Customer Relationship Management(CRM) is more about managing and improving customer relationships. CRM system is a technology that will help you deliver experiences and give your business an edge over competitors.
It is essential to learn about the new CRM tools, trends, and technological advancements to stay ahead. These trends will help you to forecast what to expect from the best CRM software.
Top CRM Trends:
- Artificial Intelligence is building smart machines capable of performing tasks or actions that would require human intelligence. It focuses on acquiring data and creates rules, which are also called algorithms that turn the data into actionable information. These algorithms provide the devices with step by step instructions on how to complete a specific task or action.
- AI helps businesses to increase their sales, detect fraud, improve customer experience, automate work processes and provides predictive analytics.
- Many businesses have integrated their CRM systems with AI technology to improve the customer experience.
An additional $394 billion could be gained in the US through the adoption of AI.
Almost 1.24 million indirect/induced jobs could be created in the CRM market worldwide due to AI adoption.
- OF 1028 ORGANIZATIONS WORLDWIDE
28% have already adopted AI, and 41% said they would adopt AI within two years.
Benefits of integrating AI with CRM:
- Tasks like report generation, sending emails, data capture, and much more are done daily. AI will automate these tasks that are repetitive and which consume more time. It will also avoid the risk of human errors.
- As per salespeople spend 17% of their time on entering data. AI will help to eliminate manual data entry and enter data.
- As the study mentions, 70% of CRM data goes bad each year, 18% of data is duplicated, and 91% of data in the CRM system is incomplete. AI will help to clean up all the CRM data by detecting irregularities and avoiding duplicates. It will also help to update records regularly.
- AI will deliver real-time insights into customer behavior. It helps to analyze customers' buying patterns and preferences, which will help the sales team understand the requirements better and take steps on how to respond.
- AI will likely be virtual assistants who can manage and automate client interactions, schedule meetings, and follow-ups and help lead generation considering past patterns and history of your prospects.
- AI will help you segment customer data by studying their buying patterns, online behavior, demographics, purchase history, etc. Automated segmentation will help you to group your current, and potential customer leads in various categories. This segmentation will help to send campaigns, emails, or newsletters to desired groups of customers.
What is Omnichannel Marketing?
Omnichannel is the idea of using all your channels to create one seamless experience for your customers.
By uniting all these communication channels, the marketing team can help deliver more consistent results and retain customers with a good experience using multiple channels.
Marketers using three or more channels for Marketing Campaigns:
- Earned 90% higher customer retention.
- 25% higher engagement rates and purchases.
- Customers who engage in omnichannel experience spend 13% more.
Omnichannel into CRM software:
- An Omnichannel CRM should be able to collect and organize all your customer data on a single platform, regardless of on which platform the information is entered. Whether through a webform or on a social media platform or through a form in the retail store.
- If all the information is unified in one place, it will streamline the sales and marketing team's workflow. This centralized information will help to focus more on customer interactions, improving relationships, and customer retention.
- To achieve your goals, ensure how to blend this feature in your CRM system to improve your operations, generate revenue, and increase your brand awareness.
Voice Technology is one of the upcoming trends that CRM will be exploring. Many companies, like Salesforce, are investing in technology like Einstein and ZOHO in Zia voice technology. Voice-controlled interfaces is a fast-developing technology.
Siri, Google Assistant, and Alexa also provide a whole new communication level between customers and businesses. Experts expect CRM to utilize voice technology with AI and Machine learning.
- The speech recognition market is expected to reach $9.97 billion by 2022.
- The voice recognition market is expected to reach $1.99 billion by 2022.
- Nearly 40% of smartphone users use voice recognition technology.
- Google says that 20% of mobile queries are voice searches.
How voice technology is helping CRM:
- Voice Recognition will improve the process of manual data entry. Inputting data entry is time-consuming and may contain errors. While with voice recognition, a speech to text software will help to enter data faster with accuracy. According to a Stanford study, it has been found that using speech recognition technology is nearly three times faster than typing on any handheld device or phone.
- Speech to text software can also handle daily repetitive tasks like sending an email through voice command, generating reports, updating an entry in CRM, or analyzing data.
- Voice technology is also useful in call centers where a lot of conversations take place. For example:
- It can take notes at a very high speed just by speaking.
- Call centers can use speech recognition technology to analyze customer behavior and purchasing patterns.
- It provides real-time support to call center employees while dealing with customers. It can give suggestions based on the voice tone or phrases used by the customers.
- It can identify situations where it can help to make certain offers to customers.
- It can also engage customers when the call center employees are busy or not able to attend calls.
Today salespeople who are often traveling need access to all the information and regular updates in the organization related to customers or leads.
This is where Mobile CRM helps:
- Today’s most CRM functionalities are available in tablets, smartphones, and other devices. It provides real-time access to information anytime, anywhere. It has become more of a requirement than an option.
- Mobile CRM can keep the data secured with the help of passwords.
- It can help you to stay productive even while you are not in the office. You can converse with your leads, access customer data, track interactions, or you can update any records no matter where you are.
- It becomes easy to share information and documents across the teams whenever required.
- 50% of teams improved their productivity by using Mobile CRM.
- THE Mobile CRM market will grow by 11% to $15 billion worldwide in the coming years.
- There are 110 CRM applications in the Apple app store and 46 in the Android app store.
- 48% of people are accessing CRM through their smartphones.
An increase in Mobile CRM usage means greater connectivity, improved communication, access to accurate information.
The main goal of businesses is to maximize sales and improve relationships with customers.
CRM software can help you achieve all these goals, but by integrating with other systems, the process will be automated, save a lot of time and utilize the CRM software seamlessly.
CRM systems in the future will offer advanced integration with third-party applications, which will help to expand the functionality between systems. Integrations with various tools will help to streamline work in many sectors of your organization.
The types of Integrations with CRM software are:
Integration with the CRM system will help streamline your work process and help systems run smoothly.
But adding integrations to your CRM system may require some technical support to set it up, and it also requires some training for the users to adapt to the new system.
AR and VR:
Augmented reality and virtual reality will help to enhance the buyers’ experience.
According to searchcustomerexperience, many retailers have implemented VR technology that draws the customer to the retails store and enables the customer to browse virtually. It has become a part of CRM promotions. CRM companies that integrate with AR & VR give companies more advanced tools for marketing campaigns and sales.
IKEA uses AR technology with your mobile devices to visualize how IKEA items would look in any given space. It is user friendly and helps the users to preview the final results in real-time.
Car manufacturers like Audi and Kia have ditched the paper manuals and allow motorists to learn about their new vehicles' features through AR. For example, By pointing their smartphones on the cruise controls, the AI platform recognizes the image and instantly displays the video introducing the cruise control system's detailed functionality.
AR and VR Statistics
- The AR and VR market is presently estimated to be $50 billion and is expected to become a whopping $600 billion+ market by 2025.
- 61% of shoppers prefer stores that offer augmented reality experiences.
- If shoppers could experience AR products, 71% would return more often, and 40% would pay more.
- 67% of advertising agencies are making more use of AR.
- There is a 40% higher conversion rate with AR.
Today AR is used in different sectors like Marketing, Education, Healthcare, Fashion, Travel, and Tourism, etc.
This technology helps to enhance the customer experience and helps in better product visualization. These personalized experience will create a sense of ownership and also affects the decision-making process positively.
If it is difficult to decide which technology will prove more beneficial for your business, try using our Decision Matrix Template, which will help you prioritize things and reach a conclusion.
These CRM trends are the new advancements that businesses need to learn and adapt to achieve their target and goals.