The better a business can manage the relationships it has with its customers the more successful it will become. Therefore IT and Telco systems that specifically address the problems of dealing with customers on a day-to-day basis are growing in popularity.
Customer relationship management (CRM) is not just the application of technology, but is a strategy to learn more about customers’ needs and behaviours in order to develop stronger relationships with them. As such it is more of a business philosophy than a technical solution to assist in dealing with customers effectively and efficiently. Nevertheless, successful CRM relies on the use of technology.
Here Are 7 Reasons Why You Should Have CRM Integration
- Each year the average company loses 10 – 15% of it’s customer base (Bain & Company)
- 84% of customers who leave, do so because of poor service (Forum Corporation)
- A typical business only hear from 4% of its dissatisfied customers the other 96 % leave of which 91% for good (Jim Barnes, “Secrets of CRM”)
- 60% – 80% of defecting customers describe themselves as “satisfied” or “very satisfied” just before leaving (Business Week)
- It costs up to 10 times more to attract a new customer than to keep and existing one (Allegiance)
- 70% of the reason customers leave a company has nothing to do with the product (Forum Corporation)
- The winning differentiator is no longer product or price, but the level of customer engagement relative to competition (Economist)