to evolve and create a more significant impact in the future.

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