How India is emerging as a global leader in CRM Technology
In the present hyper-competitive market, the focus is increasingly shifting towards being customer-oriented than being product-oriented. CRM is an imperative tool in today’s business world to meet and exceed customer experience, customer expectations and customer loyalty. CRM solutions focus on building a long term and robust relationships with the client.Organisations perceive CRM as a success enabler and growing number of firms are looking to understand and implement successful CRM strategies into their business processes.
CRM software provide comprehensive customer data including customer’ purchase history, their buying preferences and future customer behaviour. CRM is all about bridging the gap between the companies and their customers by building a personalised relationship, providing support and focusing on the customers’ needs & buying patterns. It acts as a CRM is a force amplifier established by firms to retain the present customers, improve customer acquisition, build customer loyalty and create a positive customer experience.
There has been a surge in the demand for CRM technology. It is an extremely focused area in today’s world of corporates. The technological approach helps to organise, automate and streamline company’s sales and marketing strategies to enhance customer profitability by focusing on creating finest customer experience and providing best customer & technical support.Effective CRM solutions can save up to 15% of the overall sales and marketing costs of the company. As per survey, the CRM tools implemented in any firm can augment the company’s sales by 5%, customer loyalty by 30% and improve customer retention by about 15%.
CRM pioneered in the Indian market in early nineties and presently is widely adopted as a key strategy in almost every industry vertical.The CRM solutions offered by companies in India are the cheapest and most economical version of the CRM software available world-wide.Profuse skilled manpower is another factor that puts India at a very advantageous position and emerge as the main hub of CRM solutions globally. CRM market is witnessing a steady growth with an increasing trend of expenditure on CRM across the country.As per research, the CRM market size would touch a hefty $36.5 billion mark by 2017 thereby making it as one of the fast growing sectors globally. It is estimated that the CRM software market will grow at 14.8 percent CAGR through 2017.
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