What are the drivers that helped Salesforce to evolve as a top CRM.
Customer Relationship Management (CRM):
Customer Relationship Management refers to a technology that helps business owners track all communications with ease and nurture relationships with clients and prospects. The goal of CRM is to improve an organization’s interaction with its current and potential consumers. This is done by using strategy, planning, targeting, understanding, and analysis in the form of technology and tools. CRM also provides an organization with behavioral analytics that it may further utilize for planning future actions to retain and grow its client base along with making more sales.
“High-performing teams are 8X more likely to be heavy tech adopters”
What can a CRM do for my business?
There are a lot of things a CRM can but here is a list of 6 ways CRM helps in growing your business:
1. Lead Management:
CRM gathers all of the contacts at level one from various sources, including social media, websites, and telephones, in the form of emails and contact numbers of the leads.
CRM accumulates all the pertinent data, including the number of interactions, the nature of those interactions, and the lead’s actions towards the company.
CRMs determine the lead score and eliminate bad leads before performing any actions that could result in lead conversion.
Effective lead generation and management for an organization can result in more sales as compared to its competitors.
2. Enhanced Segmentation:
Organizations target different groups of clients by gathering their data and arranging it into forms such as geographic, demographic, psychographic, and behavioral types.
For the organization, better segmentation and targeting contributes to higher conversion rates.
3. Sustainable Relationships and Customer Retention:
Every business has to attract new clients, but sustaining its current clients is crucial for boosting sales.
CRM gives businesses visibility across client accounts, enabling your teams to cautiously handle at-risk accounts. CRM provides engaged clients with fresh options whenever it is appropriate.
One of the best uses of CRM for small organizations is to build meaningful relationships, which is accomplished through the use of CRM.
The likelihood of converting an existing customer is between 60 to 70%, whereas the chance of acquiring a new one is between 5% and 20% (Survey via small biz trends).
The percentage of profits is shown to rise from 25% to 95% if the customer retention rate was increased by 5% (Survey via small biz trends).
4. Improving Organizational Efficiencies:
CRMs carry out the work internally to maximize organizational effectiveness while also carrying out the chores for customers at various stages.
CRM can be used by the company to assess employee workload, assignments, due dates, objectives, and successes.
This facilitates the creation of incentives, accolades for high performers, and suggestions for staff growth based on their reports.
A survey found that when a company’s employees are happy and engaged, it outperforms its competitors in terms of revenue by 147 %.
(Survey by Forbes)
5. Analytics:
The next stage after gathering customer and lead data is to analyze marketing KPIs to further understand consumer behavior, sales, and product/service quality.
6. Better Customer Service:
CRM makes it simple for consumers to resolve their problems and enhance their business operations.
The team analyses a customer’s behavior and loyalty towards the company through the processes of tracking and recording interactions.
This makes the following communication more personalized by decreasing customer turnaround time.
Why Salesforce?
The phrase Salesforce, which was introduced in 1999, is now synonymous with CRM.
Some other players, including Oracle and SugarCRM, were active in the late 1990s and early 2000s.
However, with a totally unique cloud model, intuitive UI, automation of communication, and abundant customization features, Salesforce could handsomely outsell all other CRMs and now holds 32% market share, which is way above its next competitor.
Drivers that made Salesforce-the Salesforce today
Salesforce has a large number of clouds that offer services fulfilling the demands of every sector.
Six major clouds of salesforce match the ultimate goals of any organization by fulfilling its need in the form of Sales Cloud, Commerce Cloud, Marketing Cloud, Service Cloud, Experience Cloud, and Analytics Cloud.
5 REASONS WHY SALESFORCE IS THE BEST CRM
There are a large number of reasons that make Salesforce every business’s first choice when it comes to automation and relationship management.
1. Cloud-based CRM in Different Packages:
A lot of intriguing features are offered by the cloud-based Salesforce CRM, and anyone may customize it from anywhere.
Salesforce supports everyone at different pricing, offering a distinct set of services according to their demands and capital It comes in different packages for different budgets while ranging from small companies to large companies.
Salesforce has a target audience that ranges from the least expensive to the most expensive services, making it accessible to a huge number of consumers.
As a result, the target market is wider than it is for any other CRM currently in use, encompassing both small enterprises and multinational corporations.
2. Automation of Communication:
Salesforce automates the process of communication by using Einstein Bots.
Reducing the load on the human responders, the bot builder gives instant replies without any delays.
Salesforce Bot is used on websites and social media for keeping the existing and potential customers as engaged as possible.
3. Third-Party Integration:
Salesforce provides the facility of integration with other applications as per the need of business and operations.
- Salesforce native tools,
- App native tools.
- Third-party tools.
The native tools help the customers by building the application 100% inside salesforce, using the Lightning platform.
Salesforce allows it to integrate itself with a third-party application to make more dynamic operations.
Salesforce provides an enhanced version of the application which is ready to perform a set of functions related to the organization’s reason for integration.
The third-party integration happens via AppExchange of salesforce has listed salesforce partners.
AppExchange, the app store of salesforce, provides the partners with a place to create and publish extensions to Salesforce while the organization chooses the options as per their requirements.
Some examples of salesforce partners as Mailchimp, WhatsApp, LinkedIn, Heroku, Google Clouds, QuickBooks, Dropbox, etc. Salesforce AppExchange is one of the best Advantages Of Salesforce Over Other CRMs.
4. Ease of Building Apps:
Salesforce has an advantage over many other CRMs when it comes to the creation of Apps.
Force.com is a part of Salesforce that helps to develop and execute different types of websites and applications.
Force removes the complexity of application development systems making app building a less time-consuming task.
5. Salesforce Customisation:
Businesses need highly customized systems and applications that are tailored according to their specific operational needs.
Systems and applications are created with features that align with the goals and processes of the organization.
This is referred to as customization as Salesforce adjusts a business’s requirements based on its orders and activities.
This includes establishing functions that do not currently exist.
These customized processes, which are conducted via the APEX code extension, are exclusive to that particular business.
Salesforce. #1 CRM
Ranked #1 for CRM Applications based on IDC 2021 Revenue Market Share Worldwide.
How Salesforce is better than other CRM
Salesforce is frequently compared to other widely used CRMs, including SAP CRM, Oracle CRM, and Microsoft 360 CRM. According to market capitalization, Salesforce is presently leading the CRM market with a 32.2% market share, much outperforming its rivals. Salesforce has witnessed a 13 % increase in market share from FY 2020–2021 and a $9.3 billion increase in revenue for the entire fiscal year 2022.
The below table summarizes how Salesforce fares against other CRMs in various aspects:
Refer To: Table Document
| S.No. | Criteria | SALESFORCE | SAP | ORACLE |
MICROSOFT Dynamics 365 |
|---|---|---|---|---|---|
|
1 |
Software as a Service (SaaS) |
Yes |
Yes |
Yes |
Yes |
|
2 |
On-Premises set up |
No |
Yes |
Yes |
Yes |
|
3 |
Architecture |
Multi-tenant cloud customization |
Ground-up approach |
Integrating several systems together |
Application service provider |
|
4 |
Operating System Compatibility |
Linux, Windows, Apple OSX |
Unix, Linux, Windows, Apple OSX |
Microsoft Windows 32-bit or 64-bit (x64), Microsoft Windows 10 RTM 32-bit or 64-bit |
Windows server 64-bit based computers |
|
5 |
Ease of Usage |
Easy UI |
Complex GUI |
Complex UI |
Fluent UI |
|
6 |
Implementation Time |
6-12 months |
14.7 months |
12 months |
12 months |
|
7 |
Implementation Cost |
Moderate |
Higher |
Slightly moderate |
High |
|
8 |
Customisation |
Highly customisable |
Difficult customisation |
Moderate Customisation |
Moderate Customisation |
|
9 |
Market Share |
23.8% (Highest) |
5.4% |
5.1% |
5.3% |
Source: "IDC, Worldwide Semiannual Software Tracker, April 2022"
Conclusion:
Numerous factors contributed to Salesforce’s rise to the top of the CRM market. The reasons include its efficient operations, automation capabilities, relationship management functionality, customizable flexibility, and support for third-party interfaces.
Salesforce outsells every other CRM because it caters to enterprises with different budgets and operating phases.- A new Start-up or a Fortune 500 Company, Salesforce is there for all.
