2021 CRM Statistics and Trends
CRM (Customer Relationship Management system) has evolved over the last few years to something more than a sales tool and a contact management system. It is a single source of truth for your customer and company data. The CRM industry is evolving, and everyone wants to play. More recently, Facebook acquired Kustomer, a CRM startup, and in its largest acquisition to date, Salesforce signed a definitive agreement to acquire Slack just last month.
The way we do business is evolving as more teams are working remotely. Customer satisfaction has replaced customer experience as a top sales metic, and businesses need a more sophisticated tool to meet customer's high expectations. Sales and marketing infrastructure is shifting, and you need to put a stronger emphasis on sales enablement processes to ensure your team has the resources they need to succeed. Buyers are more educated than ever, with most consumers start their research online with multiple companies before choosing one.
As we head into 2021 and things continue to change, here are some CRM statistics and trends to watch to ensure your business stays one step ahead.
Notable CRM Statistics
The CRM market is the fastest growing in software today, expected to reach $80 billion by 2025
87% of people say that the biggest benefit of a CRM is improved sales
64% of sales professionals use CRM applications. Adoption has grown 113% since 2016 and 28% since 2017
50% of teams have improved their productivity using a CRM platform
64% of sales professionals use CRM, and 97% consider sales technology very important or important, according to LinkedIn State of Sales 2020
28% of millennials think CRM applications are extremely critical to their success, compared to 18% of Generation X and 9% of Baby Boomers
In 2008, only 12% of businesses used cloud-based CRM, which increased to 87% in 2019
Trends and Predictions
CRM Increases Customer Satisfaction
Recently, customer satisfaction replaced customer experience as the top sales metric. You can increase both customer satisfaction and customer experience with a well-implemented CRM. As more companies up their customer experience game, others must follow. 73% of customers say one excellent experience raises their expectations of other companies. According to Salesforce, 84% of customers say the experience a company provides is as important as its products and services. Experts predict that the CRM systems will evolve to provide simplicity in use, access, and analysis. Allowing for more personalized customer service, which will produce a better customer experience. It will now be possible to deliver information that responds to the needs of the customers and direct them into your sales and marketing funnels.
Customer Self-Service with CRM
As automation becomes more compatible with CRM, bots are completing more administrative tasks and saving team members valuable time that can be spent building relationships. Chatbots offered within many systems automatically guide prospects through marketing and sales pipelines. Along with collecting data, asking questions, and delivering more personalized content. Permeating self-service will help customers get their answers without much intervention from the company side, thereby saving time and energy.
CRM as a Single Source of Truth
Salesforce has recently started using this phrase, "Put customers first. Start with a single source of truth for their data." A CRM isn't just a sales and marketing tool, it should now connect to every aspect of your business. More companies are viewing their CRM as a necessary tool for the wellbeing of their company. To reap all benefits, CRM must connect to all other tools and processes in your organization. Keeping your data in sync is the best way to avoid human error, resolve duplicate entries, save time on manual input, and give your team more confidence. According to LinkedIn's State of Sales Report 2020, top-performing salespeople have a higher confidence level in their CRM data than their counterparts; of the top group, 53% are very confident.
A Company of One is Enough for a CRM
If you are managing contact details, juggling a busy pipeline, and have lead data to keep track of, you can benefit from using a CRM; these are familiar pain points for consultants and freelancers. It is never too early to implement a CRM and start consolidating your customer data in a centralized location. As your team grows, everyone can see the chronological history of each of your customers. You can learn more about them and provide a better customer experience.
Further Innovation of AI & Integrations
To convert manual tasks into automation driven functions, AI coupled with CRM can contribute to the enhanced efficiency. A recent report suggests that CRM processes linked with AI will push the global business revenue by up to $1.1 trillion by the end of the year 2021. 14% of global CIOs have already deployed AI, according to Gartner’s 2019 CIO Agenda survey. Teams will increasingly wonder: why do we pay for App A when App B can now tick that box and more? Advanced integrations teaming up with CRM software will facilitate more information for the users and expand the overall platform functionality. Integrations with various business systems make it possible to better track external interactions with customers.
CRM is an amazing tool that can benefit any company, the ROI of CRM software when properly implemented, can exceed 245% (source). However, you will never reap those benefits unless it is correctly implemented and customized to your unique workflows. In a 2018 report, 40% of small-medium enterprises without a CRM say they lack the resources to implement one, and 38% also say they lack the required IT skills (source). If this sounds like you, click the button below to contact me for a free CRM consultation call. I would love to help with your implementation project and provide on-going support as needed.