Prior to the pandemic, Customer Relations Management (CRM) solutions were already growing at an increasing rate. In 2020, Covid-19 sparked a significant year-on-year increase, growing the CRM market by 10% to reach US$52.6 billion.
Industries, including banking, retail and healthcare, readily adopt CRM systems to automate business solutions. The CRM industry is expected to reach US$113.46 billion by end 2027, growing at an annual rate of 11.6% between 2020-2027.
The other phenomenon is the growth of social media as a marketing tool. Together, Social CRM leverage social information to understand and engage customers, gain market insights, and provide better customer service.
Can businesses afford to exclude Social CRM solutions in their marketing strategy?
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