Moving to Industry-centric CRM
Updated: Feb 15, 2022
As the CRM marketplace becomes more crowded, solution providers have chosen different approaches to standout in this space. These approaches include releasing new features, increasing marketing spend, and acquiring competitors. However, strategies to deliver specific industry verticals have become very popular. This path supports new entrants as they can focus on delivering value within a specific target market as well as mature CRM players who can leverage existing client success stories in high growth verticals to expand their market presence.
So, what does this mean for CRM customers? First, expect your solution provider/ partner account team to increasingly have industry SMEs who have significant experience in your industry. These resources can be valuable in obtaining an understanding of how your competitors are embracing CRM. In addition, they can incorporate realistic use cases into product briefings which can help you to prioritize the adoption of new features. Second, CRM adoption rates have been uneven across industry verticals. Having your business and technology teams briefed by partner SMEs from outside your industry is a great way of getting insight into innovation and best practices. Many verticals such as retail and hospitality are driving continuous transformation programs. Learning from their experience is critical to your own successful programs.
The boundary between client-facing and back-office processes is shrinking rapidly. Using partner SMEs and actual transformation use cases can deliver value both effectively and efficiently!