Industry-Specific CRM: All You Need to Know

As the demand for customer relationship management tools grows, there’s been a rise in CRMs specific to certain industries. These software products are designed with just one industry in mind and therefore incorporate more industry-specific features. As a result, they tend to solve more problems in the targeted industry but introducing industry-specific CRM. It gets better. Industry-specific CRM solutions also account for the regulations unique to that specific industry, which can make a huge difference especially in industries such as healthcare where compliance is a big deal. If you’re currently shopping for a CRM to make running your business or organization easier, the following is everything you need to know about these industry specific CRM platforms.

What’s an Industry-Specific CRM?

An industry specific CRM is a software built to help with customer relationship management in a specific industry. They’re also known as vertical CRM software because they are focused on specific vertical markets. Vertical CRMs are usually compared to horizontal CRMs, which are built to fit all industries. Horizontal CRMs typically range from bare-bone systems to advanced, fully customizable platforms that can be personalized in detail to fit the specific needs of a business. What makes vertical CRMs unique is that they come equipped with standard workflows specific to the targeted industry. These may include;

• Listing management workflows for the real estate industry
• Dealer management systems for the automotive industry

Which Industries Have Specific CRMs?

Pretty much every industry you can think of has an industry-specific CRM these days. The ones that have benefited the most from industry specific CRMs recently include;

• Auto dealerships: Industry specific CRMs in the automotive industry feature finance and dealership management software (DMS), significantly simplifying the work of an auto dealer.
• Real estate and mortgage companies: The industry specific CRMs designed for these two industries add listings and advanced document management features.
• Construction: The construction industry’s specific CRM tools incorporate project management functions, proposal management, and even work order management.
• Insurance companies: An insurance industry CRM typically includes e-applications and e-policy tools for efficiency and agent productivity.
• Hospitality industry: This industry’s specific CRMs include event, proposal, and document management features. Additionally, they usually have tools for tracking customer interactions.

The above industries are just examples. Many other industries, including construction, education, and retail, all have specific CRM solutions designed for their unique needs. Health-specific CRMs, for instance, integrate Electronic Health Record (EHR) systems to cater to the industry’s compliance and regulatory requirements.

Pros and Cons of Industry-Specific CRM

Industry specific CRM solutions come with a range of advantages as well as a few downsides. Here’s what you need to know:

Industry Specific CRM: Pros

As already mentioned, the biggest advantage of industry-specific CRMs is that they are designed with that industry’s unique challenges in mind, thus better addresses those challenges. The following are four reasons you should strongly consider these CRMs:

1. They are built with a specific user in mind

This is perhaps the biggest advantage of industry specific CRMs. Unlike horizontal CRMs that are designed for everyone, vertical CRMs target a particular user. If it’s a real estate CRM, it will target agents and hyper-focused on solving the agent’s problems. Horizontal CRMs, by comparison, are designed with popular use cases, not users, in mind.

2. Less complex, thus easier to use

In addition to honing the software to address the targeted user’s unique needs, industry-specific CRMs typically have fewer overall settings and customizations. This makes them less complex and easier to learn and use. It also makes them easier to use when you’re just getting started with CRMs. Above all, the more straightforward design guarantees an improved user experience.

3. They come with industry features

Think about it this way – would a general-purpose CRM bother about electronic health records? Would it worry about dealer management systems? The answer in both cases is – no. Vertical CRMs are different. Since they are designed to meet the targeted industry’s unique needs, they get into the details of that industry and try to solve as many issues in there as possible. What makes this possible is that the designers don’t need to worry about other sectors. They can focus their energies on just one industry.

4. Better customer service

Above all, industry-specific CRMs guarantee much better customer support compared to general-purpose alternatives. The reason is simple – the people at the customer care desk are usually experts in that industry. If it’s an automotive CRM, the customer support desk will typically comprise automotive professionals who fully understand the industry’s needs.

Industry Specific CRM Cons

Despite the many advantages, however, industry specific CRMs come with a few downsides. Some of the notable challenges include;

1. Generic workflows

This may sound counterintuitive since industry specific CRMs are even more targeted than horizontal CRMs. However, what it means is that these CRMs tend to assume a one-size-fits-all approach in the specific industry. There are fewer options for customization, automation, reporting, and analysis.

2. Typically more expensive

You’ll pay more for the extra expertise that goes into building the CRM to meet your industry’s specific needs. The higher cost also goes towards the expert customer service. It’s important to shop around, though, until you find an option within your budget.

Verdict

Industry-specific CRM platforms are a worthy alternative to horizontal CRMs. They are more focused on an industry ad thus better address the needs of that specific industry. They also offer better user support. If you can pick the right one, you won’t regret the investment. Talk to us for help with all your CRM related queries by filling the form here