Content of the Article
- Rise of the Mobile CRM
- Online CRM solutions in Vogue
- The CRM market is growing continuously
- Use of CRM Data for Personalized Marketing
The CRM market is already one of the largest software markets in the world. Nevertheless, analysts predict that the market will continue to grow rapidly. In the year 2022 the worldwide revenue is expected to be 29.77 billion US dollars. One of the reasons for this growth is the accessibility of the system. Companies want to be able to access data anywhere and in real-time. Online solutions and mobile applications meet these needs and are the main drivers of this strong growth. In addition, personalization, in the areas of marketing and customer service, is an increasingly important issue for many companies. The aim is to feed as many platforms as possible with customer data so that the customer journey becomes a customer experience tailored to the individual. In the following article, we would like to give you some interesting statistics to show that you are betting on the right horse with a CRM system.
A mobile CRM system is no longer just a nice-to-have, but much more an absolute must-have. According to a Forrester Research, with 1000 participating European organizations, using a mobile CRM system, customer satisfaction increases by 74% and productivity for sales employees by 84%.
If sales staff used a mobile CRM system, 65% were able to achieve their sales target. Compared to only 22% without a mobile CRM system.
According to research from Software Advice from the year 2014, 48% of users have already used their CRM on the field. Considering the enormous growth of smartphones and mobile applications in recent years, it can be assumed that the percentage nowadays is significantly higher.
According to Forbes, 41% of workloads will be in the cloud by 2020. Microsoft Azure is forecast to increase its market share to up to 21 % of the total market. This will probably be mainly due to the growth of Microsoft Dynamics 365. In the first quarter of 2019 alone, Dynamics 365 revenues rose by a respectable 51%.
The vast majority of businesses today are deciding to deploy the cloud. The rapid readiness of the system and the complete outsourcing of server maintenance to large operators such as Microsoft or Amazon are simply too attractive. While 88% of CRM systems were on-premise in 2008, the figure was only 13% in 2014.
The CRM market is currently considered to be the most lucrative software market. The worldwide revenue for CRM software is expected to grow to 29.77 billion US dollars in 2022. This is a forecast increase of more than $2.5 billion from 2017 with an average annual growth rate of 1.9 percent. There is currently no end in sight to this trend.
Looking only at the European market, the online CRM market is expected to grow from USD 9.0 billion in 2019 to USD 12.0 billion in 2024, with an average annual growth rate of 5.86%, according to Reportlinker. The member states of the European Union had to introduce strict data protection regulations because of the European General Data Protection Regulation. A CRM solution can help companies comply with data protection regulations. 30 % of the companies are still not 100% compliant after more than one year of introduction of the GDPR.
The structured customer data in a CRM can be ideally used for marketing purposes. Thus, e-mails can be personalized to a high degree with the help of data from a CRM. Solutions such as ClickDimensions or Microsoft Dynamics 365 for Marketing enable this personalization and are directly integrated into Dynamics 365 CRM. In 2018, e-mail regained its importance as a communication channel among sales employees for the first time and is now on a stable second place at 30%.
According to a study from McKinsey, personalization extends the customer lifecycle and increases engagement and loyalty by communicating messages that are tailored to customers' needs and even predict what they really want. The benefits for the customer also lead to benefits for the business. Personalization can reduce acquisition costs by up to 50%, increase revenue by 5-15%, and increase the efficiency of marketing spendings by 10-30%.
At first sight, the core function of a customer relationship management system appears to be simple. But the integration possibilities are almost endless - websites, social networks, telephone systems, and e-mail communication can be integrated into a CRM solution. Due to the diversity of CRM systems, it not only benefits larger companies, but the use and maintenance of a CRM is also the basis for a scalable sales and marketing system. Every company benefits from being able to link and evaluate communication, sales figures, and documents with customers.
These will also be the reasons for the strong growth in recent years. We at INKUBIT are convinced that in a decade small as well as large companies will use a CRM system in their organization. The question is therefore not whether, but when a company will introduce it.
Do you have any further questions? Contact one of our consultants or leave a comment.