VIDEO: Future of CRM – Trends to Watch & Beyond

Hi, I’m Justin Fraction for Technology Advice. With 2023 in full swing, the market of customer relationship management (or CRM) continues to boom and is projected to be worth $44.9 billion this year in revenue. The CEO of Keap CRM, Clate Mask, recently chatted with us to share what he says are the biggest trends we can expect to see in the market for 2023. So here’s a quick summary of his five CRM trends. Number one, unification of operations. For a while now, business leaders have been talking about busting through silos and creating more unified teams.

While establishing internal alignment is a common goal for companies, it’s hard to achieve without unifying operations and expanding accessibility to all teams. But with modern CRM, businesses can shrink their tech stacks and do more with less, and create more transparency on their data in the process. For example, a CRM solution that also offers sales and marketing features can be a great deal compared to paying for three separate tools to handle the same tasks.

Next up is a heavy reliance on automation. CRM systems might imply automation, but many only offer baseline options, which will go against users’ rising demand for more functionality. Going forward, company leaders will be looking for providers that cover typical CRM essentials as well as more sophisticated automation. As they do, they’ll save time and be able to focus on more complex areas of the business — and the business will become more profitable in the process.

Third on the list is the Incorporation of Artificial Intelligence. AI technology is becoming prevalent in every industry. And when it comes to the future of CRM, AI may play a more significant role than you’d expect. For example, many CRM services are now integrating with AI chatbot providers, so users can better handle their customer communications and keep all of their customer data in one place. AI transforms software into auto-correcting, self-updating systems that increase efficiency and accuracy.

Coming in at number 4 on this trend list is Emphasis on Self-Service Options. According to a Keap survey, more than 70% of small business owners try 2 to 3 software solutions before selecting one, and a recent TrustRadius study revealed that almost 100% of buyers want self-service options for all or part of their buyer journey. It makes sense CRM solutions are going to be making more self-serve options available to users. Last at number 5 is Increasing Hyper-Personalization.

Personalizing communications has become necessary, and it’s built on rich data, which any good CRM system should have. As such, the more robust your CRM data, the more you can customize the experience your customers have with your company. Over time, you can deliver more tailored messages, relevant recommendations and enticing offers to your customer base. That’s the end of Clate Mask’s list for CRM trends to expect in 2023. As the years progress, I expect companies who most effectively harness and follow CRM shifts will gain a strong competitive advantage in their markets.

If you would like to be one of those companies, then be sure to read the original article by Clate Mask, co-founder and CEO of Keap, in which this video was adapted from. Also, if you’re interested in buying or switching your CRM, then check out this buyer’s guide at TechnologyAdvice.com. Both links are in the description. But before you go, click this button here to subscribe to our channel here. Or if you want to continue learning more about CRM, then click this playlist over here to view our other latest overviews. Until next time.