The global CRM market is set to exceed $58.8 billion in 2022 and will grow at an annual rate of 13.9% through 2030, as calculated by Grand View Research. However, despite the many benefits these tools provide, S4G Consulting has calculated that 60% of companies do not fully leverage all of their functionalities.
The company has assessed the investment preferences and concerns of over a hundred clients to reveal seven CRM trends to make 2023 a more productive and efficient year, overcoming the challenges of economic uncertainty and the start of the countdown to a world without cookies. Seeing it.
“Given that the economy operates globally, increasing efficiency in business processes and making greater use of technological investments have become critical factors for business success. Therefore, in 2023, growth strategies based on data analytics, our Getting the most out of CRM, says Xavier Heitz, CEO of S4G Consulting, “will be the key to being competitive and gaining market share.” It will be essential for attracting new customers, retaining existing ones and increasing the efficiency of campaigns “, he adds. On behalf of the company, they state seven keys to CRM for 2023:
Not getting the most out of CRM
CRM systems have evolved in recent years to offer a wide range of functionalities, technological improvements and specialized solutions to meet certain needs. It is estimated that nearly two-thirds of companies are not getting the most out of their CRM either because they are not familiar with all of its functionalities or because they are unclear about how the technology can solve their business needs. Without the need to invest more, they can improve their processes and sell more efficiently.
CRM for Business Vertical
In line with the previous point, in 2023 we will see a proliferation of CRM solutions customized to meet the specific business needs of sectors such as logistics, restaurants, manufacturing, hotels, real estate, healthcare… In comparison to horizontal CRM, we will see How the solutions are complete and customized with functionalities and terminology as per each vertical.
Customer 360 in real time
CRM is evolving at a cruising pace. If the inclusion in the cloud represents a very significant advancement that has allowed the customer 360 vision in an omnipresent manner and from any location and device, then the arrival real time This represents a major change that widens the range of opportunities. The presence of real-time CRM solutions such as Salesforce Genie will allow creating a multi-channel customer relationship environment through various live channels, allowing all departments to take appropriate action to provide fast and reliable service.
growing use of AI
It is a fact that 2023 is going to be one of the crucial years for the incorporation of Artificial Intelligence in business processes. We’ve been talking about the inclusion of machine learning algorithms and artificial intelligence for a while now, but this year the use of AI in CRM is going to be key. And this would be for data collection, automation of tasks and processes, as well as for analysis, to detect or predict patterns and trends. The ultimate goal is hyper-personalization to have a 360 view of the customer and be able to offer them services and content how, when and from where they want it.
Reacting to a cookieless world with CDP
With the countdown to the end of cookies and third-party data, 2023 is going to be an important year to realign strategies and objectives. First Party Data. This will force companies to bet on customer data platforms that will allow marketing and sales managers to create personalized campaigns tailored to their customers’ interests, location and preferences, thereby increasing return on actions. A complex challenge that requires a great deal of improvement in operations to improve personalization and customer experience, but without crossing the boundaries of privacy and complying with information transparency obligations. And is that marketing campaigns based on the real-time needs of people can help companies increase their sales by between 15% and 20% according to McKinsey.
CRM to Achieve Net Zero Objective
Achieving carbon neutrality quickly is possible thanks to solutions such as Salesforce’s Net Zero cloud platform for analyzing carbon emissions related to energy consumption and travel of the company, as well as its suppliers and partners. By collecting all the data on a single platform, the carbon footprint of 1, 2 and 3 emissions can be effectively quantified to prepare climate action plans. According to a McKinsey study, the global market for carbon credits will grow to $50 billion by 2030 as organizations accelerate their “net zero” strategies and commitments.
According to Statista, by 2023 we will exceed 15 billion connected devices. Hence, its integration into CRM is imperative. By incorporating data from these tools, CRM will become the best ally for call forwarding. behavioral internet, To have better information about the customer. Additionally, the interaction of IoT devices with CRM will facilitate predictive maintenance.