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5 CRM Trends to Drive your Business in 2023 and Beyond

Published on: May 30, 2023 | By : Mohammad Suhel
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When it comes to running a successful business, customers come first, and every organization aims to deliver a satisfying experience to their customer. Because happy customers contribute to company success, its essential for businesses to implement technological advancements to thrive successfully. 

To meet the consumer demand businesses have adopted technological trends such as Customer Relationship Management (CRM) to strengthen their growth strategy. 

Business management software platforms such as CRM software is crucial for businesses to nurture relationships with existing and potential clients. Features such as customer support, marketing automation, and accounts management, offers 360-degree solutions to businesses to grow rapidly. 

Moreover, CRM enables businesses to track client relationships, personalize interactions and gather needful insights. All these help businesses to define a right strategy to enhance client experience with the business. 

Some Key CRM Statistics

  • Today, CRM technology is all set to reach a value of around $128.97 billion by 2028, with a CAGR of 12.1 in the coming 7 years. 
  • As per Grand View Research report, CRM software revenue is project to rise at a CAGR of 14% from 2021 to 2028
  • As per Tech.co, by 2023, 81% of businesses are expected to use AI-powered CRM systems to enhance client interaction. 
  • CRM is the fastest growing market, with an expected revenue of $114.4 billion by 2027 according to Adamenfroy
  • According to the DemandSage, 91% of businesses today use CRM software. 
  • Nucleus Research says, CRM offers an average ROI of $8.71 for every dollar spent. 
  • According to Capterra, 74% of CRM users say that CRM has improved their customer data access. 

5 CRM Trends you Must Consider in 2023

To stay ahead of the competition, it's crucial for businesses to keep up with the latest CRM trends in 2023. This will help them stay at the forefront of innovation and lead the way in business management software. 

Let's take a closer look at the CRM trends that will shape the industry in the years to come.

Artificial Intelligence in CRM

Artificial intelligence (AI) is becoming increasingly important in CRM solutions and is expected to be a key factor in the market's competitiveness. As AI technology advances, less human intervention will be required to optimize AI processes, resulting in even more user-friendly CRM solutions. Vendors will continue to incorporate a human touch into their AI services, and AI integrated into CRM systems will improve almost all CRM processes. Businesses that do not use AI-supported systems will be unable to compete on an equal footing with those who do.

CRM Integration with IoT Devices 

The IoT market is predicted to reach $2,465 billion by 2029, with an annual growth rate of 26.4%. In the present data-oriented world, IoT allows companies to obtain a vast amount of user data from various internet-connected devices that people use every day. 

When combined with CRM solutions, IoT can revolutionize businesses by giving them access to insights from all customer touchpoints. This allows them to create customized and highly personalized customer experiences through hyper-targeted marketing campaigns. This is especially beneficial for airports and other businesses seeking to enhance customer satisfaction.

Voice technology and NLP in CRM 

Voice technology and natural language processing are expected to have a significant impact on the CRM tools market in the upcoming years. With the advancement in digital voice recognition technology, incorporating NLP features into CRM systems will enable users to provide voice commands, saving time and enhancing user experience. Moreover, the NLP features will add an extra layer of security to the CRM system by verifying the user's identity through voice recognition and preventing unauthorized access to data.

Mobile CRM 

The mobile CRM market witnessed an increase in size from 23.48 billion dollars to 26.64 billion dollars during the period of 2022 to 2023. The growth can be attributed to the rising demand for salespersons and entrepreneurs to have seamless access to customer data on their CRM systems, regardless of their location or device.

Companies need to effectively manage all their digital processes, irrespective of the devices their employees use, to create a strong online presence. Utilizing CRM apps is a great way to achieve this goal as they are compatible with different platforms and can be accessed from devices with varying screen sizes. To ensure that your remote and in-house teams collaborate seamlessly towards a common objective, it's essential to have a mobile CRM system equipped with advanced security features and a user-friendly interface.

A mobile CRM is a type of software that operates on the cloud and enables users to access their dashboards from anywhere. It also provides features like file sharing, automated updates, and speedy response to clients' queries.

Predictive Analytics 

In the year 2023, the CRM industry is expected to make great use of predictive analytics. With software-based predictive analytics, businesses can analyze previous customer behavior and make better-informed decisions about future behavior. 

This trend will also allow companies to concentrate on their marketing and sales efforts, resulting in improved revenue. By integrating predictive analytics into their CRM, companies can optimize their operations for today and the future.

Final Thoughts 

If you are looking to improve your business strategy and provide the best possible customer experience, it is important to stay informed about the latest trends in CRM. By implementing these trends, you can effectively enhance your business operations and offer top-notch customer service. Additionally, incorporating these trends into your software can help your business thrive and achieve greater success.

IBR Infotech as a CRM solution provider

IBR Infotech specializes in creating customizable CRM solutions. Our solutions are highly effective and reliable, providing organizations with the ability to make informed decisions about their leads. Our CRM solutions are designed to increase the efficiency of sales and marketing initiatives, which helps businesses grow and succeed by establishing excellent customer relationships.

Our range of custom CRM development services include CRM consulting, Mobile CRM solutions, CRM platform customization, Third-party CRM integration, CRM implementation, CRM migration. 

Need a custom CRM solution? 

IBR InfoTech will help you build a unique CRM platform to fulfill your specific business needs and increase the efficiency of marketing tasks. Visit us at: www.ibrinfotech.com to enquire. 

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