A good customer relationship management (CRM) system is important for keeping customers in today’s fast-changing and competitive business world.
It used to be seen as something only big companies could afford, but now it’s essential for keeping customers happy and loyal.
Salesforce CRM is the most popular choice among many businesses, including big ones like Fortune 100 companies. More than 62% of US businesses use Salesforce for their CRM needs.
In this blog, we will explore some of the newest and upcoming CRM trends in 2024, so you can understand how they can benefit your organization.
Integrating ML and Generative AI to Reshape Business
When it comes to integrating machine learning (ML) and artificial intelligence (AI) into its products, Salesforce has led the way.
The Winter ’24 Release represents a major advancement in CRM capabilities with its abundance of Generative AI tools to automate repetitive processes and elevate personalization efforts that help expedite business operations. The field of boosting human intelligence is revolutionized by generative AI.
According to an IBM survey, 75% of CEOs think that having the most sophisticated generative AI will give them a competitive advantage.
Currently, generative AI is being incorporated into goods and services by 50% of CEOs. In future releases, we may anticipate more sophisticated generative AI tools from Salesforce.
More advanced AI-driven insights and predictive analytics on the Salesforce Platform are anticipated in 2024 with upcoming releases. Salesforce customers anticipate a large increase in workforce size thanks to generative AI technologies, demonstrating the technology’s revolutionary potential.
Using Customer 360 and Hyper-Personalization to Customize Customer Experiences
Salesforce organizations are preparing to tailor their experiences, as 91% of consumers anticipate engaging more with brands that offer relevant recommendations, and 76% of customers want companies to understand their needs.
Using the Generative AI capabilities of the Winter ’24 release and Salesforce native tools like Dextara CPQ to expedite sales while providing a hyper-personalized customer experience, Salesforce users can strengthen customer relationships and foster loyalty. According to IBM’s State of Salesforce Report, by 2025, sales spending for generative AI is predicted to triple, while marketing and service expenses—which place a strong emphasis on customer interactions and digital experiences—are predicted to more than double.
Voice Technology:
To improve user convenience, Salesforce is investing in voice technology for CRM apps, which is in line with a larger industry shift towards voice-driven engagements.
Users will therefore benefit from a more user-friendly CRM experience when voice-enabled instructions for data entry, search queries, and analytics are integrated.
According to the sources, most organizations using Salesforce expect to supplement about 15% of their workforce with generative AI tools over the next year as more workers receive training and experience.
Improved Ecosystem and Integration Skills:
The already-vibrant Salesforce AppExchange is anticipated to grow even more. With many installs and apps, Salesforce wants to highlight the expansion of its ecosystem.
The majority of Salesforce-using companies are 38% more likely to use internal crowdsourcing for innovation. In 2024, Salesforce customers can expect a more complete and integrated experience, offering new options for customization and usefulness.
Clouds in Industry for Maximum Effect:
According to the sources, the top trend is sector Clouds, which are a collection of all Cloud Solutions created by Salesforce specifically for each sector. Major Salesforce users report a 150% higher return on investment than non-Salesforce users. Salesforce users can implement industry-specific, customer-focused solutions with the help of industry clouds. In the future, this Salesforce trend promises higher ROI and a more thorough solution to problems unique to the business.
Field Service Using Augmented Reality (AR) :
Salesforce apps that integrate augmented reality will be seen in industries that depend on field service.
The global augmented reality market is expected to revolutionize field work by offering interactive tools and real-time visual guidance, reducing downtime, and boosting on-site productivity.
Salesforce users saw a 40% increase in revenue per license on average in 2023. With improved augmented reality features, even higher gains are expected in 2024.
What Differences These Salesforce Trends Can Lead To?
Enhance Customer Relationships:
CRM trends focus on upgrading systems with new technologies or overhauling old ones. These improvements provide customers with better, personalized attention, strengthening their relationships, loyalty, and satisfaction with businesses.
For example, integrating AI-powered chatbots can provide customers with 24/7 support, answering queries instantly and offering personalized recommendations. These improvements provide customers with better, personalized attention, strengthening their relationships, loyalty, and satisfaction with businesses.
Increase Revenue Streams:
CRM helps companies significantly boost their revenue by streamlining internal processes, and enhancing teamwork, communication, and productivity.
By automating routine tasks and providing a centralized platform for all customer interactions, CRM systems reduce administrative burdens, allowing employees to focus on higher-value activities such as sales and customer relationship building.
The integration of advanced analytics and AI-driven insights within CRM platforms helps identify new revenue opportunities and optimize pricing strategies.
Moreover, CRM advancements facilitate better customer segmentation and targeted marketing efforts, increasing conversion rates and customer lifetime value. In essence, CRM systems are becoming indispensable tools for driving sustainable revenue growth and competitive advantage in today’s market.
Improve Decision-Making:
Future Salesforce developments will modernize decision-making by providing centralized access to valuable data, such as 360-degree customer views, helping decision-makers make better data-driven decisions.
Enhanced analytics capabilities will allow businesses to track and predict customer behaviors, market trends, and operational efficiencies with greater accuracy.
Real-time reporting and customizable dashboards will enable leaders to quickly assess performance metrics and respond proactively to changes.
Furthermore, AI and machine learning features will offer predictive insights and personalized recommendations, facilitating more strategic planning and resource allocation. By integrating various data sources into a cohesive platform, Salesforce will empower organizations to make informed decisions that drive growth and innovation.
The Bottom Line:
Salesforce is set to launch exciting new features and improvements in 2024, focusing on data security, reducing its carbon footprint, and enhancing customer service. If 2023 was a busy year for Salesforce innovations, 2024 promises to be even more significant.
Businesses should evaluate their Salesforce investment as the platform is expected to revolutionize operations. Schedule an appointment with us now to fully assess your Salesforce potential for 2024.