In fiercely competitive markets, companies are increasingly investing in customer relationship management (CRM) solutions that will help them retain customers and maximize customer value. CRM software solutions enable businesses to better understand their customers' behaviors and preferences, and to tailor products and services to their customers' tastes. While the telecom industry has been the largest sector for CRM in the past, companies in the Far East in a variety of fields are rapidly realizing the importance of raising the lifetime value of customers.

This Frost & Sullivan research features accurate forecasts for total markets and expert analyses of major key segments of CRM software markets, including sales force automation, marketing automation, and customer service CRM software segments. Because market drivers and restraints vary from country to country, this report tracks trends in thirteen geographical markets, giving readers a truly comprehensive overview of this fast-growing field.

Will High Cost of Implementation Impede Growth?

"Implementation of a CRM solution in an enterprise is expensive, given the high level of required backend integration, customization, and maintenance," warn the report's authors. Consequently, companies in some industries may be reluctant to integrate full-scale CRM. To overcome this potential hurdle, CRM solution vendors will need to educate potential customers about thelong-term cost benefits of CRM.

Offering web-based solutions could be another means of attracting cost-sensitive customers. Web-based CRM (or "e-CRM") solutions can be hosted by application service providers (ASPs), thereby reducing start-up and maintenance costs. This report evaluates challenges that market participants will face and provides strategic recommendations, helping your company to develop a successful plan of attack.

Active Market Development Will Be Crucial for Industry Success

To bolster interest in CRM solutions, vendors must consider new geographic markets and identify new potential user groups. "A successful strategy for CRM vendors is to design solutions for specific vertical industries," suggest the authors. Solutions specifically tailored to vertical industries will offer quicker implementation times and ultimately garner greater acceptance. Vendors should also consider fostering channel partnerships to make inroads into new geographical markets. By surveying the competitive landscape and identifying winning strategies, this report gives you essential tools for success.