CRM Software Sees Strong Market Growth
The market for CRM software has demonstrated continued growth over the last decade and is expected to grow manifold over the next decade, BCC Research concluded in a new report.
The report segments the CRM market into services (consulting, implementation, and training and support), and applications for sales, marketing, e-commerce, and customer services and support.
The primary objective of CRM is to cater to customers better, increase customer retention, and improve sales revenue. Previously, CRM was adopted by large enterprises only, but now, due to the advent of pay-per-use, software-as-a-service models, many CRM systems have seen widespread adoption by small businesses globally as well.
The key drivers for the growth of the CRM market includes the demand for improvement in customer experience, better customer retention and acquisition, lead management, voice of the customer, and field management, according to the report.
CRM platforms are also benefiting from an ability to seamlessly operate across various business functions, such as sales, marketing, and customer support, and across various channels, including mobile and social media, BCC found.
The research firm also cited a direct correspondence between sales performance and CRM adoption rates. According to a Sales Operations Optimization Study by Miller Heiman Group, "companies with CRM adoption rates of 75 percent have poorer sales team performance. It manifests in a lower win rate of forecast sales opportunities and a lower quota attainment rate as compared to sales organizations with a higher CRM adoption rate."
Thus, hands-on training on custom-built CRM functionality is necessary to ensure all-around CRM adoption and ultimately to improve sales revenue, BCC Research concluded.