By the end of 2017, the worldwide customer relationship management (CRM) software revenue of £31 billion overtook that of database management systems, making CRM the world’s largest software market1. In the last few years, this market has continued to grow rapidly and is estimated to reach £90 billion by 20272.
The impact of lockdown
Following the COVID-19 outbreak, CRM solutions are being increasingly adopted, with companies across industries better utilising their wide range of features3. As lockdown resulted in a shift to home working, the increasing need for companies to collaborate with clients remotely has driven increased demand for this software. Indeed, in March 2020, Veeva Systems Inc., a cloud computing company serving the healthcare sector, stated that the company experienced ten times more usage of their CRM products in the wake of the pandemic.
At Webalytix, we have certainly noticed an increase in demand for projects involving CRM software. From small start-ups to established multinational organisations, a wide range of businesses across sectors want to ensure they are making the most of these tools to optimise the use of their customer data, and stats across the world back this up.
CRM software is becoming increasingly popular
One study found that 49% of businesses plan to increase spending on CRM software, and in 2019, the overall CRM usage increased from 56% to 74%. If you just take businesses with over 11 employees, over 91% used CRM software4.
It is not surprising that more and more businesses are investing in these tools. 74% of CRM users revealed that CRM software improved their access to customer data. Other studies found that businesses that leverage CRM software see sales increase by 29%, sales productivity increase by 34%, and sales forecast accuracy increase by 42%5. Crucially, CRM software could increase sales conversion rates by up to 300%, and almost half of respondents in another survey agreed that CRM had a substantial impact on customer retention and customer satisfaction. Clearly, investing in these tools yields a phenomenal return on investment.
Leveraging the power of CRM software
As analytical CRM consultants, Webalytix are keen to make the most of this software. We are currently working on a project to automate customer segmentation within a CRM system. Once completed, our client’s marketing team will easily be able to tailor messaging to specific groups of customers to ensure they receive timely and relevant messages. We can then focus our time and resources on cutting-edge, innovative analytics while the CRM system covers their data selections.
Furthermore, increased insight from implementing features such as real-time site tracking, fuels more powerful analysis and machine learning solutions. This ability to automate marketing allows businesses to engage with customers at the relevant time when they are in the buying mode, and has consistently been shown to increase conversion rates as well as customer retention.
As analysts, data delights us, and the influx of additional contact information enables us to delve further into the world of AI. This allows us to, not only react to customer behaviour, but to predict their actions. By adapting our messaging and strategy with customers accordingly, these practices can dramatically improve customer value.
I have previously written about the power of automation and the substantial impact of streamlining processes. Working with CRM software certainly aids this cause. If you would like support setting up a CRM system, or want to ensure that you are making the most of the amazing features available to you, please get in touch.