Customer Relationship Management Software (CRM) is the largest software market in the world. It has been since the end of 2017, when it overtook database management systems for the first time. According to Gartner, worldwide CRM software revenue amounted to $39.5 billion in 2017, and it’s expected to reach more than $80 billion by 2025.
The widespread adoption of CRM reflects the needs and expectations of the modern digital consumer. Businesses need access to customer data in real-time in order to offer personalised, relevant communications, adjust to market forces and offer the best, most competitive service.
The growth of mobile CRM in 2018 also demonstrates the versatility and accessibility of new multiplatform Cloud-based solutions. When employees can work from a familiar device such as a smartphone, tablet or laptop, it becomes possible for even small companies to implement CRM free of complex software and hours of user training, and employee productivity increases by 15%.
Evolution not revolution
Alongside its phenomenal revenue growth, the CRM industry is constantly expanding in functionality. Providers respond to trends in technology, business practices, security, workplace culture, retail – anything that influences the way companies use their systems - to meet the changing needs of businesses and their customers.
As we move into 2019, CRM is at the heart of every growing business. But what are the trends to look out for as the technology continues to evolve?
1. Making security a priority
In the wake of GDPR, people are increasingly switched on when it comes to the storage of their data and how it’s used. Offering security and peace of mind around data is integral to a trust-based relationship with customers and partners. That’s why it is so important to choose a system that is SSL encrypted.
Rezcomm Engage is the first combined data warehousing, business intelligence (BI) and CRM system specifically designed to perfectly suit a venue’s unique business needs. Built in conjunction with industry bodies, associates and a number of clients, Rezcomm is level-1 PCI DSS (Payment Card Industry Data Security Standard) compliant, so you don't need to worry about the security of your customer’s credit card or personal data.
2. More bang for your data buck
GDPR has given people more knowledge and control around their rights with regards to personal data, and businesses are now more interested than ever in how they can control access to and retention of the data they are holding.
The lead-up to data reforms gave venues the opportunity to clean their mailing lists, consider who should have access to what and implement data retention strategies including asking customers to confirm their email subscriptions.
As these strategies are put to use on an ongoing basis, businesses will be keen to find a CRM system like Engage that will give them the control over, and insights into, data that they may have been lacking from their simpler legacy systems.
3. More sophisticated analytics
Digital advertising will become more data driven in 2019 and this proactive use of data is expanding to all areas of business. Huge amounts of data are generated every day across many platforms. Now companies are harnessing the power of this information in single, unified CRM systems.
Rezcomm Engage centralises and consolidates data from any source across the business. It formats and maps the data quickly and accurately via a secure import/export engine and can prepare data from any source for any system, convert it into a common language, then map it against any structure. Engage comes with a full suite of reporting functions that make it easy to use the data to inform vital, real-time business decisions.
4. Visualisation of insights
The reporting functions of CRM systems are becoming ever more sophisticated, offering detailed insights into every aspect of the business. However, to use two pertinent clichés, a picture is worth a thousand words, and time is money.
When reports come in an old-fashioned spreadsheet layout it can take expertise to analyse the results of each marketing campaign, product launch or operational activity. It can also take a long time to train staff in analytics, and once a report is generated, to get a clear picture of the way the venue is running.
Rezcomm excels in data visualisation. Customisable reports are available via a user-friendly dashboard that makes it easy to see how any aspect of the business is doing in real time. This means your venue can react much more quickly to customer needs and market forces, which can only be good for both bottom line and customer satisfaction.
5. Mobile access
Cisco predicts that the way we connect to the Internet is going to get even more diverse in the coming years. This means it’s really important that CRM systems should be accessible from any and all devices.
Cloud-based solutions are already streets ahead of traditional software in this, and Rezcomm Engage is fully optimised for mobile both from a user and customer perspective.
6. Automated marketing
Email is still the most effective marketing channel bringing an average ROI of $38 for every $1 invested. That’s why the best CRM systems for venues focus on email marketing workflows designed to engage every visitor with personalised, relevant content. Rezcomm Engage supports your business in every aspect of email marketing from prospect and customer entry plans to customer re-engagement.
7. Get to know your customers better than ever
Personalisation is more important than ever and this trend is set to continue in 2019. According to Barilliance, 98% of markers agree that personalisation advances customer relationships, customers who click on recommendations have a 70% higher purchase rate, and when personalised recommendations were tested against generic recommendations such as ‘category best sellers’ they became almost twice as effective.
A CRM system like Rezcomm Engage that offers detailed customer intelligence tools makes it possible to develop very detailed customer profiles. This knowledge of individual buying and browsing behaviour, customer value, demographics and engagement then allows for segmentation in automated workflows, making sure each customer receives only relevant, timely communications. This makes the customer feel valued and understood and breeds loyalty.
8. Driving customer acquisition
It typically costs five times more to gain a new customer than it does to retain an existing one. However, an integrated CRM and e-marketing solution like Rezcomm Engage can support visitor number growth with data acquisition and validation tools. It can drive awareness, increase brand consideration, engage potential visitors and underpin the quality of your venue’s service. Customer acquisition will continue alongside customer retention with an equal emphasis being placed on both as we head into 2019.
9. Industry-specific expertise
There are absolutely loads of CRM providers, as you’d expect in a fast-growing market. However, in 2019, the companies that stand out will be those that partner with a CRM supplier that really understands the specifics of their business and the particular challenges that they face on a day-to-day basis. Rezcomm is the partner of choice for venues worldwide including stadiums, arenas, airports and malls, combining many years of experience with innovative technical know-how.
10. Future-proof software
There are always new business and technology trends, sometimes big, sometimes small, and the best CRM providers work to future-proof their systems. This means using industry expertise and business acumen to stay ahead of what’s new, to test and evaluate new ideas, and to integrate those trends into the functionality of the software. Rezcomm is constantly developing its products to offer the best of both worlds: Extensive industry experience and enterprise.
Rezcomm Engage is the first combined data warehousing, BI and CRM system specifically designed to perfectly suit the unique business needs of your venue. If you would like to speak with the team about our integrated Cloud-based CRM systems, get in touch today!
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