The coronavirus (COVID-19) outbreak has had an adverse impact on the lives of hundreds of millions of people because of which, businesses across the globe have seen a downturn in their fortunes as well. Over the world, many business establishments – majorly the small-scale business organizations – have had to shut shop as their revenues were drastically hit and many more are on the verge of ceasing operations as well. Businesses have been forced to cut down their operations due to this pandemic and the repetitive lockdown that it has brought about in various parts of the world.
During these catastrophic times, firms have opted to deploy CRM software to automate their specific databases. Implementation of an effective CRM software has helped reinforce their customer relationships and the successful planning and execution of contemporary ideas. Custom CRM development solutions have also helped maintain stability and retain robust workflows during these chaotic times.
The global Customer Relationship Management market size is set to outstretch USD 25,320 Million by 2026, from USD 23,740 Million in the current year at a CAGR of 1.1%. Important factors driving the growth of the CRM market are an increased prominence on customer experience, SMEs coming in the light, social media, and recognition of real-time sharing of ideas.
How do CRMs respond to Coronavirus?
CRMs have responded to the COVID-19 pandemic by providing a viable platform for live interactive sessions and inducting the latest components to enable a seamless experience. Complete technical support is provided to the new customers through online tools for hassle-free interaction as they seek answers to their queries by themselves, thus providing a three-fold benefit – empowering customers, providing them the fastest means to resolve queries and at the same time ensuring optimal utilization of the organizations resources.
Custom CRM development solutions also act as a helping hand to mom-and-pop stores and small-scale businesses to go online with the readily available ecommerce mechanisms. Doing so will promote local buying and help sustain small scale businesses which have a major role to play in a healthy economy. The local businesses like grocery stores and restaurants will be better equipped to assist their customers by engaging the services of a professional CRM software development company.
Custom CRM development solutions also act as a front for the promotion of virtual meetings and webinars held online for various purposes and in diverse fields. It encourages small scale firms to work with full enthusiasm and brings a new vigour.
Why is CRM the best tool for communication during Coronavirus?
The outbreak of this pandemic has resulted in a slower pace of life across the globe, and this is the right time for businesses to incorporate a potent CRM software to better manage their existing customers while also reaching out to newer and a larger customer base. Below are some of the primary reasons small businesses must consider moving to a CRM:
Recognizing the right customers
For smooth management of business operations, the optimization of correct customers is crucial. CRMs are designed so that they are data-driven and help locate and recognize the right customers. CRMs send automated applications to potential customers through social media platforms after which they identify potential buyers.
CRM creates a personalized perspective
A CRM system provides increased efficiency when it comes to the creation of a personalized perspective. We can say so because CRM targets audiences based on their customer profile – which includes multiple parameters such as their demography, purchasing power, their priorities and preferences and effectively generates potential leads and creates personalized depth reports.
Connect with your employees
Whether it’s a well-settled firm or a small-scale establishment, a healthy employer-employee relationship is important for any business, which is even more difficult in the times of such a pandemic. Custom CRM development solutions have solved this problem by maintaining tailor-made databases to interact with potential audiences and employees together.
Trends influencing custom CRM development market size
It’s all about balancing the demand-supply graph when it comes to the market size. Accessibility is one of the significant factors that influence the growth of CRM development.
All businesses desire to have hands-on access to their customer data because it is only then that they would be able to generate potential leads from different online platforms. Customer service, email retailing, and personalization all play an essential role in influencing CRM development growth.
We could conclude by saying that life is full of uncertainties, and it is those businesses that plan keeping the long term trends in mind, that will thrive in such unprecedented times. Custom CRM development solutions have helped many businesses get through these tough times and provided many people a means of employment.
Even in these uncertain times, CRM software development companies are working in full swing and assisting many businesses. In this time of refrain, CRMs are built to make customers and businesses happy and also something that brings cheer to the economy!