CRM Predicted to Buck the Credit Crunch

CRM (Customer Relationship Management) is the one segment set for significant growth despite the credit crunch.

CRM (Customer Relationship Management) is predicted to buck the credit crunch as more doom and gloom hits the UK headlines about an impending recession. There is mounting evidence that the UK economy is headed for recession as the housing market plummets and consumer confidence is rocked. But CRM is expected to grow as it is seen as an increasingly valuable tool for businesses.

CRM Set for Significant Growth

Countries in Central and Eastern Europe as well as the Middle East and Africa - the EMEA market,  -  are bound to be hit by a slowing economy, impacting on IT spend. But CRM is one segment predicted to grow. AMI-Partners Research has estimated that the CRM market across the globe will boom at an yearly rate of 13 percent from 2007. It predicts that the CRM market will be worth $3.7 billion in 2012.  And the research into the CRM markets takes into account the difficulties of negotiating the credit crunch. But why is CRM managing to not just stay afloat but see demand boom?

Customer Relationship Management (CRM) Explained

CRM (Customer Relationship Management) refers to the holistic systems and processes an organisation implements to handle contact with customers. CRM software can store information on existing and prospective customers, with information being stored and accessed across departments such as customer service, sales and human resources. The information CRM stores can feed back into targeted marketing as well as help improve existing customer service.

CRM: An Increasingly Valuable Tool

Customer Relationship Management or CRM is an increasingly valuable tool across business sectors. In fact, customer relationship management becomes more important during times of economic difficulties – it's the businesses that know how to attract and hold on to a strong customer base that will survive. CRM tools help organisations find new customers, keep them happy and help deliver business goals, even when times are tough. Vivek Thomas, Managing Director of Maximizer Software said businesses are waking up to the value of CRM. He said the differentiating  factor is that the modern CRM as opposed to the conventional, silo CRM offers much more than simply facilitating the collection of information surrounding customer engagements. Mr Thomas said CRM gave businesses an added edge: “Incorporating people, process and technology in an effective strategy that focus on getting the best out of hard-pressed sales and marketing resources are vital in the current economic landscape and will play a major role with astute organisations in weathering the economic storm.” To learn more there are training courses and even train the trainer courses available.