Economy Slows; CRM Grows

By Sharla Sikes

Just like the United States, the United Kingdom is already facing a depressed economy. Despite current trends, the customer relationship management sector, however, is predicted to

grow. AMI-Partners Research predicts a 13 percent rate of annual growth worldwide, and the industry may reach $3.7 billion by 2012.

What’s behind the growth?

“Even during boom times, CRM should be at the heart of an organization’s business development and growth strategy – and is absolutely vital in an uncertain economy. Gaining new customers is imperative but must not result in neglect of the existing business base. CRM’s ability to focus on best practice and optimize customer relationship processes is invaluable. This is particularly appropriate to small

to medium-sized companies, which recognize modern CRM as a means of going beyond merely managing customer relationships, contributing to all areas of the business,” says Vivek Thomas, managing director, Maximizer Software.

Thomas says CRM is a tool that’s becoming more and more valuable as the economy turns tough for businesses of all sizes. CRM systems, properly used, can help attract new customers as well

as keeping current customers happy—and buying.

“This is the differentiator that now sets modern CRM apart as a value center, in contrast to conventional, silo CRM which did little more than facilitate the collection of information surrounding customer engagements. Incorporating people, process and technology in an effective strategy that focus on getting the best out of hard-pressed

sales and marketing resources are vital in the current economic landscape and will play a major role with astute organisations in weathering the economic storm,” Thomas adds.

 Companies must retain customers to remain viable and CRM software is one way to improve customer relations without adding large numbers of staff members or employing outside consultants–thus streamlining the budget at a time when it’s needed most.