Why CRM is necessary to run a successful business?

Organizations employ Customer Relationship Management (CRM) strategies, processes and technologies to optimize interactions with current and potential clients. Typically focusing on sales, marketing, support and service arenas. 

Having a Customer Relationship Management (CRM) system is essential for running a successful business ✨. It provides a centralized customer database that helps manage customer information and gain a better understanding of their needs. With the help of CRM, businesses can acquire promising leads and opportunities by installing lead management, sales forecasting, and reporting. Additionally, CRM helps manage inquiries, complaints, and support faster and more efficiently, resulting in happier customers. Based on these importances the market for CRM systems is increasing drastically: 

  • In the past decade the adoption of CRM system has grown by 113% 
  • The growth rate is still ascending that the expected worth by 2030 is 163.16 billion
  • It can be seen from the fact that 91% of businesses with over 11 employees use CRM system.

CRM adoption can help businesses increase their revenue by acquiring promising leads, as well as through the benefits gained from CRM such as improved customer retention, streamlined sales processes, marketing automations, and data-driven insights for decision making.

  • Businesses could profit from each dollar spent on CRM,  the average return on investment (ROI) equals to 8.71$ per dollar. 
  • Also,  businesses with an effective CRM system see a 32% increase in sales productivity and a 24% improvement in customer retention.
  • With the reduced customer retention rates by just 5% by CRM, businesses can increase their profits by up to 95%.

As AI technology continues to advance at a rapid pace, the field of CRM is also leveraging AI 🤖 to enhance its results. The use of AI in CRM is expected to continue to grow, with businesses increasingly recognizing the value of these technologies for optimizing customer relationship management.

  • The use of AI in CRM is  predicted to reach 40% of all CRM technologies will include some form of AI, by 2025.
  • By 2024, the global market for AI in CRM is expected to reach $124.28 billion.
  • A report by Deloitte found that 53% of businesses have already started using AI in their customer service operations, with another 29% planning to do so in the next two years.

So why sit back from this technology growth? Look no further than erxes X.O.S., the Experience Operating System that can take your business to the next level. Unlike the major CRM platforms such as Hubspot, Salesforce, Microsoft Dynamics 365, and Zoho, erxes X.O.S.’s CRM system is open source, offering flexibility, adaptability, and affordability that proprietary platforms simply can’t match.

Our open source CRM experience offers a wealth of benefits to our users. With self-hosted data, you can rest assured that your data is secure and private. Our publicly available source code enables greater flexibility and adaptability, so you can customize your CRM to fit your unique needs. Plus, our open source approach offers a more affordable price 💸 compared to proprietary platforms, without sacrificing functionality.

In addition to being open source, erxes X.O.S. offers SaaS options as well. Our plugins are available in a marketplace that operates on a “Pay As You Go” payment 🤑model.This approach is not only cost-friendly, as users only pay for what they use, but also provides greater flexibility and agility in meeting evolving business needs. So you can easily adjust your CRM usage to meet your business requirements, without being locked into a long-term commitment or overpaying for features you don’t need.

Whether you’re just starting out on your entrepreneurial journey or are a well-established enterprise, our CRM experience system is here to support you every step of the way.

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Grow your business better and faster 💎