The Direction of CRM Industry Development in 2021 and Beyond

The digital age poses new challenges for businesses in the BFSI industry, especially when meeting customers’ demands. Fortunately, there are always new technological innovations around the corner to help you manage your customers and improve your relationships with them. Moreover, these tools can help you remain relevant and competitive in the market.

Through customer relationship management (CRM), you can build lasting and more profound relationships with your clients. Nowadays, it isn’t enough that you have outstanding checking accounts, lending terms, or interest rates. You must also show your customers how much you understand and value them.

With that, here are some of the latest CRM trends 2021 that you need to watch out for.

1. More demand for CRM software
As the new generations continue to flood the workforce, a new type of CRM user is on the rise. According to Statista, 59% of the global workforce is currently composed of Millennials and Gen Z. These are the ones that grew up with technology and are reliant on it. Majority of them believe that software solutions will play a critical role in managing customer relationships effectively.

With that, many experts predict that the demands for CRM solutions will continue to grow in the coming years. More and more Millennials and Gen Z have purchasing power for the latest technology. Likewise, your teams will more likely be technology centric as the younger generations continue to enter the workforce. It is high time that you choose a CRM software that matches your needs.

2. Artificial intelligence on the rise
Nowadays, artificial intelligence has become more accessible for businesses. This type of technology now powers many software solutions out there. The CRM industry included.

Through AI, automations are now smarter and more reliable than ever. Chatbots, for one, can now learn and adapt their responses to tailor fit your customers’ needs. It uses data to anticipate customers’ questions or demands to resolve issues more effectively. You can also use AI to improve your CRM’s data and analytics for more accurate forecasts, insights, and predictions. This, in turn, can help you come up with more CRM innovation ideas in the process.

3. Mobile CRM is a go
Recently, many businesses have begun implementing remote work. That’s why many businesses are considering remote work software to improve their processes and ensure they continue their operations. This requires a flexible system so that all data and resources remain accessible to everyone no matter where they are. With that said, many experts believe that 2021 will be the perfect time to explore mobile CRM.

According to Oberlo, almost 46% of the world’s population uses their smartphones to connect to the internet. This small but sophisticated device now has the power to run powerful apps such as your CRM system. Not to mention, the rise of cloud technology makes data sharing and transfer instantaneous and easier. This allows your employees to seamlessly carry over work from desktops to smartphones or tablets.

4. Social CRM gains momentum
Social media platforms are where most of your customers are at nowadays. This is where they often post their opinions, recommendations, and their impressions about brands including yours and your competitors.

According to CRM industry analysis, you can use these channels to foster relationships with your customers and attract new ones. This is called Social CRM. It integrates your CRM system with the various social media channels like Twitter, Facebook, and LinkedIn to help better understand your customers. You can also use it to: 

  • Monitor what people are saying about your brand
  • Engage with current customers
  • Attract and maintain leads effectively

5. CRM integrates with IoT
Gadgets are getting smarter. From phones, to watches, to appliances, these things can now connect to the internet. It won’t be long for businesses across different industries to start adopting Internet-of-Things (IoT) technology into their operations. So what does this mean for the CRM industry? 

According to experts, these smart devices are treasure troves of customer data and insights which CRM can take advantage of. By integrating CRM with IoT technology, you can proactively detect product performance issues and customer satisfaction. This way, you can improve customer support and personalize customer experience according to their specific needs and demands.

The future of CRM industry
Nothing is ever set on stone. New technologies are on the rise. Customers’ behaviors and attitudes are changing. And the workforce is evolving. It only follows that your CRM must adapt to the new demands and needs of the market. However, refining your strategies won’t be enough. You must make sure that your tools can also catch up to these changes.

Regardless of what industry you are in, your business relies on CRM software. It plays a critical role in ensuring that you remain competitive and relevant in the market. Likewise, it helps you build meaningful and lasting relationships with their customers. By getting ahead of these latest CRM trends, you now have an idea of what features to consider when selecting the best CRM software for your business.