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The growth in the global CRM market continues to accelerate. According to techspective, the global CRM market is now worth ~ $40B USD and is expected to surpass $80B USD by 2025. Despite this phenomenal growth, the CRM market is still dominated by off-the-shelf solutions that are “cookie-cutter” in design and that provide little to no options for customization.
These non-customized CRM solutions can significantly inhibit an enterprise’s ability to maximize the advantages of CRM adoption and to realize a robust ROI. As a result, companies are increasingly opting for digital CRM solutions that are customized to meet the unique needs of the enterprise.
What is driving the increased demand for custom CRM solutions? What are some of the inherent advantages of a custom CRM solution when compared to a typical off-the-shelf product?
Off-the-Shelf CRM Solutions – the Limitations
Static CRM solutions are inflexible and self-limiting. Enterprises saddled with these cookie-cutter solutions increasingly report a consistent listing of issues that limit business growth. These include….
- A lack of real-time visibility into shifting customer trends and demands
- Delayed reaction to coordination of internal resources to meet changing business conditions
- Lost business opportunities due to lack of flexible, and real-time, opportunity lifecycle management
- Reporting and dashboarding capabilities that are slow, static, and disconnected
- Poor quote-to-cash performance that degrades financial performance
- A CRM investment that delivers poor ROI and that cannot grow with the enterprise
All of the above can combine to limit the enterprise’s ability to fully capitalize on its hard-won business opportunities and, over time, limit its ability to create new opportunities.
A Customized CRM – What is it?
What is a “customized CRM”? Simply put, it is a holistic CRM solution that has been specifically tailored for the individual enterprise. The provider of a truly customized CRM solution will deliver a solution that has been designed to meet the specific—and unique—demands and objectives of the enterprise. A tailored CRM solution will address the enterprise’s sales and operational requirements as well as its customer experience objectives.
Unlike standard off-the-shelf CRM providers, a provider of enterprise-grade custom CRM solutions will employ a comprehensive project discovery and requirements gathering process. This is an integral process that provides the foundation for the development of a custom solution that will provide the enterprise with long term flexibility and scalability.
A customized digital CRM solution can provide distinct competitive advantages; including:
Dynamic, Flexible, Powerful, Real-Time Management and Engagement
A customized, technology-fueled, CRM solution provides the enterprise with the means with which to dynamically engage with customers in ways that build customer loyalty, generate market growth, and drive strong financial performance. Distinct advantages include:
- Real-time sales opportunity tracking. Helps eliminate lost opportunities due to slow or inadequate reaction.
- Customized, AI and IoT-fueled, data analytics. A customized CRM solution can be designed to deliver real-time insights. Allows the enterprise to anticipate, and then satisfy, the needs of the customer.
- Customizable Dashboards and Reports. Widget-based, customized, dashboards and reports that provide real-time data and actionable insights.
- Sales process automation. Intelligent Workflow-based automation and control of critical sales processes. Increases overall operational efficiency.
- Outstanding ROI. A custom CRM solution typically delivers superior ROI when compared to off-the-shelf CRM products.
Enterprises today spend considerable time, money, and effort in the development of customer relationships. For many enterprises, the continued use of CRM solutions that are rigid and outdated can prove to be impediments to business growth. When considering investment in a new CRM solution any enterprise will be well served by full consideration of a CRM solution that can be fully customized to meet its long-range requirements.