CRM is evolving to meet the demands of a dynamic market. These trends underscore the critical role CRM plays in shaping customer relationships, driving business growth, and adapting to the changing landscape of customer engagement. Embracing these trends positions businesses to thrive in a future where customer-centricity is paramount.
The CRM industry, poised to reach a staggering $80 billion by 2025, is transforming. With 91% of organisations embracing CRM systems for enhanced efficiency, it's evident that CRM is no longer an option but a strategic imperative.
David H. Deans (Digital Growth Consultant) emphasises the evolving role of CRM, stating,
"The post-pandemic reality should motivate us to embrace change."
Let's explore the upcoming CRM trends that promise to reshape customer engagement.
Some key takeaways:
- The global explainable artificial intelligence (XAI) market is projected to reach $21.03 billion by 2030.
- Customer Experience (CX) is perceived as a primary competitive factor by 44.5% of organisations globally.
- 86% of customers are likely to spend more with organisations offering personalised customer services.
Social CRM Takes Centre Stage
Social CRM, integrating social media into CRM platforms, is gaining momentum. By amalgamating these powerful tools, businesses gain a 360-degree view of customer sentiments. Quick and thoughtful responses on social platforms build stronger relationships, making Social CRM a game-changer for customer engagement.
The Rise of Voice Technology
Voice technology is heralding a new era in CRM. Intelligent Virtual Agents (IVAs) are becoming indistinguishable from live agents; a trend amplified by the popularity of products like Alexa, are seamlessly integrating into CRM platforms, offering features like voice command dictation and automated meeting recordings.
Future CRM strategies include tracking social media trends and using AI-driven voice technology to offer data and insights. Machines will seamlessly transition customers to live agents, enhancing the overall customer experience.
Predictions indicate 8.4 billion digital voice assistants by 2024, surpassing the global population.
CRM platforms like Zoho CRM already incorporate voice assistant functionality, with a surge expected in advanced tools allowing users to dictate commands.
Chatbots and Beyond
Chatbots are evolving beyond basic inquiries. Future chatbots will use Natural Language Processing (NLP) and deep neural networks to comprehend complex consumer inquiries. NLP's role in prioritising requests, classifying urgency, and analysing customer sentiment will be pivotal.
In conclusion, as we explore CRM trends, the integration of social media, voice technology, chatbots, and AI-driven assistants emerges as a transformative force shaping a customer-centric future:
- Future CRM strategies will include centrally tracking comments, likes, and shares, offering insights into long-term social media trends and customer behavioural patterns for future marketing campaigns.
- Machines will recognise when customers don’t get the answers they’re looking for and move them seamlessly to a live agent or salesperson.
- CRM platforms must also offer voice technology with AI and machine learning to provide both data and insights.
The time is now to embrace these transformative CRM trends and position your business for future success. Invest in a comprehensive CRM strategy that incorporates social media, voice technology, and advanced AI to stay ahead of the competition and deliver exceptional customer experiences.
Arrange a call with our CRM team to ensure that you are ahead of the competition.