An efficient business process is all about workflows. The more seamless the workflow, the more efficient your business processes are. This efficiency is something you'd also want to see in your marketing or sales funnel to ensure that both the customer and employee journey runs smoothly. This is where customer relationship management tools come in. Customer relationship management (CRM) refers to how a company uses technology to manage business relationships with existing customers and prospects. It's a centralized location where all prospect and customer data is stored and made accessible to members of an organization. CRM systems help increase company revenue by managing leads, contacts, deals, and email communications. By streamlining business processes, CRM systems also help your company provide excellent customer support, build lasting relationships, and acquire new customers.
One of the fastest-growing markets, the CRM software industry is predicted to grow at a compound annual growth rate (CAGR) of 10.6% from 2021 to 2028, as more customers demand better real-time customer experiences. This growth in the CRM software market is also helped by the growing dependence of consumers on digital channels to communicate with brands and companies. A recent survey shows that more than 67% of customers engage or interact with brands on social media. This interaction on social media platforms, in turn, helps provide brands and organizations with data on buyer behavior and preferences that help them craft appropriate strategies and deliver the best customer experience possible. Promising developments in technology also show great promise, allowing for automated conversations with customers, mobile CRM solutions, and software integrations with business intelligence (BI) tools.