With the New Year approaching its time to look forward to what’s happening in CRM for 2024. CRM trends often serve as a precursor to trends in other SaaS solutions, given that CRM is frequently considered the first available SaaS. This industry has witnessed rapid growth due to technological advancements and is projected to generate around £125 billion in revenue (approximately $80 billion).
This blog will take a look at some of the trends anticipated in 2024, whether they are current or evolving:
While AI is not a new trend, it is becoming increasingly prevalent, with tech companies making substantial investments in its development. Microsoft recently introduced Copilot for its Office 365 Suite, and we’ve previously written about its use in Dynamics 365 CRM and the benefits. AI streamlines everyday computer tasks, and some not so every day, using natural language to execute them on your behalf. In CRM, AI manifests in various ways:
Aligning sales, marketing, and operations creates a unified effort which can lead to the team reaching key performance indicators (KPIs) and both short- and long-term objectives. This ensures that every aspect of your business collaborates towards a shared end goal, supporting each department and, most importantly, the customer. This unified approach transforms your CRM platform into a powerful tool, revealing how each department contributes to the customer journey at every stage of the sales funnel. Fostering collaboration and a customer-centric mindset can elevate your organisation to new levels of success.
With the rise of regulations like GDPR and CCPA, data security and privacy compliance are concerns in CRM. As cyber threats become more widespread and sophisticated, organisations must be ready to safeguard sensitive information from breaches or unauthorised access. This goes beyond mere firewalls or antivirus software—businesses need comprehensive security strategies, including employee training on best practices for handling confidential data and monitoring systems proactively identifying and mitigating risks. Organisations will opt for SaaS vendors that uphold these safeguards. Given that your CRM contains information you commit to keeping secure, your CRM vendor must have security protocols in place. Moreover, in sectors like healthcare, adherence to HIPAA compliance is obligatory. The CRM trend in this context is not something entirely new but rather a continued emphasis on ensuring that the most current and effective tactics are in place with the CRM provider you choose.
Leverage conversational tools such as chatbots and voice assistants to enhance your business. Chatbots maintain open communication channels, offering real-time assistance and resolving customer inquiries. Natural Language Programming (NLP) features play a vital role in managing customer service, prioritising urgent queries, understanding customer sentiment from emails and messages, and even transcribing voice meetings. These tools empower your business to efficiently engage with customers. Seamless collaboration across departments is crucial. The integration of Microsoft Teams facilitates efficient teamwork by enabling anyone in the organisation to collaborate on shared records within Teams at no extra cost. This integration supports enhanced communication, making it easier to collaborate on various tasks, whether it’s a marketing campaign, sales opportunity, or customer issue.
AI’s impact on CRM software extends beyond automation and communication. Predictive analytics is a game-changer, assisting in mitigating potential challenges and improving business outcomes. AI can identify user behaviours and enhance sales opportunities. The insights provided by AI-driven analytics enable marketing experts to make dynamic decisions. Real-time data further allows you to comprehend customer preferences and trigger purchasing decisions. By harnessing AI’s capabilities, you can revolutionise customer experiences, streamline operations, and drive growth like never before.
In 2024, big changes are coming to CRM, thanks to Artificial Intelligence (AI) making things more efficient. Connecting sales, marketing, and operations shows a commitment to customers, making CRM even more powerful. Keeping data safe from rules and cyber threats is crucial. Using communication tools and AI analytics highlights the industry’s focus on customer connections and smart decision-making. As we look to 2024, businesses are encouraged to adapt for better customer experiences, smoother operations, and growth opportunities in the changing world of CRM. Here’s to a successful year ahead!