ARTICLE

Keeping Up to Date with CRM Trends in 2023: Here’s What to Expect

6 - minutes read

At a glance:

Business management software such as CRM systems is important for businesses to nurture and maintain relationships with leads and current clients. Moreover, with additional features like marketing automation, customer support, and accounts management, these platforms offer 360-degree business management solutions for organizations to thrive sustainably. 

However, with constant technological advancements, CRM features keep evolving to provide better services and cater to the ever-changing customer experience trends. To stay ahead of the curve, businesses must be aware of the latest CRM trends in 2023 to be at the forefront of innovation. Let’s see which CRM trends in 2023 will shape business management software in the coming years.

1. Artificial Intelligence

Artificial intelligence will continue to be among the top CRM trends in 2023. As more companies start using AI, CRMs are adapting as well. In 2019, Gartner predicted that by 2023, 50% of CRM implementations would use Machine Learning (ML) or AI. AI improves user experiences, automates repetitive tasks, personalizes communication, and more. It is courtesy of artificial intelligence that companies can build better customer relationships and improve their marketing efforts. Some of the ways that companies can use AI to improve their CRM features are as follows:

Improving customer relations: AI is being integrated into business management software to read and analyze customer behaviour. This gives companies a better understanding of customer preferences and needs. The CRM tool can then use this information to send highly personalized messages to customers, improving customer satisfaction and encouraging repeat business.

Automating tasks: AI is widely used to automate routine tasks. This includes tasks like sending automated replies to emails, scheduling appointments, or keeping track of customer interactions. Examples that efficiently explain this are chatbots and email bots that help understand the exact requirement of leads and educate the sales teams on how performance can be improved and sales processes optimized. This allows for efficient use of time and maximizes employee productivity.

Personalization: AI can automate personalized messages based on customer information and preferences through business management software. When a customer makes a purchase, the company can track their previous purchases and recommend similar products. This improves the customer’s experience and encourages them to continue shopping.

Therefore, AI can help businesses better manage their customers by collecting required data accurately and quickly. It can do this by identifying patterns from data history and using that to predict outcomes, and suggest different plans of action, enabling AI to provide valuable insights for businesses to help grow their bottom line.

2. Integration with IoT

IoT will also continue to influence CRM trends in 2023.The Internet of Things (IoT) is a network that connects billions of internet-connected devices. These devices can collect and transmit data, allowing users to monitor and manage many aspects of their daily lives.

A growing number of IoT devices can integrate with business management software, allowing businesses to integrate IoT data with CRM data. This integration allows for better management of customer touchpoints across channels. CRM vendors such as Creatio, Salesforce, Microsoft Dynamic and SugarCRM are actively working on developing IoT-CRM integration solutions. CRM trends for 2023 indicate that IoT market is expected to grow significantly in the coming years and that’s why vendors are increasingly focusing on integrating this technology into CRM features.

According to Fortune Business Insights, “…the IoT market size was valued at $384.70 billion in 2021. The market is projected to grow from $478.36 billion in 2022 to $2,465.26 billion by 2029, exhibiting a CAGR of 26.4% during the forecast period.”

IoT data can add value for customers and businesses alike. The data collected from connected devices can provide businesses with profound insights into customer behaviour and preferences providing better customer experiences and predictions, thus increasing operational efficiency.

3. Automation Improvements

Automation has been the core technology used in business management software and it will continue to influence CRM trends in 2023 and beyond. This technology is constantly improving CRM features to help businesses stay organized via an ever-growing list of contacts and team members. They improve functionality with features like email integration, social media management, and editorial calendars. This allows businesses to stay on top of things, helping team members be more efficient and organized.

Here are the top 5 benefits of automation:

  • Increased productivity: Automation of applications and processes helps them run faster. Coupled with that, automated decision-making, forecasting, and predictions from multiple sources of structured and unstructured data in real-time empower organizations with greater productivity and accuracy in their planning cycles. For example, in the finance industry, a robotic process automation solution (RPA) was used to create bots assigned to automate the production of monthly management reports.
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  • Reduced costs: According to Deloitte, organizations currently scaling intelligent automation say they have already achieved a 27% reduction in costs on average from their implementations to date.
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  • Improved accuracy: Using both structured and unstructured data and automating repetitive processes is a useful CRM feature that ensures better decision-making. Less human intervention also results in fewer human errors.
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  • Enriched customer experience: CRM trends in 2023 indicate that organizations that use AI technology can better understand customer needs, communicate more effectively, and provide higher-quality products to the market. For example, the asset management industry frequently uses bots to provide first-line customer support and pricing quotes thus improving the response time to customers.
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  • Upskilled and continuous learning: It is important for organizations to invest in improving and expanding their employees’ skill sets. This will allow them to grow with the ever-evolving technological landscape. Increased automation also encourages companies to embrace a culture of continuous learning.
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Looking to leverage the full potential of Marketing Automation for your business? Get in touch with Solutions Metrix for comprehensive automation solutions and business consultation.

4. Integration of BPA with Unstructured Data

Businesses rely on data to expand, consolidate, and innovate. However, data harnessed by businesses is often unstructured due to various data types and sources. Integrating Business Process Automation (BPA) with unstructured data is a common trend that businesses are opting for, making data more accessible. Businesses are recognizing the fact that their existing data assets become inaccessible, unusable, and nonintegrable because of data silos. Hence, they are resorting to BPA with unstructured data to boost data accessibility and leverage its maximum potential.

This level of integration allows businesses to expedite processes, enhance customer service, and drive business outcomes. Consequently, this provides a better context for organizations, facilitating better decision-making and optimized business processes.

5. Mobile CRM

With information accessible in the palm of our hands, mobile CRM is among the rising CRM trends in 2023. A Mobile CRM is designed to be used on devices such as smartphones and tablets. This allows access to customer data swiftly anywhere, anytime making business management easier.

Additionally, it can help businesses save time and money by providing an e-trail of records and reducing the need for paper. An e-trail also significantly reduces the risk of potential data discrepancies. Since more and more people are using mobile devices for work, a mobile CRM can help business owners keep up with the trend.

6. Social CRM

“The customer is always right.” This age-old adage is as true now as it ever was, perhaps even more so today. With the abundance of social media, customers have multiple platforms to express their opinions, likes, dislikes, and complaints about products and services.

Companies that are paying attention and listening to their customers are the ones that are thriving. Social CRM is all about using social media to engage with customers and create relationships with them that are built on trust and loyalty. In a world that is user-driven, building and maintaining strong relationships with customers is key.

7. Self-Service And Simple CRM

CRM trends in 2023 indicate an increasing shift towards integrating self-service portals with CRM software. In the past, most business management systems were complex, expensive, and required IT support to set up and maintain. However, self-service CRMs are changing the narrative. They are low-code or no-code software systems designed to be easy to use and require little to no technical support.

This makes them more affordable and accessible for small businesses. In addition, self-service CRMs are often cloud-based, which makes them easier to set up and scale. As a result, self-service CRMs are becoming a big trend in the business management industry, especially with solopreneurs and freelance professionals on the rise post-pandemic.

Simple CRMs are often more user-friendly than their complex counterparts, making them ideal for small businesses and solopreneurs. These systems are cost-effective and perfect for those that don’t have the time or resources to invest in a complex system.

8. Voice and Conversational UI

The way we interact with technology is constantly evolving and companies are always looking for new ways to make their products more user-friendly. In the past few years, there has been a surge in voice-activated assistants such as Siri and Alexa.

According to the latest CRM trends in 2023, voice and conversational UI are now making their way into the world of business management software. Voice and conversational UI are used in advanced CRM features enabling users to interact with the software using natural language, making it more user-friendly and efficient than traditional CRMs. In addition, voice and conversational UI is also more engaging than text-based interfaces. It allows users to connect with the system in a personalized way, which can help build relationships with customers. As the business world becomes more competitive, companies are increasingly turning to voice and conversational UI to give them an edge over their rivals.

The Future of CRM

The CRM market is constantly evolving with new CRM features and improvements. It can be difficult to keep up with all the changes, but it’s important to stay informed to make the best business decisions. In this article, we’ve highlighted the CRM trends in 2023 that will impact CRM software development. Watch our webinar to learn more about the latest CRM trends in 2023 and advancements in the CRM space.

Looking for a tailored CRM Solution?

If you are looking to upgrade your existing CRM software or migrate to a new one, contact our team at Solutions Metrix. We are a team of CRM experts with over a decade of experience in offering platform-agnostic CRM solutions to leading organizations across the US and Canada.