It appears the CRM software market is continuously expanding. According to CRM Search, the growth of the Customer Relationship Management industry first saw a rapid growth of 12% in 2012, reaching $18 billion sales worldwide. At that time, predictions consisted in positive growth between 2012 and 2016.
GAGR 2016 stats indicate a Grand Total increase of 9.0% in CRM Submarket Revenue.
According to a worldwide CRM software revenue forecast in $ millions, customer service and support should indicate a 2016 GAGR of 7.8%. Expected 2015 revenues are approx. $5,433 million and in 2016, forecast indicates a positive growth to $5,810 million. For Marketing Automation (CRM submarket), in 2015 a revenue of $4,214 million, while in 2016 an increase to $4,697 million is expected. The 2016 GAGR value is of 10.7%. Sales CRM submarket expected $7,228 revenue, while for 2016, the numbers are expected to be higher, $7,940 million. The 2016 GAGR expected value is 8.9%. Last, but not least, this brings us to a grand total revenue of $16,875 million for the year 2015, while 2016 is expected to indicate a higher grand total revenue of $18,447 million. The 2016 GAGR indicates a value of 9.0%.
The Age of Customers (Forrester Research) is Here and Now.
The importance of customer opinion and behaviour has gained momentum in 2015 and will continue to matter even more in 2016. Customers now have access to Slack live chat rooms, social media channels, company websites and company forums, dedicated groups, in order to make their needs known.
Right now, as things progress, it is becoming increasingly difficult for companies to “control” what customers are saying and their online behaviour and online voice. Censorship is something no company or online vendor should consider. Transparency and best practices can determine if your business is a Go or a No. According to UXC Eclipse, an official Microsoft partner in the US, “the key is to start thinking out of the box”. “Many companies are still going for a traditional approach in terms of customer relationship management: email cold calling, feedback forms. But it’s time to move forward and beyond the traditional ways. We’ve seen a lot of improvement and changes in the MS Dynamics CRM software, which is a clear sign that the shift has already begun”, add company representatives.
2015 trends insisted more on data analytics, customer engagement and customer experience. Marketing and Sales joined forces in an attempt to increase brand power online and to achieve growth of revenue streams. One more component treated with care until now should join in the game: Customers. In the end, the customer is the crucial step that determines the success of your business. How satisfied he is with the services or products purchased? Will a first time customer become returning customer? Will that customer recommend it to someone else?
The answer lies in the importance online companies attribute to their customer streams and how their business system is. In the end, CRM is not just about implementing efficient strategies and software, but also by adding a human-to-human perspective.
Image via Flickr.com, Ponzi_Unit