CRM or Customer Relationship Management is not a new concept. It came into existence in 1986 when ACT! introduced contact management software for the first time. However, it gained popularity in the ’90s when companies like Brock Control System and Siebel systems focused their attention on CRM software. Ever since that time, CRM always has been in the news, and with every passing day, it is becoming all the more important for the organizations. It is one of the easiest ways to establish and maintain cordial relations with customers. It is the reason that most of the organizations are adopting this software contributing to their unbound growth.
Reports and future predictions state that CRM will attain a market reach of USD 81.9 billion. After intense research about this growth prediction, we have listed below the primary reason for this the popularity of the CRM software.
Well, in business, a happy customer is the biggest benefit and CRM is responsible for that benefit. As the name suggests, the software is designed for managing customer relations which in turn guarantees business growth and profits. However, the utility of CRM does not limit itself to Customer management; rather it has a wider range. The software increases the operational capacity of the organization and reduces its marketing cost. These functions escalate the sales of the organization while minimizing its sales cycle time. This dual benefit makes responsible for the fast adoption of CRM in businesses.
Cloud is the ablest and trending technology of the current era. Now just imagine a scenario where one trending technology meets another, this fierce amalgamation completely revolutionizes the technology industry. This era is witnessing this hot fusion, where cloud technology is meeting the CRM. The cloud-deployed solutions of CRM are increasing the market for the CRM. It is because the cloud allows remote access to resources, which is making it easy for users to manage their customers from far off locations. Thus, the cloud-based CRM has increased the market reach of the CRM product earning huge profits for the companies.
Big data-based CRM is making CRM “BIG.” The vast information management using big data helps CRM to device more personalized and customer-centric programs. Such a customized approach attracts more customer thereby elevating the business profits. This blend of big data and CRM is making CRM big and attracting an increased number of companies to adopt this solution to achieve customer satisfaction. Thus from the current trend, it is predictable that CRM will continue to grow in the coming years as well.
The Bottom Line
Trends show that CRM is continuously growing and this growth will continue many more years. The primary reason for this increase seems to be its numerous benefits, cloud usage, and big data implementation. This advancement in the CRM is popularizing it and is a binding maximum number of customers to the businesses. It is the reason that more, and more companies are moving towards CRM which is reducing the organization’s marketing efforts and is increasing the business sales. All these stated reasons clearly explain the growth prediction for the CRM.