What Are CRM Marketplaces?
As companies continue to depend on data to drive growth, the demand for customer relationship management (CRM) systems is skyrocketing.
Today, most businesses both online and physical establishments rely on CRM to process and make sense of their customers’ data. CRM systems provide organisations with a 360-degree view of their customers, and the insights necessary to drive business decisions.
However, like most fields in the tech space, the CRM market is very competitive. That’s why CRM software providers are increasingly turning to CRM marketplaces to drive customer loyalty and brand value.
CRM marketplaces help software providers connect with prospective customers who might be difficult to reach via traditional marketing channels. Some of the biggest players in CRM include Salesforce, Zoho, and Microsoft Dynamics.
Statista, a data research firm based in Hamburg, Germany, forecasts that the global CRM software market will grow from $42 billion in 2019 to more than $43 billion by 2024 at a 0.4 percent compound annual growth rate.
A 2018 survey by the company also found that only 16 percent of companies said their organizations’ delivery of “real-time customer interactions across touch points and devices is effective.” This suggests that there’s need for companies to increase investment in CRM and integrated systems. CRM marketplaces are a bridge that connects providers with those looking to augment their CRM systems or adopt new solutions.
Why Are CRM Marketplaces Important?
Selling directly to the end customer requires upfront investment in technology, advertising, and distribution infrastructure. It’s expensive and time consuming. Furthermore, it’s an approach that is difficult to scale (read more about why here).
This is where CRM marketplaces come in. SaaS marketplaces make it easier to connect with existing customers who need additional functionality or custom features for the software products they already own.
Using CRM marketplaces to distribute your software ensures that your product gets in front of customers who need it now and are ready to take action. It can help you meet your distribution goals, reduce the cost of reaching new customers, and help you stand out in the uber-competitive SaaS landscape.
Use our marketplace finder to research CRM marketplaces and find one that will help you scale your business.
