Every year, more and more companies across the globe are realizing the amazing advantages of customer relationship management (CRM). With a crowded space valued at $120 billion and more than 381 CRM software platforms on the market, there is a wide range of tools to choose from.
If statistics are to be trusted, 13 percent of companies in the year 2019 chose CRM investments as a top sales priority while another 23 percent were planning to improve their existing sales technologies. As we head into the second quarter of 2020, the Cloud Analogy team predicts these positive trends to continue as more companies across different verticals and industries understand how Customer Relationship Management (CRM) can impact their business’s bottom line.
Other things apart, one thing is clear as crystal. CRM is for every company, irrespective of its line of operations or size of business.
As we move through the year, here’s a roundup of the most compelling CRM statistics for 2019 and beyond.
Statistics About CRM For 2019 And Predictions For 2020
According to G2 Crowd, these were the 10 most popular CRMs in 2019 based on their number of reviews:
- Salesforce (8,702 reviews, 4.2 / 5 average rating)
- HubSpot CRM (3,143 reviews, 4.2 / 5)
- Zoho CRM (1,229 reviews, 3.9 / 5)
- Microsoft Dynamics 365 for Sales (1,119, 3.7 / 5)
- Pipedrive (1,087, 4.3 / 5)
- PipelineDeals (795, 4.3 / 5)
- Nimble (774, 4.5 / 5)
- Freshsales (558, 4.7 / 5)
- Insightly CRM (475, 4.1 / 5)
- SugarCRM (457, 3.7 / 5)
The Cloud Analogy team is of the view that the top five CRMs will continue to hold their position and dominate & disrupt the industry in 2020 and beyond, despite the threat of the novel coronavirus (COVID-19).
Statistics on CRM adoption in 2019
- Over 50 percent of CRM buyers are in one of four markets: consulting, distribution, real estate, and insurance (Software Advice, 2019).
- 64 percent of sales professionals use CRM applications. CRM adoption has grown as much as 113 percent since 2016 and 28 percent since 2017. (LinkedIn State of Sales, 2018)
- The share of Salesforce of the CRM market is now more than 19 percent. (Forbes)
- 28 percent of millenials are of the view that CRM applications are “extremely critical” to their success, compared to 18 percent of Generation X and 9 percent of Baby Boomers. (LinkedIn State of Sales, 2018)
Top Advantages Of CRM software
- 73 percent of sales professionals use technology to close more deals. Of this group, 97 percent of people are of the view that sales technology is “very important” or “important.” (LinkedIn State of Sales, 2018)
- Sales reps using a CRM can shorten their sales cycles by 8 to 14 percent as CRM software significantly improves data accessibility. (Nucleus Research, 2015)
- Businesses that leverage CRM software experience sales increase by 29 percent, sales forecast accuracy by 42 percent, and sales productivity increase by 34 percent. (Salesforce)
Top Barriers To CRM System Adoption In 2019 And 2020
There is no denying the fact that client relationship management is a powerful tool for businesses but some salespeople are not still not making use of CRM tools. Let’s have a look at the possible reasons.
- Cost: The CRM tool Workbooks identified that 38 percent of small and medium-sized enterprises in the United Kingdom cite cost as a hurdle to CRM adoption. Traditional methods might appear cheaper than a CRM subscription at first glance, the efficiency and time costs can tell a completely different story.
- Resistance to change: 34 percent of small and medium-sized enterprises (SMEs) without a CRM cite resistance to change as a hurdle. Usually, it is the top-level management that is reluctant to adopt new tools. (Workbooks, 2018)
- Set-up: 40 percent of SMEs without a CRM cite the lack of resources as the factor behind the non-adoption and non-implementation of CRM. 38 percent also say they lack the required IT skills. (Workbooks, 2018)
- Adoption: According to CIO Digital Magazine, 18 to 69 percent of CRM implementation projects fail. In 2018, Entreprenuer.com shared that CRM investments usually fail to deliver as “CRM is focused on executives, not sellers.” One of the most amazing things to remember about CRM is that it is exceptionally good at giving better visibility to data and pipeline revenue to the management, but users on the front line of sales may find the CRM experience less rewarding. Only 47 percent of businesses with an implemented CRM have an adoption rate of more than 90 percent in the business. (CSO Insights, 2019)
When done well, CRM products and solutions should take your business to greater heights and raise the bar for success at the same time. To maximize your results, it is important for you to ensure that your CRM system is rightly configured to complement the rest of your technology stack.