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Definition: Customer Relationship Management (CRM) software provides a means for tracking customers, their associated information and the conversations a company has with them. A company may apply this technology across one or all functional areas of their business, such as Sales, Marketing, Service, Operations and Finance.
Managing the information and communications associated with your customers and prospects is a cornerstone to nearly any business and central to a CRM. The accommodation and restaurant sectors are no exception. Digital customer, prospect and partner data is now applicable across all channels and functions, whether it drives campaigns in sales and marketing or in support of customer service touchpoints across an organization. Companies usually go to great lengths to collect and protect their customer data, but along with this comes the need to manage it responsibly when consumer data is part of the picture. All communication methods carry a level of regulation with them. The addition of more privacy laws in recent years has added to the complexity of storing and disseminating messages that rely on this data.
This Capsolve report emphasizes the solutions that address customer relationship management across the restaurant and hotel industries, with influences from vendors also providing solutions to vacation rentals, clubs and spas. CRM, as a concept, shares different meanings and definitions within each company that places it into action. This category contains many flavors of software and represents a diverse set of products to choose from as a company begins or enhances its use of these rather flexible technologies. Many vendors also now have extensive partner networks. These networks may extend the core product’s capabilities in the direction of nearly any company division or functional area, but regularly focus on sales and marketing features, such as sales enablement and outbound marketing programs.
Capsolve identified CRM Solutions designed for these specific industries and classified the category size as Small. This analysis includes numerous solutions from the hotel and restaurant industries and those solutions’ coverage of the associated Vacation Rental, Spa and Golf amenities. However, the report specifically excludes customer information management functionality built within Hotel PMS and Restaurant POS solutions unless it represents a fully functional, individual CRM product provided by the same company.
CRM companies are located in certain parts of the world. Given these pockets of concentration, Capsolve classified this category as having Low geographic dispersion. The top 5 countries represent 78% of the companies and include Spain, Portugal, Canada, the United Kingdom and the United States. While beyond the scope of this research, it is important to note that more than 30% of the Hotel PMS category has positioned its software to include some level of CRM functionality. This is slightly less rampant in the restaurant industry yet is visible within the POS category as well. A complete landscape of the marketplace shows the existence of solutions that are not industry-specific and could be applied to nearly any business. These are only part of this analysis where Capsolve’s industries were noticeably serviced by the considered vendors.
This category is diverse in its feature set and addresses a comprehensive set of needs across each industry. As a result, we classify it as having a Medium requirements complexity. Variations in the scope of these solutions introduce a level of complexity when considering how these solutions fit into an existing technological infrastructure as does the central position of these systems when it comes to customer data. Capsolve researched this category of solutions for you and provides services to find the best solutions for your team and company. Additionally, the research will provide a touch of context regarding where other technologies, such as Customer Data Platforms, Marketing Automation and Loyalty solutions fit in relation to CRM software.
Need more information? Read more by logging in or subscribing to Capsolve’s Introductory Research Plan. Alternatively, search for relevant CRM Solutions by requesting a Custom List:
Your customized list of solutions will meet your primary criteria for a particular type of solution, such as a CRM Solutions product. However, you may request this type of list for any category.
Capsolve’s Research on CRM Solutions includes:
- Industry Coverage
- CRM Solution Styles
- Core Capabilities of CRM Solutions
- Near-Market Solutions
- The Ecosystem of CRM Solutions
- Current Trends
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About The Document
This document details a review of the marketing information and capabilities associated with CRM Solutions and the surrounding technology ecosystem. It contains original content written by Capsolve to provide a perspective of current trends affecting hotels, restaurants, solution providers, consultants and agencies. The analysis covers a statistically significant portion of the previously defined CRM Solution marketplace.