Growing your business and strengthening existing customer relationships is paramount in every industry. New customer acquisition costs are estimated at 5-20 times of retention costs, making it very important to establish high-touch, on-going relationships with your current customer base.
Customer Relationship Management (CRM) will help you gain insight into customer behavior and modify business operations to better serve your clients.
CRM can help determine:
- Customer purchasing habits, product opinions and usage preferences
- Individuals and groups that comprise your market
- Operational deficiencies that can be improved
Benefits of CRM
It’s not only a question of buying the “right” software, but rather the proper customization required to make the software work for you.
CRM helps you to better know your existing customers, leading to:
- Increased sales through anticipating needs based on past trends
- Identification of specific customer requirements or product or supply chain improvement
- Cross-selling by suggesting alternatives or enhancements
This will lead to more efficient marketing by focusing on:
- Targeted marketing communications
- Personal touch in the development of new or improved products and services.
Improved customer relationships and more efficient marketing leads to:
- Enhanced customer satisfaction and retention
- Increased value from existing customers
- Reduced service and support costs
- Increased overall efficiency and reduced sales costs
Customer needs change over time and CRM can help your business change with them. CSI is here to help you make it a little easier.