Customer relationship management (aka CRM) is a way of managing your brand's communications with your current and prospective customers. The technology allows you to store their contact information, find sales opportunities, record service issues, and manage marketing campaigns all in one place. That way, every interaction you have with a customer is available for authorized users at your company to see.
Almost 75% of people will switch brands if it's too difficult to do business with them. That's a big reason why U.S. companies lose over $60 million each year.
Now more than ever it's important to keep your customers satisfied.
Customer satisfaction (aka CSAT) is a marketing term that measures how a brand's products or services meet or exceed their customer's expectations. If you don't satisfy your customer's needs, your business won't survive.
It could cost you anywhere from 5x-25x more money to earn a new customer than to keep an existing one. With that in mind, it only stands to reason that you should do everything possible to keep your current customers.
Technology has made it easier than ever for businesses to process sales. Consumers are able to connect with brands via a variety of touch points like telephone, email, direct mail, social media, and website chat. But are those brands using each method to optimize their customer service experience?
We're living in the "age of the customer." It's a concept in which consumers are more empowered than ever before. They have access to an internet full of information about almost any of the products and services they desire—whenever they want it. So, it stands to reason that treating them as the most important part of your business is not only a good idea, it's essential to your success.
“Every company’s greatest assets are its customers, because without customers there is no company.” – Michael LeBoeuf
Acquiring a new customer can cost up to 25 times more than retaining an existing one. Increasing customer retention rates by just 5% can boost profits by up to 95%. Considering these statistics, it’s no wonder that the most successful companies make building customer loyalty a top priority.