The increasing application of social customer relationship management (CRM) is a key trend in the growing global CRM outsourcing market, according to a new report from research firm Technavio.
Social CRM provides customer insight and integrates customer relationships on social media platforms such as Facebook, LinkedIn and Twitter, and many companies use social media to determine which products people use and their level of satisfaction with these products, the firm says. That information can then be used to design a marketing strategy, it says. The global CRM outsourcing market is expected to grow at a compound annul growth rate (CAGR) of 6% from 2014 to 2019.
“Customers often use social media to publicly discuss brands and engage with other customers to troubleshoot issues related to products, from which companies can determine how to innovate and improve,” Faisal Ghaus, vice president of Technavio Research, said in a statement. “Social CRM is gaining traction in the market because of its capability to provide customer insights,” Ghaus said.
To define the market conditions in the next three to four, Technavio analysts conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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