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Custom CRM development has been garnering high popularity since the past decade. Considered as one of the fastest growing software markets, the global CRM industry is forecast to reach $145.79 billion in 2029, while growing at a CAGR of 12.5% as stated in a recent market report. Custom CRM contributes to this growth scope of the CRM sector significantly.
As customer relationships play a vital role in the success and growth of an organization, customer relationship management is one of the key focus areas for businesses. To give you a glimpse, 90% of the Americans consider customer service a key factor to decide which company to do business with, while 58% of consumers are likely to switch companies due to poor customer service.
Customer relationship management comes into play here. 64% of the business leaders admit that good customer relationship management is often the key to success. No doubt that CRM software, precisely custom CRM software, is the need of the hour for businesses from diverse sectors which in turn is driving the requirement for custom CRM development around the globe.
But why exactly is custom CRM development so highly sought-after or, why should you opt for it to ensure a high-quality CRM development? Let’s find out the answers.
What Is Custom CRM?
A custom CRM system is defined as a tool for customer relationship management that helps manage, streamline and improve the customer relationship for your business. Improving your overall customer service to drive better productivity - a custom CRM system offers an all-in-one solution to take the customer relationship of your business to a whole new level. One of the key advantages of a custom CRM system over other conventional CRM systems is - it fits your unique customer relationship management criteria perfectly. Based on business type, sector, market, goals, target audience, and other factors, the requirement for a CRM tool or software vary widely.
Custom CRM development can cater to a high level of customization requirements such as customized fields, buttons, workflows, functionalities, and others. Not only does a custom CRM enables you to optimize the customer relationship and experience, but helps at certain levels such as improving sales and marketing teams integration, better managerial functionalities from the sales leaders, enhanced customer lifecycles, and many more.
As enterprises have become more aware of the advantages of custom CRM software, they are getting inclined to opt for custom CRM development instead of purchasing a ready-made CRM tool. For instance, the average spending on an employee in the customer relationship management software sector is subject to reach $20.01 by the end of the year 2022, while the revenue in this segment is set to grow at 11.72% CAGR through 2027, as stated in a report by Statista.
How Do CRM Systems Help Firms Achieve Customer Intimacy
If you want your business to grow and succeed in the long run, then custom CRM development is the only option that can offer tailored CRM solutions to take your customer relationship management to a whole new level. A custom CRM system can exceed a business’s expectations by establishing the best possible intimacy and relation with the customers in certain ways as discussed below.
1. Connecting With Customers in their Language
To build an impactful bond with your customers, you need to understand their background, the sector they are operating in, and the terms they are the most familiar with. For instance, the customers operating in the healthcare field will have different requirements than the ones in the real estate sector in terms of compliances, processes, targets, and other factors. A CRM system, especially a custom CRM system is built to meet that specific set of requirements from the customers by connecting them with their language.
2. Analyzing KPIs
To assess and improve the customer relationship of your business, you must keep track of the KPIs (Key Performance Indicators) relevant to customer experiences such as customer retention rate, acquisition rate, attrition rate, average lifecycle value, sales cost, retention cost, sales cycles length, and others.
By opting for a quality CRM system, you can analyze the KPIs, filter them as per your requirements, and plan to strategize them. As a result, you can optimize the KPIs for customer relationship management further and reach your goals of better customer relationships, management, and services.
3. Customers Segregation and Prioritization
To improve your customer relationship, meet their expectations, and serve your customers better, you need to segregate your customers on the basis of their interactions, engagement, customer lifecycle values, journey, behavioral patterns, purchase patterns, and other factors.
A CRM tool helps in mapping out the journey of your customers, assessing their engagement rate, and overall interaction with your services/solutions/products. As a result, it helps you prioritize your customers, focus on the key target areas to improve and apply the proper marketing strategies to drive more profit.
4. Long-Term Bonds With Customers
A long-lasting customer relationship can help your business in the long run. And in order to achieve that you must opt for a CRM system that can let you assess, manage, and improve your customer relationship. A CRM caters to improving your customer engagement by helping with conversion, and increasing the average time spent on the website, purchase history, and others.
Not only can you apply your strategies to reach the goals of creating an impactful customer relationship, but can have an in-depth picture on how their journey has been so far, peak and low points, how well their expectations are being met, and others. It is more like a continuous process you need to keep track of to achieve a long-term relationship with your customers. And it is next to impossible to achieve without the help of a quality CRM system.
Reasons to Build a Custom CRM
Businesses are adopting custom CRM systems at an increasing rate to align with their goals. As stated in a recent report by Statista, the CRM software market revenue is set to reach $69.13 billion by the end of 2022, and custom CRM software has a significant contribution to it. Here are the key reasons why you should build a custom CRM.
Building a CRM tool is a cost-effective solution to meet your customer relationship management requirements compared to opting for a readymade CRM tool. Readymade CRM tools often come with high costs or subscription charges compared to the effective features they offer for your business.
Building a custom CRM, on the other hand, is a more cost-effective solution to obtain and leverage only the features you need for your business’s customer relationship management. Furthermore, while expanding your business or globalizing it, you may require even more features and higher packages of the readymade CRM solution. As a result, there is a chance of exponentially growing costs.
Building a custom CRM, precisely, outsourcing a custom CRM can save you from such additional investments and offers a compact and cost-effective solution for customer relationship management.
2. Offers Seamless Integration
A CRM system must be easily integrable with the tools/systems relevant to the various areas of your business such as email marketing tools, invoicing systems, finance/accounting software, project management, and others.
Opting for a ready-made CRM tool doesn’t always ensure seamless integration with other tools/software for your business while building a custom CRM lets the developers make this possible through an API-first approach. As such custom CRMs are easily integrable with various tools and systems, it also facilitates proper collaborations among different teams of your company like customer service, HR, sales, marketing, and others.
3. Tailored Features and Solutions
One of the main advantages of a custom CRM system is, that it is equipped with the exact features that you require for your business. Unlike the ready-made CRM tools, a custom CRM system is designed to offer all the key solutions your business requires based on your business type, sector, goals, and other factors.
By outsourcing your custom CRM from a good software development team, you can ensure that all your functional and non-functional requirements are met including features, solutions, speed, performance, and others.
How Much Does a Custom CRM Cost?
The cost to build a custom CRM depends on your set of requirements, the complexity of the CRM tool, the set of required key features, and other dynamic factors. Another major factor that determines the cost of a custom CRM is how you build it.
While building a custom CRM from scratch or hiring an in-house team for it is a time-consuming and costly process, outsourcing it from an experienced team or entity is always a good option. Also, it is recommended to opt for outsourcing options from countries like India, China, Japan, and others, as these countries, especially India, can offer you professional outsourcing solutions at the most affordable cost. Let’s have a look at the approximate cost to build a custom CRM.
As shown above, the lower cap of each stage mainly depends on the region you choose your outsourcing team from as well as other factors like features. And by choosing from the right regions you can optimize this cost further.
If you are searching for a high-quality custom CRM development solution, then look no further. We, at Third Rock Techkno, offer professional development solutions for not only CRM but other diverse products or software. Check out our latest portfolio and contact us to get started.