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:

Customer Click - - BIZ TECH - Ravi@glo­cal­in­fo­mart.com

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.”

PO­TEN­TIAL SEC­TORS

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

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