CRM industry to grow by 20% CAGR
Smart-phones, hand-held devices, social media will shape - up the CRM and customer support strategy in the coming years:
The overall CRM software industry in India is about $250 million. As per the industry reports the market is estimated to grow at 20% CAGR. Pure play vendors are showing strong revenue growth as large enterprises and SMES are focussed on enhancing customer engagement, support capabilities and cost efficiencies.
Customers are increasingly being beckoned with digital and social channels to engage with the brands. Collaboration tools like cloud based infrastructure are offering a viable alternative.
Sushil Tyagi, Director of Global Sales and Marketing, CRMNEXT commented on the current mark scenario of the CRM industry in India: “We estimate the growth of the CRM industry will be around 20% year on year basis. As CRM systems evolve, various vendors are approaching the market differently. A few are adding new modules to their stack and bringing everything under one suite while others are focussing on niche areas, offering limited coverage but in-depth capabilities.”
There is a paradigm shift in the traditional form of retailing and CRM has emerged as an effective tool, especially in the organized retail sector, to ensure customer loyalty and customer retention. The other potential sectors for the CRM are hospitality, telecom, BFSI and education.
Sushil shared the details about the customers: “We have started our business in 2006, we have all the top banks like HDFC, ICICI, Axis, IDFC, Equitas, Ujjivan, Au Financiers, Pfizer and Reliance Broadcast Network are our customers.”
He further added about the company partnership with the consulting companies: “We have partnered with large global system integrators and consulting companies which include IBM, Tata consultancy, Infosys, Tech Mahindra, KPMG, Deloitte, in addition to 25 plus regional partners in various geographies.”
PLATFORMS & FUNCTIONS
The CRM Platforms provides complete customer relationship process and combines all key customer management applications that includes; lead management, contact management, account management, ticket Management, role management and activity management.
Talisma Digital Customer Engagement Platform helps to track and engage customers across communication channels with accuracy, measuring engagement effectiveness and collecting and acting on real-time feedback. The platform is modular in nature to support growth, across channels and processes through the customer lifecycle. Rajendra CM, Managing Director, Talisma Corporation speaks about the unique features of the Talisma CRM: “We have Talisma Launch Box - An integrated launch management and analytics platform that comes with a true omni channel capability, a powerful lead management engine with predictive capability and actionable insights to help you take real time decisions to get that great launch. Talisma customer onboarding platform drives efficiency across the entire customer on-boarding process by integrating both marketing and service operations as a single seamless journey for the customer.”
CRMNEXT Catalyst Performance Modeler is an effective sales planning tool that helps users to not only plan, but also
Sushil Tyagi believes that CRM systems helps vendors to target different market differently
Manjunath RJ leverages free trial offers so that full product capabilities can be understood
guide them to achieve their targets. It does so with the help of intelligent algorithms that takes into account past performance, current run rate and create actionable strategies with course corrections to achieve targets. CRMNEXT’S Trinity Cross Seller Modeler combines the power of big data, white space analysis, and behavioural analytics to increase the cross selling.
FREE TRIAL TO CUSTOMERS
CRM solutions need customization to integrate with the company’s existing processes and workflow. Manjunath RJ, CEO, *astcrm speaks on the free trial offers provided to the customers: “We do offer and encourage users to take advantage of the free trial for a stipulated period of time, so that enterprises can experience and validate full product capabilities and upgrade to premium mode once they are satisfied with its performance. The free trial comes with training and support to help businesses get on-board hassle free and migrate seamlessly.”
TECHNOLOGY ADVANCEMENT IN FUTURE
CRM is a business strategy aimed at growing mutually rewarding and profitable customer relationships. CRM software is the enabling technology for CRM strategy. However, there’s a disconnect as most CRM software is internally focused on what’s good for the company and lacks both purpose and capabilities to inspire customers to grow their relationships with suppliers.
The next generation of CRM software is needed for two reasons. First, businesses need new strategies and supporting technologies to proactively respond to more empowered customers. Second, CRM software is a 23-year old customer data management technology that lies somewhere between mature and commoditized.
It’s time for a technology refresh. Here’s what’s needed for the future of CRM software.
Rajendra CM focuses on providing single seamless journey for the customer