2023 CRM Statistics and Trends

It's that time of year again to check in with the latest CRM Statistics and Trends. The CRM market continues to grow and exceed expectations. Previous projections forecast that the CRM market would be worth $113 billion by 2027. However, newer data indicate that the global CRM market could reach $129 billion by 2028 (Fortune Business Insights, 2021).

I wrote about 2020, 2021, and 2022 CRM Statistics and Trends. Over the last four years, a lot of trends have gained momentum:

• The use of AI will grow

• There will be high importance on the customer experience, customer satisfaction, and customer self-service

• The ease of an "All-In-One Platform."

• Social CRM

All of this still rings true. This year's focus on aligning sales and marketing is prominent as the lines between sales and marketing are becoming increasingly vague.

Connecting all business aspects to CRM is integrating your CRM with other business software and tools; this way, you can build a single view of each customer and remove data silos from your organization. Today's buyers are more empowered than ever, so the typical buyer journey has changed. Through personalized drip campaigns, marketing can help support leads early in the buyer journey. Sales can take action on qualified leads based on their level of interest (engagement with marketing campaigns). Syncing data between CRM and marketing systems ensures that customers' contact data is constantly updated. This integration also minimizes the hassle of dealing with duplicate emails. 

Here are some other CRM statistics, trends, and predictions to watch in 2023 and beyond.

2023 CRM Statistics

• According to a sales industry report, 70% of salespeople consider CRM as "very important" to closing deals (Chang, 2021)

• 91% of data in CRM systems is predicted to be incomplete, stale, or duplicated each year (The Ultimate List of CRM Statistics for 2023)

• 74% of respondents say that CRM solutions give them better access to customer data, allowing for more personalized service. (The Ultimate List of CRM Statistics for 2023)

• Nucleus Research revealed an average of $8.71 returned for every dollar spent in 2014. This number hasn't been updated; Dynamic Consultants commented on the evolution of the CRM market in 2021 and calculated that this number may have increased to an average of around $30.48 for every dollar spent in 2021. (Nucleus Research)

• 68% of marketing leaders say their company is increasingly competing based on customer experience above anything else. (Salesforce)

2023 Key CRM Trends

• Voice and Chatbots are The Future of Customer Engagement

• Data-driven personalization is the key to customer experience. - Using data to provide customers with precisely what they want - for this to work, you need a good understanding of how people shop

• Customers are now interacting with you through multiple touchpoints.

• Physical: Retain Locations

• Digital: Email and Social Media

• Virtual: Chatbots

• CRM Tools Must Integrate to Bring Unified Customer Experience - Integration allows you to see all data from different sources and create a unified customer experience.

• Customers want and expect an experience that is consistent across all channels.

• Source: 5 Powerful and Key CRM Trends and Statistics You Should Know in 2023

2023 Top Marketing Trends

This is a new addition to this year's post. As more marketers increasingly use CRMs to track and organize data, focusing on marketing trends is more relevant than ever for sales professionals. Here are some of the top marketing trends to watch in 2023 from HubSpot Blog's 2023 Marketing Strategy and Trends report.

• Short-form video will see the most growth in 2023

• Influencer marketing will continue to grow with a high ROI - a survey shows that 33% of Gen Zers have bought a product based on an influencer's recommendation in the past three months - when they're making purchase decisions, Gen Z says influencer recommendations are more critical than recs from their friends and family.

• Branded social media DM tactics are growing - a survey also found that over 1 in 5 Gen Zers and nearly 25% of Millennials have contacted a brand on social media for customer service in the past three months. Almost 30% of Gen Z and Millennials have bought a product on social media in the past three months.

• Website SEO continues to shine, being #4 in terms of ROI (behind the short-form video, influencer marketing, and social). 

• Marketers will continue to humanize their brand - 30% of marketers create content that reflects their brand's values, making it the third most popular trend.

• Marketers will benefit from data in 2023. - Data helps reach the target audience more effectively, create more effective marketing content, understand which marketing strategies are most effective, increase the ROI of their marketing efforts, and prove the value of their marketing and activities. All of this is possible with good processes and systems between sales and marketing systems.

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A cohesive relationship between marketing and sales and set you up for a successful year; using technology will only strengthen that alignment. If you have questions about any of these stats or trends, or you're looking for help with your sales and marketing processes, contact us for a free consultation today.