When will CRM become important for Indian companies?
Customer relationship management is not a recent phenomenon. Organizations have been managing their customer relationships for a long time. In some cases, the CRM is based on an existing workflow or business process and in other cases, it is treated as the key enabler of a new process that leads to customer value creation.
CRM is a big word that signifies the best practice in managing customer relationships and activities. It is not just about customer service or marketing but it is an integrated process across different departments of an organization.
It can be achieved with better understanding of their customers and how they react to different scenarios, better positioning and pricing, personalized promotions according to customer segments, and repurposing existing communications channels.
The CRM App & Software has become the backbone of sales organizations in order to help them grow their revenues. Having a cohesive CRM strategy allows companies to increase profitability by more than 20 percent more than those who don't use it at all.
What are some Key Business Metrics that can be Monitored with Customer Relationship Management Software?
Customer Relationship Management software is an important tool for businesses. It helps them to understand the needs of their customers and how they can better serve them.
Key business metrics that can be monitored with Customer Relationship Management Software are customer retention rate, customer acquisition cost, customer lifetime value, customer lifetime value per acquisition cost, and average order size.
Customer retention rate is the percentage of customers who remain loyal to a company after a certain period of time. This metric is helpful in predicting future sales and profits as well as in understanding how many customers are willing to switch brands.
Customer acquisition cost is the amount of money spent on acquiring each new customer. This metric can help businesses plan for growth or evaluate marketing campaigns that may not be working as intended.
How Indian Organizations Can Adopt CRM Software to Promote Better Customer Service?
The long-term goal is to provide a better customer service experience. Organizations have to adopt CRM software in order to achieve this goal.
The following are the top five ways that Indian organizations can adopt CRM software:
1. Provide better customer engagement through timely and personalized responses
2. Improve customer satisfaction by providing more relevant content
3. Generate more leads by improving lead conversion rates
4. Improve the quality of the service provided by implementing a feedback system that gathers customer opinions
5. Reduce costs of operations through automated processes
What is the Current State of CRM and What is the Future of it?
The CRM industry is flourishing in India, This has paved the way for new startups to take up this niche and provide a variety of services.
A recent study by IBM on CRM trends in India stated that nearly 85% of people working in Indian businesses are on the lookout for CRM software tools. However, they still need more options to choose from and not just products that have been available for quite some time now.
The Indian CRM market is expected to reach $217B by 2025 with the commercial segment being a key driver for growth. The Indian CRM market is expected to grow at an annual rate of 15.8% over the next seven years reaching $217B by 2025 with 42% of revenues coming from commercial organizations.
With increased digitalisation, the way businesses are run has seen a revolution in recent times towards customer centricity. The future of CRM is bright but it requires investments into continuous learning and development (CLD) along with innovations in technology and processes that can be addressed by modern business solutions like AI-driven CRMs.
