Photo by picjumbo.com from Pexels
CRM, for the uninitiated, stands for “customer relationship management,” and it refers mainly to software programs that support such efforts.
CRM vendors have reported upturns in adoption rates in the past quarters of 2018. But for companies, the challenge is to keep up with the changing trends of this extremely competitive market.
So, what CRM trends do we expect in 2019? Well, we know that leading CRM service providers like Salesforce, SAP, and Oracle have been making enhancements to streamline key CRM functionalities. All boast of Artificial Intelligence (AI) competencies. Moreover, all have the knack to increase conversion rates, boost sales, collect crucial (valid) data, and improve consumer fulfillment. All of this can help your company to stand out from the masses.
And with the tweaks and upgrades in technology, we see 2019 as a revolutionary year for CRM. That’s because we anticipate a shift from basic to more complex functions and features. Here are 5 top CRM trends that will prove useful to your organization next year.
1. IoT in CRM
Incorporating IoT (internet of things) to CRM will shape the future of consumer service. That’s because this shift will ensure hands-on, predictive, and personalized customer service. IoT is anticipated to be one of the critical drivers of CRM. It will streamline the working of systems to help organizations drive sales and boost customer service and fulfillment.
An example of this incorporation is the ability to scrutinize information generated from connected devices and fix any arising issues remotely.
As the online shift reaches its peak, various industries will change. Moreover, IoT in CRM will match up to these transformations. Its fast, automated customer service will solve problems more quickly and competently, and even beforehand. According to Statista.com, by 2020, up to 12.86 billion installed IoT bases will be operational in the consumer segment.
2. Social CRM
The social CRM market is anticipated to reach $10 billion in 2019. And this is no surprise as we’ve recently seen an increase in the use of social media markets by shoppers. They are also becoming a much-loved chill spot for sales teams and marketers seeking to engage in real dialogue with customers and leads.
It is a useful source of first-party information into a consumer’s habits, and who he or she is as a person. With new-age CRM you can analyze these clues and enhance customer satisfaction. Not even social media’s massive pile of data can stop you if you incorporate automation. It enables you to analyze data in real engagement.
Knowing your clients allows you to create marketing messages. Moreover, your messages can be tailored to suit their interests an organic manner. You can handle arising issues with care and have a personal touch. What’s more, you can participate in a conversation that doesn’t feel like marketing.
In essence, social CRM is the seamless integration with numerous platforms to engage customers and collect insights.
RELATED ARTICLE: OUTSOURCING CUSTOMER SERVICE: 7 STEPS FOR SUCCESS
3. Conversational AI-Enabled CRM
Merging Artificial Intelligence with CRM will upgrade conversational CRM platforms in 2019. There are several notable developments in CRM. For instance, there are face and text recognition. However, we expect to see voice functionalities take over in 2019.
Just like the voice assistants on your smartphone, AI-enabled CRM like Salesforce’s Einstein allows companies to gather information of both simple and complex data. This is does with the help of voice commands just like your smartphone’s voice assistance does.
Integrating the use of voice into CRM will only simplify tasks further as it has already done in other aspects of life. Allowing customers to dictate instead of type manually speeds access to information. According to IDC’s AI/CRM survey, out of the 1,028 organizations studied worldwide, 28% said they’re already using AI. What’s more, around 41% said they plan to do so in two years. After all, what is CRM without AI?
4. A Rise in Mobile CRM Adoption
Mobile CRM offers CRM functionalities on virtually any device that can link to the network. Plus, it enables real-time access anywhere, anytime. That explains why the trend will thrive in 2019. Because mobile device use is persistently growing, the number of CRM users that log into their system on phones and tablets will go up as well.
And with the efficiency mobile CRM offers, a rise in its usage means access to more accurate information. Additionally, it will bring better customer experience, and do away with the need to learn and pick up new software. Furthermore, with almost 91% of firms with 10 or more staff using CRM systems, it is vital to make sure that those systems are reachable on multiple devices and at different internet speeds. According to Superoffice.com, 48% of users enter their CRM systems through their smartphones, while 45% use their tablets.
5. Hyper-Personalization for Matchless Customer Experience
Companies store years of consumer data in their CRM systems. This data helps them offer customers unmatched hyper-personalized customer experience. The service ensures a personalized experience in which customers feel recognized, appreciated, and valued.
Hyper-personalization will be practiced in 2019 and beyond. That’s because it will give businesses a competitive edge on shopper experience and engagement. The key is to gather insights that will lead to more accurate and useful suggestions. This will significantly improve customer fulfillment.
A prediction by VisionCritical suggests that by 2020 customer experience will overtake price and product to become the leading brand differentiator. Other statistics from CMO.com show that in 2018, 94% of organizations used hyper-personalization technology.
2019 will mean stretching your CRM budget. Most companies are now realizing the significance of understanding (not merely knowing) their customers. With the development of technologies such as voice and mobile-powered CRM, we expect to see improvements not only on the customer fulfillment but the user experience too.
However, it is an investment worth your attention. That’s because statistics show that the future of brand recognition will shift from price and product to customer experience. And the only way to truly know your customers is by adopting the latest CRM trends.