For a business to be successful, it is important to use Customer relationship Management(CRM) to increase your customer base, sales and revenue. The one name that we hear when it comes to CRM solutions is salesforce. With the rapid advancement in technology and heavy competition among businesses, even leaders and business owners are looking for solutions to improve their relationship with the customers. Salesforce is the leader in the CRM industry. In this article let’s look at what is the future of Salesforce and how can businesses benefit from these new trends and features.
According to reports from salesforce, salesforce recorded an annual growth of 29% in the financial year 2020. Salesforce has a customer base of more than 150000 users and the count keeps on increasing year by year. This makes salesforce the leading CRM and also the most used cloud computing platform. Here are the latest trends that will make salesforce a must use CRM solution for their businesses.
Customer 360 Journey: Pandemic has bought a lot of changes in every business and customers have become digital-first. So as the customers evolve, businesses should move into digital in order to retain their customers. According to reports from Mc Kinsey, it is discovered that more than 75% of customers in the US had experimented with other brands and retailers during the pandemic and 60% of them made a shift to a new brand.. This shows how quickly the customers change and evolve. In this era of heavy competition, companies should not only focus on digitalization but also should give out more time on modernizing their solutions. To stay afloat in this competition, companies must come up with innovative solutions and move to a customer-centric approach to expand their business. Based upon the survey from salesforce, it was noticed that more than 69% of customers lookout for more digital ways to get their products and services and 54% of customers are looking for other ways to engage with the company. So for the year 2021, salesforce’s future is coming up with a digital-first customer, a 360-degree view to get in touch with the potential leads and build a strong relationship with your customers.
Analyzing Data: Organizations nowadays are looking and analyzing data of their customers for seamless interactions from various touchpoints (such as social media profiles, newsletter, physical form, phone support, etc.).But according to reports from salesforce, it is noticed that only 50% of the organizations are able to access and visualize the data. This is because most of the data is scattered and resides on multiple clouds which makes it difficult to analyze and visualize. This is the sole reason people use salesforce as it helps them to get all the data and in one place and the sales, marketing, and service teams can work together without any confusion. To enable organizations to design data-driven approaches, salesforce combines marketing cloud, service cloud, and sales cloud to provide data using their customer 360 solutions. Along with web-based integration mulesoft, customer 360 also helps businesses to understand their customers better and also provide customized customer approaches. The coming updates will give organizations a better-unified data model, management platform, advancement segmentation features, and many more. The future of Salesforce’s product strategy which is focused on integration provides a unique user experience that has the potential to change the coming future.
Artificial Intelligence and Machine Learning Approaches: Developing platforms that learn by themselves, interesting right? Salesforce has recently come up with AI-powered Einstein, which gives insights and recommendations that help companies in making better sales decisions. Custom deep learning models are available which predict by reading your CRM data. Here are some of the features that show how Salesforce is using AI and ML to develop better platforms for organizations.
Tableau: Tableau for CRM is used to design and create a dashboard within a few clicks. Tableau is the top Business Intelligence and analytics software.
Voice-enabled Analytics: Einstein’s voice was launched by salesforce in the year 2018. This feature uses Natural Language Processing (NLP) to process the user requests and users can update or delete records or tasks using their voice. Einstein voice bots enable users to design their own voice assistants for custom applications.
AppExchange: Appexchange is a marketplace for third-party apps. Salesforce is working to upgrade its AppStore, by providing more installable apps to improve sales, marketing, and customer interactions of the businesses.
4. Salesforce Blockchain: Salesforce offers open-source blockchain technology from the hyper ledger and enables users to migrate their data and workflows.
5. Ecosystem: Being one of the most popular CRM software, there are thousands of other applications that can be integrated with the salesforce platform to extend the capabilities and functionalities.
6. Lightning web components: Lightning web components are HTML elements that enable users to develop lightweight UI designs.
7. Mobile Applications: According to Gartner it is predicted that mobile technologies are being used by 40% of the sales organizations for most of their tasks. Salesforce has been constantly striving to get the entire CRM into a mobile application. Salesforce has laid a solid foundation to achieve the goals and here are some of the upgrades that salesforce is currently aiming at:
8. Developing industry-specific platforms: Salesforce is more dominant in finance, media and retail, and sales and marketing industries. With the advancement and rising demand in other industries, salesforce is developing solutions that are prevalent in health care by developing a health cloud and CRM to access and manipulate the data.
Summary
Here are the trends that are being implemented by salesforce to transform the CRM industry. As the competition gets more fierce, companies will start looking for solutions that can cater to their needs and make them stay ahead in the competition. Salesforce’s motive is Industry+Innovation.