Onset of technological advancements, coupled with a constant need for customer engagement, has led businesses to invest heavily on Customer Relationship Management (CRM) software.
According to Forrester, ~ 63% of Small & Medium sized businesses (SMBs) & ~68% Enterprises, now use CRM. The CRM market has been growing by 12% annually, and is projected to be $ 82B, by 2025. Looking at these numbers, one is led to question, what is it that businesses are doing with their CRM, and what does it take for them, to drive their CRM software to the next level?
Fig: Is everyone using a CRM?
Even though businesses are using CRM for Sales, Service and Marketing automation, a “one size fits all” approach may not be best suited.
Fig: Common CRM Failures
Identifying what’s suited for your business, to avoid common CRM failures, requires a multi-pronged approach, as follows:
1. Define a CRM strategy that best fits your business
2. Criticality of business process design
3. Strengthen customer connect and develop comprehensive customer profiles using your CRM
Fig: Customer Engagement Leaders Source: Gartner Magic Quadrant Report
In order for any business to successfully drive their CRM to the next level, a system which is designed to match your unique business processes, which engages with your customers across multiple channels, and allows you to ride the technological wave with ease (and without associated cost implications) is the way forward.
Choosing the right CRM platform coupled with the right technology partner, will help businesses stay ahead of the curve. So when it comes to CRMs, one size does not fit all…..following a multi-pronged approach to best suit your unique needs, is the way forward.
Written by Chaitanya Pandya , Head- Customer Success at Eternus Solutions