Salesforce’s AppExchange hosts over 3400 apps. Presuming one:one relationship to app developers and apps on the Salesforce marketplace, that is 3400 companies relying on Salesforce’s unavailability of a feature or building onto the CRM data to sell their product.
In a world where you can’t build another CRM easily, you can build onto the existing giants’ feature gaps or data generated by them. And for good reason. Gartner’s latest market estimates and forecasts peg the worldwide CRM market at $56.5 billion in 2019, placing it as the largest segment of the enterprise software market, at 11.7% of total global software revenue.
And according to Buyer Zone (now acquired by Business.com), 91% of companies with more than 10 employees now use a CRM software.
Further compare this to the fact that in 2008, only 12% of the businesses used cloud-based CRM. That figure now stands at 87%.
If your ICP (Ideal Customer Profile) is a CRM user and struggling with a feature gap or productivity within the CRM app, no better time to build a product that than now.
- Nearly 60% of organisations increased their IT spending in 2020 in order to keep up with the digital transformation wave triggered years earlier than usual by the pandemic.
- 2021 is even better on this front with 44% of businesses planning to increase IT budgets this year.
2020 has been phenomenal for CRM businesses given it triggered the CRM usage from 56% to 74%. And if the CRM had its disadvantages, that is only more customers with the disadvantage on the lookout for your solution. Or if more data from the CRM compels the CRM customers to look out for a solution like yours to build onto the intel – that is more customers to go after for your team. For companies with a user-based sales model on the CRM, this is god-sent!
One look at Salesforce’s earnings report and you see it’s FY21 revenue of $21.25 billion is up 24% Year-Over-Year. You have the ever increasing pie to build onto and tap into.
CRM market is expected to reach more than $80 billion in revenues by 2025. So if you are building a product that relies on the CRM’s disadvantage and acts symbiotic to CRM data to generate intel and enhance productivity, you just need a great product for the market exists.