In 2019, the global salesforce services market was evaluated to be worth $9,124.2 million. According to estimates, it’s expected to rise to $55,307.6 million by 2030. At this rate, the CAGR of the Salesforce service market will be 18.9% between 2020 and 2030.
During this forecast period, the system management category that falls within this service type segment is also projected to record fast expansion. But these massive figures didn’t come out of the blues. It took customer relationship management systems over 30 years to transition from Rolodexes to AI. With this transition came more features, growth, and higher revenue.
Despite being a saturated industry, Salesforce leads the way in several ways. Hence, its services continue to increase in demand worldwide. This article covers some of the attributes that make Salesforce the dominating name in the CRM market.
Highly Sophisticated Analytics
As a CRM company, Salesforce prioritizes the analysis of clean data sets with extreme accuracy. This allows for the improvement of workflow, processes, and diverse functions with client businesses. Therefore, it has made it easy for enterprises to migrate to a data model to assess customer data and deduce valuable insights based on previous behavior.
Thanks to Salesforce and the data analysis feature it provides, companies can determine what specific customers will prefer, search, and share with higher certainty and make the right decisions to that effect. However, it’s even more helpful if organizations can find a Salesforce consulting company specializing in working data sets and presenting insights in actionable formats.
Ultimately, this data-driven approach to customer relationships management renders analytics highly relevant for understanding the future purchase decision and behavior patterns of the prospects and customers of several businesses.
Enhanced Enterprise Mobility
According to Gartner’s prediction, about 40% of sales organizations will use mobile technologies for most of their SFA by 2020. Salesforce has sought to lead in the mobile revolution since 2007 by enabling fully functional CRM via mobile devices. Casting your mind back, Salesforce had set down a robust foundation for full mobile capability down the line.
Now, the company wants more users to take advantage of the mobile interface through upgrades like:
- Developing native apps – With a 2018 partnership with Apple, Salesforce redesigned its native app to enable enhanced iOS features like Face ID, Siri Shortcuts, and Business Chat.
- Enabling third-party development for Salesforce app – The Salesforce platform received recognition in the 2020 Magic Quadrant for Enterprise Low-Code Application Platforms due to its intuitive point-and-click app development features.
Artificial Intelligence (AI)
With fully integrated artificial intelligence in Salesforce CRM, aspects like configuration, customer segmentation, and the costing of products have seen a tremendous transformation. As such, Salesforce companies have subsequently begun incorporating artificial intelligence in more activities related to CRM. For instance, the first comprehensive AI for customer relationship management was Salesforce Einstein. It boosts productivity, enhances customer engagement, and provides marketing insights like predictions.
Consequently, Salesforce companies can offer their sales teams the needed support for increased sales through real-time sales data upon incorporating AI into their CRM. According to experts in the CRM community, AI integration for CRM will elevate the results of Salesforce companies and significantly improve their performance revenue-wise. When provided with big data, Salesforce AI has what it takes to fully exploit and handle various intricacies of data sets.
Blockchain Support
In a press release by the CRM giant, Salesforce referred to Blockchain as a “new technology and low-code tool” that allows companies to transfer verified sets of distributed data between a network of trusted partners and third parties. To this effect, Salesforce Blockchain can enable the creation of blockchain apps, networks, and workflows.
In short, the principal objective of this particular solution is to empower Salesforce companies to access and distribute data securely and safely with a dynamic group of partners. There’s enough access to plug the ‘trust gap’ through a distributed ledger that can offer new and better experiences.
Therefore, Blockchain will assist in the reduction of costs by securely eliminating operational inefficiencies by verifying, tracking, and saving data from partners within the network.
Marketing Automation
One significant aspect of the primary objective of an organization with salesforce administration is the implementation of marketing automation. This feature empowers Salesforce clients to streamline their marketing tasks, reach more audiences in less time, and achieve better results than was previously possible with the efforts of their staff. Among the top marketing automation tools are Salesforce Pardot and Salesforce Marketing Cloud.
With the variety of marketing automation tools out there, Pardot is undoubtedly one of the best. Companies, both small and large, can use it to drive sales through different marketing channels such as social media marketing, email marketing, lead generation, and many more. On the other hand, Marketing Cloud has been optimized through updates from Salesforce to facilitate improvements in marketing campaigns using different methods.
Voice Technology
Over the last few years, almost every business sector has recorded an increase in virtual sales, mainly due to the tremendous adoption of new technologies. The use of AI has provided salespeople the avenue to improve their interaction with prospects and clients online.
Consequently, the turnaround time for sales inquiries reduced drastically, increasing the level of customer satisfaction. Meanwhile, voice assistants are increasingly becoming essential in IT management and CRM practice.
As these developments unfold, the Salesforce Einstein voice assistant continues to render life easier and more convenient for retailers and their customers. Today, Salesforce users can schedule meetings, interact with sales representatives, and assist customers through voice command and speech recognition features.
Wrapping up
Overall, Salesforce’s innovation and ability to introduce market-leading and smart features is one of the main secrets to its rising demand in the CRM market. In many ways, the company continues to revolutionize the operations of online businesses by increasing employee efficiency and leveraging the latest tech, such as artificial intelligence.
You can expect Salesforce to evolve with further enhanced levels of automation in the future. It transforms how the various departments of today’s businesses function, resulting in higher revenue generation. For some enterprises, the help of a Salesforce consulting company will be necessary to implement the latest frameworks and integrate new features for the best results.
Australia Unwrapped provides only general and not personalized financial advice and in no way has taken your circumstances into account. Investments go up and down; any questions, talk to a financial advisor. This blog is opinion only, and in no way should investment decisions be based on this information.
Australia Unwrapped does not endorse or vouch for the accuracy or authenticity of postings, comments or the article.
