The Impact of the Top Three Strategic Imperatives

Geopolitical Chaos

Why 

• Companies are struggling with budget constraints due to economic volatility, leading to these business customers canceling contract renewals and ongoing deals. As such, vendors are forced to seek newer and innovative ways to sell more effectively. 
• Frost & Sullivan’s research finds that for 35% of organizations, a lack of budget for new technologies prevents them from delivering a good customer experience (CX).

Frost Perspectives 

• Businesses will focus on deploying competent customer relationship management (CRM) solutions to bolster their sales enablement strategies. This would simultaneously boost sales and enhance CX and employee experience (EX). 
• CRM vendors that offer tiered pricing for businesses of all sizes will see a growth in adoption. Additionally, customers will prefer CRM vendors providing contracts that do not bind them for long periods.

Competitive Intensity

Why 

• Improving CX will be crucial and very important for 67% of businesses in the next 2 years. CRM is one of the key elements of CX. 
• Offering excellent CX is as much a responsibility of the sales department as it is of marketing and customer care.
   

Frost Perspectives 

• Frost & Sullivan’s research confirms that 65% of businesses will likely deploy artificial intelligence (AI) technologies to improve EX and CX in the next 2 years. In the context of CRM solutions, AI-backed CRM solutions offering task automation, predictive analysis, and easy usage will occur. 
• CRM solutions that allow the democratic leveraging of customer data across departments without compromising security and ease of use will be preferred.

Internal Challenges

Why 

• Businesses still struggle with attaining internal buy-in to adopt CRM software or shift to a better one. Frost & Sullivan’s research finds that 28% of companies are stuck with legacy systems/technologies, which prevents them from delivering competent CX. 
• Other factors businesses are struggling with include lack of in-house expertise, keeping up with the pace of new technology/services, and lack of compliance/security of data and apps.
   

Frost Perspectives 

• Vendors will focus on offering easy-to-use CRM solutions. They will streamline CRM implementation, consultancy, and advisory support for businesses to ease established buy-ins and reduce workforce resistance. 
• To further overcome the resistance to change, vendors will make integrating with customers' preferred software easier. They will ensure smooth implementation and data transfer with less IT involvement and complete data security and compliance.

In conclusion, the strategic imperatives of geopolitical chaos, competitive intensity, and internal challenges are significantly shaping the landscape of the global customer relationship management industry. Companies must adapt to these challenges by leveraging innovative CRM solutions, enhancing customer experiences, and ensuring smooth transitions to new technologies. The Growth Pipeline Company is poised to support businesses in navigating these complexities effectively.

CRM—Definition and Advantages

CRM software is a technology that allows businesses to manage customer interactions and relationships. CRM has evolved over the decades from handwritten file contacts (Rolodex) to syncing customer data in a sales force automation system (founded by Siebel) to providing mobile access and using AI and analytics to improve CX (today’s CRM providers).

Advantages of CRM Solutions

Some advantages a CRM solution can offer a business include the following:

• A unified view of customer information
• Boost customer retention
• Improve customer service
• Enable sales with cross-selling opportunities
• Organize customer information/removing duplicate customer profiles
• Boost sales productivity
• Maintain all customer interactions
• Automate administrative tasks/Increase operational efficiency with automation
• Enhance team collaboration
• Generate insights on customer behavior
• Automate sales forecasts
• Segment customers to improve CX
• Access information and engage with customers from anywhere

With The Growth Pipeline Company, businesses can leverage these advantages to enhance their customer relationship management and drive growth effectively.