According to the London School of Business and Finance, there are 5 customer relationship management (CRM) trends we should pay close attention to in 2020.
Catering to preferences. CRM systems categorizes clients based on their location, product choice, and purchase bracket or price preferences. This information helps allocate account managers to dedicated clientele groups, and allows them to understand their preferences for offering customized solutions and service options.
Cutting down sales costs. Customer acquisition can be costly – it requires consistent marketing efforts, advertising, and branding initiatives. To reduce new client acquisition costs, businesses often focus on cross-selling and renewal opportunities within the existing clientele base. Also, a CRM system helps in recognizing the right leads by identifying untapped or potential opportunities with existing customers.
Improving response time. As response time is greatly important in today’s business environment, CRM software helps send quick replies to enquiries through standard email templates. This also allows businesses to maintain a consistent voice across communication channels.
Integrating AI. Integrating AI with CRM will continue to be invaluable for automating manual and routine tasks, devising recommendations to improve marketing campaigns, and managing any customer complaints. AI integrated with CRM allows businesses to analyse client data through purchase preferences, previous calls, and by generating a client profile. This all allows sales reps to understand their clients better and have a more focused, individualized approach to their communication.
Mobile CRM. Mobile-based CRM solutions are becoming more important owing to the ever-changing work environment and a growing global workforce. With pressure to drive revenues, sales representatives will greatly benefit from mobile CRM solutions to access data without security hassles, gain access from various platforms, and make client interactions more seamless.