The customer relationship management (CRM) software market has been forecast to reach a value of $28.8 billion by 2018, driven by the growing enterprise-level focus on customer-centric business operations.
Major factors driving the market for CRM software include the development of integrated CRM solutions, CRM analytics and social CRM. Emergence of low-cost cloud-based SaaS CRM is helping increase adoption among SMBs.
Customer relationship management is a model for managing a company's interactions with current and future customers. It involves using technology to organise, automate, and synchronise sales, marketing, customer service, and technical support.
CRM takes the art of customer relations to a new high by not only helping companies build profitable long lasting relationships with new customers but also target right products and services to existing customers.
Social CRM and CRM analytics are expected to witness robust growth in the coming years. The emergence of social media platforms such as online user forums, web communities, public social community platforms such as Oracle Web Center, Jive andLithium, and social networking sites such as LinkedIn, Facebook and Twitter, has opened a world of possibilities for handling customer relationships.
Besides providing a medium for exchanging text messages and media files, social media is becoming an extremely potent tool for consumers to voice their opinion about companies and their products.
Businesses are therefore now focusing on keeping up with trends in social media and are investing in solutions that help them efficiently monitor consumer interactions on such sites.
Against this backdrop, Social CRM defined as integration of social media with customer relationship management strategies, is growing in popularity as companies attempt to bridge social media analytics with conventional CRM systems.
For more information on the CRM software market, see the latest research: CRM Software Market
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