The CRM landscape is constantly evolving, with new technologies and approaches shaping product development. Here’s a breakdown of some of the hottest CRM trends in 2024, followed by a perspective on what it means for business owners and CRM vendors.
7 Latest CRM Trends to Watch Out
1. The AI boom
Artificial intelligence (AI) is making a big splash in CRMs. From automating tasks and generating reports to offering predictive analytics and personalized communication, AI is transforming how businesses interact with customers.
CRM companies are developing AI models and integrating their platforms with Generative AI systems like ChatGPT, co-pilot, etc., to catch up with the trend.
Some of the leading examples are:
- HubSpot’s ChatSpot, which enables users to interact with the platform in natural language, already created a buzz earlier this year. More AI-powered tools are in the company’s product roadmap.
- Salesforce uses predictive and generative AI to enable users to solve issues faster through its Einstein 1 platform.
- LeadSquared’s Converse platform combines NLP capabilities to provide accurate answers even if the lead’s queries don’t precisely match the question-answer data.
2. Voice user interfaces
Conversational interfaces and voice assistants are making their way into CRMs. It allows a more natural and user-friendly experience, letting users interact with the system using spoken language.
For example, Salesforce has integrated with Amazon Alexa to allow hands-free access to certain CRM functionalities. Sales reps can use Alexa to update contact information, log calls, or set reminders, all through voice commands.
3. Hyper-personalization
With the help of CRM data, businesses are personalizing the customer journey to an unprecedented degree. This means tailoring marketing messages, recommendations, and support interactions to each customer’s needs and preferences.
4. Mobile first
CRM accessibility on mobile devices is crucial in today’s world. The latest CRMs are designed to be mobile-friendly, allowing users to access customer information and complete tasks on the go.
5. Industry-specific solutions
Gone are the days of generic CRM solutions. Today, CRM providers are developing industry-specific CRMs that cater to the unique needs of different businesses.
6. Security-first
With the growing importance of customer data security, CRMs are prioritizing robust security measures. This includes data encryption, access controls, and compliance with data privacy regulations.
Some of the ways in which CRM companies are enhancing data security are:
- Multi-Factor Authentication (MFA)
- Encrypting data at rest (when stored) and in transit (when being transferred)
- Offering more granular control over user permissions
- Implementing threat detection and monitoring systems
- Conducting regular security audits and upgrading system defaults frequently
- Providing security awareness training to users
7. Simplified integrations
Modern CRMs integrate seamlessly with other business applications, such as marketing automation tools, email platforms, and accounting software. This creates a unified system that streamlines workflows and improves data visibility.
What Does It Mean for Businesses?
Trends keep evolving. It is up to the business owners to evaluate and prioritize their needs to make the most of their investment in CRM. For this, they need to:
- Stay informed about industry and technology trends and consider how they can help achieve their goals.
- Not every new CRM trend will be relevant to your business. Don’t chase every trend. Focus on the trends that align with your specific needs and resources.
- Consider implementing new CRM features or functionalities on a pilot basis before rolling them out to your entire organization. You can also break it down into manageable phases to avoid overwhelming your team.
- Be aware of relevant data privacy regulations and choose a CRM solution that helps you comply.
- View CRM as an ongoing journey, not a one-time solution. Regularly re-evaluate your needs and adapt your CRM strategy accordingly.
What Does It Mean for CRM Vendors?
CRM vendors face the challenge of staying ahead of the curve and adapting their offerings to these evolving trends. Here’s how they can navigate this dynamic landscape.
- Allocate resources for research and development to stay at the forefront of AI, voice UI, and other emerging technologies.
- Consider strategic partnerships or acquisitions with AI or data analytics companies to bolster their CRM functionalities.
- Develop user-friendly interfaces that are easy to navigate, even for users with limited technical expertise. Ensure their CRMs are fully optimized for mobile devices to cater to the on-the-go user.
- Leverage AI to generate personalized recommendations and insights for sales, marketing, and customer service teams.
- Implement robust security measures like multi-factor authentication, encryption, and access controls. Obtain relevant data privacy certifications to build trust with potential customers.
- Develop open APIs that allow seamless integration with other business applications like marketing automation tools and accounting software. Offer pre-built connectors for popular business applications to simplify the integration process.
The CRM Market Outlook for 2025
The CRM market is forecast to reach $262.74 billion by 2032, driven by the growing popularity of personalization, digital transformation, and customer experiences.
Players like Salesforce, Zoho, Oracle, HubSpot, Zendesk, Freshdesk, SugarCRM, LeadSquared, and Insightly currently dominate the CRM market. Adapting to the latest trends and investing in robust, industry-relevant CRM solutions will be key to success in this rapidly growing market.
Contact us to learn more about LeadSquared and how it can support your business.
