What is Customer Relationship Management? 2023 Stats You Must Know

Facts & figures never lie. Companies and their sales teams can achieve game-changing results by adopting a CRM solution.

Organizations around the world are using Customer Relationship Management (CRM) to build, retain, and grow relationships with customers. It is now at the heart of the growing businesses.

Additionally, CRM is a valuable tool that simplifies core business activities. With the right CRM implementation, you can achieve numerous benefits, including:

• Improved sales statistics
• Improved insight into sales prospects
• Better decision making

What is Customer Relationship Management?

CRM is the technology to manage all your organization’s interactions and relationships with new and existing customers. The goal is to improve the relationship between the company and its customers.

A key element of customer relationship management is to know your customers, learn about them as much as possible for accessing and influencing mutual relationships.

CRM and Sales Statistics

1. Sales companies are 81% more likely to practice the efficient usage of CRM.
2. Statistics from Forester states that 50% of sales teams revealed that the use of CRM had improved their productivity.
3. 92% of overall customer interactions take place over the phone.
4. It usually takes eight cold call attempts to reach out to the prospect, and the best time to make the call is between 4 pm to 5 pm.
5. 35% to 50% of the overall sales are achieved by the vendor that replies first.
6. 80% of sales demand five follow-up calls after meeting the prospect.
7. 78% of companies that are using social media platforms for sales outsell their competitors.
8. Email messages are about 40% better at obtaining new customers than Twitter or Facebook.
9. Only 11% of sales representatives ask for referrals, while 91% of customers are interested in providing references.
10. Retaining an existing customer is six times more cost-effective than acquiring a new one.

Customer Relationship Management software is the biggest software market globally, and its growth continues to accelerate at a staggering rate. 

Facts You Must Know About CRM Software Market

Accessibility is one of the key players behind the rapid growth of CRM. Salesforce is leading the CRM market, while other contenders include Oracle and SAP.

In this competitive era, the winning organizations are potentially utilizing CRM advantage. According to Statista, the global CRM software market is expected to grow to USD 40.26 billion in size by 2023.

Customer Relationship Management market is forecast to amount to USD 52.0 billion (approximately) in 2021.

Companies are making all possible efforts to access customer data in real-time for delivering better customer experience. However, it is only possible with robust mobile and cloud solutions in place.

With the intent to deliver a more personalized experience, companies are now connecting technologies and platforms with customer data.

From the figures given above, it can be concluded that well-structured CRM systems ensure that enough attempts are made (say 5 to 12 without fail) to turn leads into sales.

Key Components of Customer Relationship Management Software

Customer service is undoubtedly a key element of customer relationship management. Other essential components include SalesForce automation, lead management, and human resource management.

Salesforce automation takes care of recording sales processing, forecasting, and keeping track of potential customer interactions. 

Lead management keeps track of the sales leads and their distribution.

Human Resource management entails the active and potential use of workforce, skills, and resources considering any specific situation.

How CRM Software Helps Achieving Better Sales Prospects?

Manage Sales Activities to Turn Customer Engagement into a Sale

With consistent business expansion, priorities changes, but one thing that remains constant is- ‘Profitable Growth.’ Here, CRM plays a vital role as it gathers crucial data across various channels such as customer interactions and makes it readily available to the sales professionals. 

Certainly, CRM gives rise to great collaboration and empowers each department right from management to sales, customer support to marketing. Since it stores data from all different departments collectively in one place, it gives quick access to business information.

Customer Relationship Management system helps to analyze the aspects that can turn a lead into sales. It provides information on how the business performs and what potential steps you can take within different departments to optimize the sales cycle.

Design Interactive & Efficient Market Campaign

CRM software helps produce a well-organized marketing campaign more efficiently. Besides, it provides a complete overview of the sales strategy’s insight and helps prepare a thorough checklist of DOs and DON’Ts.  Subsequently, it enables you to get a well-rounded overview of what audience you should target.

Conclusion

Get more defined information about your customer base by using Customer Relationship Management Software. Unquestionably, CRM software lets you know the gaps and ambiguities that need to be filled, and you can quickly work on them beforehand. Eventually, rating your customers can help you adapt better techniques and policies that can bring along improved business growth.

Indeed, there are several other benefits that your business can achieve by implementing an informed CRM system. Undeniably, CRM software can boost sales by improving how your business operates. It will encourage new sales leads and will result in an optimized level of customer retention.