Customer relationship management (CRM) systems are swiftly becoming essential practice for many companies of all shapes and sizes. With over 60% of distributors already using CRM in some capacity, these tools are an easy way for companies to stay on top of their game and keep customers happy
And yet, recent research from MDM states that a measly 36% of users are actually happy with the level of ROI generated from their CRM system
According to Harvard Business Review “acquiring a new customer is anywhere from five, to 25 times more expensive than retaining an existing one.” Which is a great incentive to work on your customer retention strategies. But what about when you’ve already lost them?
Never fear, that list of lapsed customers offers a great opportunity
With its roots firmly set in the late 1980s, Customer Relationship Management (CRM) software has come on leaps and bounds since the digital rolodex and database marketing software of yesteryear. In 1986 ACT! introduced the world to contact management software which allowed users to store and organize customer contact information.
The contact management software that followed from a myriad of suppliers formed the foundations of the CRM software tools we know today