2022 CRM Statistics and Trends
As 2021 comes to an end, it's that time again for another year of CRM statistics and trends. This article is now the third installment; check out our 2020 and 2021 CRM Statistics and Trends if you need a refresher.
Much of what I wrote about previously still rings true and is becoming even more relevant. Customer Self-Service, a Single-Source of Truth, and innovation with AI and system integrations remain top CRM trends for 2022.
CRMs are no longer just for sales or customer-facing teams; marketers can use CRMs to better understand the contacts they're communicating with, provide more personalized communication, and monitor how CTAs convert. Customer success teams can access a 360-degree view of the customer to provide a more tailored experience, and management can access valuable data on performance across the board.
CRMs will need to connect to every other aspect of the business. More companies see CRM as the single source of truth for their customer data, making it an essential tool for the organization. Seamlessly connecting your CRM to other systems, tools, and processes will help to keep your data in sync. Doing so will help to minimize human error, save time on manual data input, and paint the most transparent picture of your customers and business for your entire team.
HubSpot's number one prediction for CRMs in 2022 is that "More businesses will be using technology to eradicate or automate what they don't want to deal with — while getting better results from their tasks. The recipe for that is a strong CRM, automated workflows where possible, and a connected app stack where data moves freely between your apps." This month alone, I have worked with five companies that are new to Zoho CRM, so I agree with this prediction. If you or your company doesn't use a CRM, you will within the next 1-3 years. Here are some CRM statistics, trends, and predictions to watch in 2022.
CRM Statistics
While the long-term effects of COVID-19 are yet to be determined, the CRM market is already seeing changes. 87% of CRM are expected to be deployed in the cloud in 2021 compared to 12% in 2020. (Market Research Future, 2020)
13% of companies say that investing in CRM is one of their top sales priorities. (Hubspot, 2020)
A properly implemented CRM solution can yield an ROI of 45% per dollar invested. (ReadWrite, 2020)
50% of sales teams increased their productivity using mobile CRM. (Martech Zone, 2020)
Social CRM can improve customer retention by up to 27%. (YokelLocal, 2020)
The productivity of sales reps increased by 26.4% since they added mobile and social media access to their CRM apps. (SuperOffice, 2021)
Customers are likely to spend 20% to 40% more when they engage with the company using CRM. (VARStreet, 2020)
CRM systems improve customer retention rates, which leads to a profit increase of 25% to 85%. (Tech Times, 2020)
CRM applications can increase revenue by up to 29%, enhance sales team productivity by 34%, and boost conversion rates by 300%. (Hubspot, 2019)
39% of business leaders say that a high-quality customer experience provides an advantage over the competition, which can be accomplished through CRM seamlessly. (Impact, 2020)
Companies with CRM have increased their sales forecast by 42%. (VARStreet, 2020)
The Nucleus study found that the average returns on CRMs have increased since 2011 from $5.60 to $8.71.
It takes about one to six months before a traditional CRM can be implemented. It takes another three to five years before a company gets a good ROI. (ForceManager, 2019) - working with an effective consultant can reduce this time.
CRM Trends
There are fewer barriers for new (and existing CRM users) as they're becoming cheaper, more straightforward to implement, and easier to use - user adoption is also the main focus for many CRM vendors to make the most optimal user experience.
There are more options to choose from. While Salesforce does own about 20% of the CRM market, there are over 650 other vendors. G2's top five CRM companies include Salesforce (4.2/5), HubSpot (4.4/5), ActiveCampaign (4.6/5), Zoho CRM (4.0/5), and PipeDrive (4.2/5).
CRM will condense tech stacks and interweave them into other IoT technologies. Creating integrations and two-ways sync's between CRMs and other systems is the best way to ensure accurate data. With IoT technologies, companies can monitor and service their clients in unique and assertive ways previously unimaginable.
CRMs can provide a better customer experience. 87% of consumers believe companies need to provide a more consistent customer experience and expect companies to know more about them, things like previous conversations, support tickets, understand their needs and expectations and adjust communication accordingly. All required customer data must be quickly accessible and accurate to work; a CRM makes that possible.
CRM adoption and growth is generational. As younger leaders move into upper-level and executive management, they're pushing and seeing the value of a CRM. 28% of millennials think CRM applications are "extremely critical" to their success, compared to 18% of Generation X and 9% of Baby Boomers. More teams will become tech-centric in the decade ahead and insist on maximizing performance through intelligent CRM technology.
A company of one is big enough for a CRM. It was previously thought you had to have a large team to need and use this tool, but that isn't the case anymore. I work with many 1-5 person teams. If you're managing contact details, a busy pipeline, and have any customer data to keep track of, you can benefit from using a CRM.
With an annual growth rate of 10.6%, CRMs will become the norm soon as the global CRM market is projected to grow from $58.04 billion in 2021 to $128.97 billion in 2028, according to Fortune Insights. This rise can be attributed to market demand, the demand primarily being triggered by the pandemic and its disruption of business activities.
As more companies adopt a CRM, I suspect they'll also want help from an expert to get the most from their new (or existing) system. I recommend finding an expert in your CRM. Virago Ventures is an Authorized Zoho Partner and a Zoho Certified Canvas Designer, and we can help with all your Zoho Sales and Marketing needs. Click the button below to contact us for a Free Consultation to see how we can help you!
We are wishing you a happy, safe, and prosperous 2022!