CRM In 2022: Key to Customer-Centricity in BusinessEditorial Staff
October 7, 2022
The primary goal of a CRM is to deliver an exceptional customer experience.
The high-quality data in a Customer Relationship Management (CRM) system makes it possible for the marketing teams to run campaigns that make a high impact.
Sales teams have access to the right data that shows which leads have the highest potential for conversion. The customer service team has quick access to information in case of any questions or disputes from the client.
It is no surprise that 91% of businesses with over 11 employees use a CRM system. 74% of CRM users say that the software has improved access to customer data and decision-making.
These figures will drive the CRM sector to an $80 billion industry by 2025. This blog will discuss the customer-centric business aspects of CRM and projections for 2022.
Customer Relationship Management in 2022:
#1. CRM Software is the Most Used CX Tool
The pandemic changed the digital landscape forever, with 58% of customers performing digital interactions. CRMs were already the most common tools in businesses, and their footprint is now set to grow at a 14% CAGR.
They remain the most popular tools for sales representatives, marketing teams, and business owners.
#2. Shared CRM Systems for Higher Efficiency
One in three organizations currently uses a different CRM in each department. However, 50% of employees experience difficulty in transmitting information from one CRM to the other.
Companies that share a CRM across the organization show 14% better customer experience. Having a shared CRM across the organization should be a priority in 2022.
#3. CRM Adoption is in a Poor State
One-third of the current CRM projects fail due to poor adoption strategies. 35% of the employees say they need more training to use the CRM.
The lack of an onboarding plan and training procedures makes it difficult for the employees to reap the full potential of the CRM.
#4. The Age of Hyper-Personalization
With the advancements in CX technology, hyper-personalization is becoming a top priority for organizations. 93% of global companies have implemented it in their customer-centric business strategy and CX operations.
The number of organizations seeing its benefits has already doubled from 9% to 20%.
#5. Predictive Personalization
AI-based CRM technology helps you go beyond using the data for current market signals. It helps you predict future opportunities to provide customers with the solutions they need.
With AI-powered personalization solutions, customer segmentation is no longer the most-efficient way. As digital transformation accelerates, AI is gaining greater acceptance.
24% of CX experts want AI and machine learning to help them gain actionable customer insights. 21% believe that AI will enhance the CX through self-service.
#6. Consistent & Omnichannel Experience
Customers have multiple ways to connect to a business online. While 74% of customers choose to use multiple channels to complete a transaction, only 1-in-4 businesses invest in the necessary technology.
Disjoint internal teams face problems in tracking and connecting customer behaviors across channels. 75% of top-performing CX teams find it easy to analyze and orchestrate omnichannel experiences.
A buyer’s seamless customer experience requires collaboration among product development, marketing, sales, customer care, and operations teams.
#7. Data Quality is a Serious Challenge
Data is the gold of the information age. Those who have it can make smart business decisions.
Surveys suggest that 66% of customers expect companies to understand their unique needs, yet only 34% of companies can do so successfully.
One problem is that 70% of sales and support teams have to retrieve information from too many sources.
#8. Customer Retention is the Top Priority of a CRM:
97% of SaaS companies track customer retention. Out of this, 37% do so every week.
CRM is a key medium to achieving high customer retention. It gives you the technology to listen to the customers, notice churning signs, and react at short notice.
CRM system and a customer-centric implementation approach help you put relationships first, democratize the data, and connect the company’s culture to the outcomes.
When it comes to growing business, customers and their needs are in the driving seat. Customer-centric organizations that understand this experience higher customer lifetime value and lower churn.