13 Key CRM Statistics (2019)
Much has happened to the CRM industry since Siebel Systems was first founded in 1993.
Not only have the popular software solutions become more sophisticated and feature-packed, but thanks to cloud technology they’re now more accessible and scalable than ever before. These advancements means that a CRM is now at the very heart of any growing business. But how are these solutions actually being used on a daily basis?
In order to understand the state of the CRM industry in 2019, we have gathered up an overview of the 13 key CRM statistics you should know about this year. Let’s take a closer look.
- According to Forbes, the CRM market currently holds a value of $120 billion.
- Despite the high value, only 13% of global companies say that investing in and implementing a CRM system is their top sales priority for the coming years. In other words, there is a lot of value that can still be unlocked here, if we are to believe HubSpot’s State of Inbound 2018 report.
- The good news, according to this survey, is that 48% of sales teams believe that CRM improves their business operations.
- And Aberdeen Group estimates that the sales teams that are the most productive and effective are 81% more likely to use a CRM solution consistently in their daily work.
- 63% of organisations prefer to use cloud-based CRM solutions over on-premise systems, Select Hub has discovered.
- Mobile CRM is taking off, Algoworks predicts. 81% of businesses with CRM solutions operate their system from multiple devices.
- Salesforce reports that a CRM can boost sales by 29%, and forecast accuracy by astonishing 42%.
- And by using a CRM correctly, IBM has estimated that sales teams can reduce lead costs by 23%.
- The benefits can be great. Unfortunately, a HubSpot survey found that 22% of sales professionals are unsure about what CRM is and how it can help them.
- And CSO Insights found that data synchronisation is the biggest challenge for 51% of all CRM users.
- There’s no reason to hold back, however, as Nucleus found that the average ROI for CRM is $8.71 for every dollar spent.
- According to a recent Capterra survey, nearly 47% of the CRM users polled that their CRM had a significant impact on customer retention and customer satisfaction.
- The same survey found that the majority of users prefers Salesforce over any of the other larger brands (such as Microsoft, Oracle, and SAP).
What’s the State of Customer Relationship Management in 2019?
Considering these facts, what can you actually take away from these surveys?
Firstly, it’s becoming clear that more and more businesses, even smaller ones, will start implementing CRM technology in order to leverage data to drive further business growth and generate more revenue. Traditionally, a CRM solution was often considered as a standalone technology, but the data-driven business trends of today is placing CRM at the very centre of customer interactions.
Secondly, we are noticing that the average users now want more features from their CRM solutions. As a response, we are likely to see that the leading CRM vendors will start adding more and more extra features and add-ons to their solutions. This will, however, lead to things: the best solutions on the market will be comprehensive and good, most likely eating up the functions of other types of software solutions. The less prestigious vendors, on the other hand, will have less technology, money and talent at their disposal – which will most likely lead to the creation of many slow and bloated solutions. This will put more pressure on the individual companies to properly vet and try out the software before committing to a vendor.
And, finally, although there are many new CRM contenders on the market, it’s likely that the largest providers – such as Salesforce – will continue to dominate the market.
With a long history of growth and a great ability for disruption and innovation, we here at YourCRMShortlist are very excited to see what the future has in store for the CRM industry.
Cover Photo by Georgie Cobbs on Unsplash