![]() ![]() To meet its sales goals, industrial equipment maker Square D had to focus on customers as never before. 87% of CRM failures stem from insufficient change management. Reconfigure all processes and systems (job descriptions, performance measures, compensation systems) to better meet customer needs. To avoid this most dangerous pitfall, take time before a CRM rollout to make your organization customer-focused. Installing CRM technology before creating a customer-focused organization. A decade before installing CRM technology, its circulation rose 2% and its customer-retention rate hit 94%-in an industry averaging 60%.Ģ. It identified potential subscribers in cities across the nation, pinpointed their needs (e.g., earlier home delivery), then met those needs for example, by upgrading its distribution capabilities with networked print sites. Ask strategic questions: “How much time and money can we allocate to CRM? How can we build relationshipsįacing plateauing circulation, the New York Times refined its customer strategy.Segment customers from most to least profitable.Before even considering CRM technology, create a customer-acquisition and -retention strategy: Implementing CRM before creating a customer strategy. To make your CRM initiative pay off, understand four common perils-then replace them with CRM smarts.ġ. Technology simply supports that strategy. Managing customer relationships is bundling customer-focused strategy and processes to boost customer loyalty and profitability. So why do 55% of CRM projects drive customers away and actually dilute earnings?Ī single flawed assumption: that CRM is software that manages customer relationships for you. ![]() Customer-relationship management (CRM) software spending may soar from $20 billion in 2001 to $46 billion in 2003-and no wonder! With its emphasis on identifying valuable customers, securing their loyalty through tailor-made offerings, and reducing costs of serving them, CRM has seized managers’ imaginations. ![]()
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