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For Your Small Business April Miller May 23, 2024

7 Key Consumer Tech Trends Influencing CRM

CRM (customer relationship management) tools have transformed beyond simple contact management tools. Today, they come with advanced features that enable small businesses to stay connected with their customers through multiple channels. They offer more personalized experiences at scale and continue to advance rapidly. 

As CRMs evolve, small business owners must stay on top of the latest tech trends. Doing so ensures their business exceeds consumer expectations and moves forward.

Artificial Intelligence

Artificial intelligence (AI) improves CRM tools by turning vast data into actionable insights. AI algorithms can analyze customer interactions and behaviors to predict future needs and preferences. As such, businesses can create approaches that align with client needs at unprecedented precision. 

AI integration has grown significantly in recent years to improve customer experiences and satisfaction. By implementing AI-powered CRM systems, small businesses can foresee customer demands and enrich their marketing and sales efficiency. As a result, companies can compete on a level playing field with larger corporations by leveraging data to create meaningful consumer engagements.

Social CRM

Social CRM is a step up from traditional Customer Relationship Management tools, deepening buyer relationships and boosting retention. Integrating social media insights into CRM systems allows companies to engage with consumers where they are most active. This approach is crucial in an era of volatile brand loyalty. 

For instance, a staggering 71% of consumers who switched brands in 2022 did so in search of better product quality, with 58% citing this as their primary reason. Social CRM tools provide real-time feedback and support. They also enable companies to adapt their offerings based on consumer sentiments and trends observed across social platforms. By staying connected and responsive, businesses can ensure they keep their customer base content.

Security

Digital security is critical, especially when it involves sensitive data that CRM systems manage. As cyber threats become more sophisticated, strong security protocols are necessary. The average cost of a data breach in the U.S. reached $9.44 million in 2022, making the repercussions of security lapses severe financially.

Advanced CRM security tools feature encryption, access controls, and ongoing security audits. Prioritizing cybersecurity protects customer data and business integrity, enabling companies to build trust and protect privacy.

IoT

The Internet of Things (IoT) redefines how businesses engage with customers through CRM systems. Experts predict there will be 64 billion IoT devices globally by 2025, generating $4-$11 trillion in economic value. IoT technologies allow businesses to tap into real-time consumer data to serve their customers more effectively.

With continuous data collection from smart devices, companies can use CRMs to store and analyze the data and learn more about consumers. Installed sensors also help them understand product issues. Businesses can then analyze the information through the CRM, serving customers automatically and enhancing the user experience.

Mobile CRM

The mobile CRM market has a projected worth of more than $20 billion by 2025. With more people working remotely or on the go, having access to CRM tools via smartphones is essential. Mobile CRM allows sales and customer service teams to contact clients and update records regardless of location. 

With increased consumer accessibility, enterprises respond more quickly to inquiries and keep track of sales opportunities from anywhere. Moreover, mobile CRM integration increases productivity and streamlined processes, as desktop systems no longer tether teams to their desks.

Self-Service

Self-service CRMs are gaining traction, allowing customers to take over their interactions with companies and get 24/7 support. These systems provide online tools, enabling them to:

  • Update personal information
  • Track orders
  • Access support materials
  • Initiate service requests

Giving clients autonomy improves their experience and frees up resources so businesses can redirect their focus toward more complex inquiries. Implementing self-service CRM is a step in the right direction for small businesses. It creates more scalable, efficient customer support processes that quickly adapt to growing customer bases.

Voice and Conversational UI

CRM tools are making user interactions more seamless by using natural language processing to help buyers communicate with businesses. Whether through voice-activated assistants or chatbots, these interfaces allow users to make inquiries, schedule appointments and make purchases. 

Spoken commands and text-based conversations enhance the user experience by making it more engaging and accessible. They also help businesses manage a larger volume of customer interactions more efficiently. Companies can boost customer engagement and build lasting relationships by integrating voice and conversational technologies into CRM systems.

The Future of CRM Technology

As technology grows, so must businesses’ tools to manage customer relationships. Investing in these key tech trends enables companies to enhance their CRM capabilities and influence customer loyalty. Stay updated with the latest advancements and adopt these tools to stay ahead of consumers’ expectations.

Want more insights to help grow your business? Meet with an Old National Small Business Banker.

This article was written by April Miller from Small Biz Technology and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.

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