6 Exciting CRM Statistics You Should Know In 2021
The CRM market is the fastest growing industry within the software space. Each year, thousands of businesses from around the world are investing in CRM software to streamline their business processes. After all, CRM systems play an important role to ensure that all departments are working together towards a common goal.
As companies seek new ways to boost productivity, enhance team collaboration, and strengthen relationships with customers, CRM software continues to grow in popularity.
In this article, we present to you some interesting CRM statistics you should keep in mind in 2021.
SEE ALSO: 4 Highly-effective Ways to Use CRM and Market Segmentation to Boost Brand Value
1. Around 91% of companies use a CRM system
Did you know that around 91% of companies with more than 10 employees use CRM software? [1]
The primary objective of a CRM system is to improve customer service and maintain excellent customer relationships. However, 82% of business firms deploy CRM software for process automation and sales reporting [2].
If you are running a small business and worried about the high costs involved with a CRM, do not worry, there are plenty of budget-friendly CRM tools that are available in the market. Besides, a lot of companies also have a free version of the software with all the basic features you need to run a small business.
2. CRM market saw a 10% growth in 2020
Despite the arrival of the COVID-19 pandemic, the CRM market grew by 10% in 2020 [3]. Businesses were compelled to introduce changes to their operations and turn their attention to online sales.
As a result, companies started to prioritize a software system that can seamlessly keep track of customer interactions.
More and more companies turned to virtual meetings and interactions instead of in-person meetings. This trend was the main factor driving the growth of the CRM market around the globe.
As a small business, managing all operations over the phone can get challenging if all your customers are online. This is where a CRM system can help. A CRM tool is packed with a bunch of dynamic features that allow small businesses to function in the post-COVID business environment.
3. Customer experience is everything
Over the past decade, customers are cutting no slack to unsatisfactory customer service. As harsh it may seem, but nearly 80% of customers shifted to another company after a single negative experience [4].
What does this indicate? It tells us that you may have just one opportunity to win a customer more often than not. If you do not offer flawless service and customer experience, there is a high chance that they are not coming back to you.
CRM systems play an essential role in noting down customer preferences and interests. This decreases the chances of providing a great experience to your customers.
4. 35% of companies focus on improving the digital consumer experience
Before the pandemic, a lot of companies overlooked the importance of providing an ideal digital experience to their customers. However, due to the pandemic, they had no other choice but to implement digital strategies to stay competitive.
Now, around 35% of companies that did not prioritize digital consumer experience are adding more services across various platforms [5].
The research from Zendesk highlighted the key areas where small businesses should focus on as they gradually shift to a digital business model. One of the main points was improving customer service across different platforms. CRM software enhances client communication and also tracks every sales opportunity. This eventually leads to better customer service.
5. Over 50% of businesses believe their CRM is not good enough
In a survey conducted in 2020, 52% of companies said that their CRM does not do the job and the company is losing revenue [6].
One of the major concerns was that aggregated information across various platforms was not accessible. This meant that they could not determine and predict which customers would churn. They also revealed that if they had more information, they could have ensured that they do not lose their customers.
Thanks to artificial intelligence (AI), this problem now has a solution. Today, software vendors are expected to leverage AI to improve data analysis enrichment features of their products.
The combination of AI and CRM makes the tool even more powerful, smarter, and better.
2020 has presented its fair share of surprises to sales teams from around the world. Not only did companies have to restructure their business model, but also focus on improving digital customer interactions.
A major roadblock for companies in 2020 while using a CRM was data integration. As a result, they could not retain their customers.
6. More than 70% of customers want companies to understand them
Around 73% of customers want brands and companies to understand their expectations and requirements [7]. However, only half of the customers feel that their requirements are being met, leaving a wide gap of unsatisfied customers.
How can companies improve this CRM statistic?
A CRM system can help companies overcome this issue by providing the right features to bridge their unsatisfied customers’ gap. With a CRM system, you can keep track of your customer’s preferences, interactions, and habits to understand them better.
A CRM solution provides a better understanding of a customer’s patterns and intentions. This means that you will be able to provide accurate and relevant solutions to them according to their needs.
Did these CRM statistics help you?
Customer relationship management is not new. However, with rapid advancements in technology, we can finally use these solutions to their full potential. Although the means are present, companies continue to take the right steps toward choosing and implementing a CRM solution.
Having said that, businesses are slowly and steadily catching up with the current trends and investing in robust CRM solutions. The CRM statistics mentioned in this article are a testament to that.
There are many ways to go about choosing the right CRM system for your business. You can take a look at the different types of CRM software and choose the best solution for your business.
SEE ALSO: What is the Future of CRM? – 7 CRM Trends to Look Out for in 2021 and Beyond
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Sources:
[1] [2] (2021) “Customer Relationship Management Market Size, Share & Trends Analysis Report By Solution” Grand View Research [online] Available from: https://www.grandviewresearch.com/industry-analysis/customer-relationship-management-crm-market [Accessed August 2021]
[3] (2021) “Customer Relationship Management (CRM) Market Size, Share & COVID-19 Impact Analysis “Fortune Business Insights [online] Available from: https://www.fortunebusinessinsights.com/customer-relationship-management-crm-market-103418 [Accessed August 2021]
[4] [5] (2021) “New CX for a new world” Zendesk [online] Available from: https://www.zendesk.com/customer-experience-trends/ [Accessed August 2021]
[6] (2021) “CRM AND SALES REPORT” Sugar CRM [online] Available from: https://2o1hsm59zno1qhxi62631oxy-wpengine.netdna-ssl.com/wp-content/uploads/2021/02/CRM-Sales-Impact-Report.pdf [Accessed August 2021]
[7] (2019) “STATE of the CONNECTED CUSTOMER” Salesforce [online] Available from: https://www.salesforce.com/content/dam/web/en_us/www/assets/pdf/salesforce-state-of-the-connected-customer-report-2019.pdf [Accessed August 2021]
