Increase customer retention with a CRM

What is the impact of CRM in business?

Let’s talk about statistics! I want to share with you an idea that is changing the way we manage relationships with our prospects and customers. Let’s take a step back. The study dates back to 2001, which is almost 20 years ago. Benjamin Mucci discussed the impact of a CRM (Customer Relationship Management) system on business.

  • A 5% increase in customer retention rate can result in a 60% increase in profits over a 5-year period.

  • The implementation of technology infrastructure for CRM management ranks third in importance. This applies to both medium-sized and large companies.

These statistics highlight the importance of a CRM system in many companies. Another statistic that I found particularly thought-provoking is the study conducted by the Rockefeller Foundation on why customers leave a supplier, we learned that:

14% left because their complaint was not addressed
9% left because of competition
9% left due to a change of location
68% left for no specific reason

Do you think it’s possible to do without a CRM in 2018?

These figures clearly demonstrate the importance of managing your customers, even if no service or after-sales support is requested. It’s essential to pay attention to your customers after the sale has been made and to manage service and support proactively.

The conclusion of this is straightforward:

“Now that the need for customer relationship management has been firmly established, it is important to take a step back and understand its implications for the company and for the marketing sector. As we have seen, it is essential to view CRM as a fully integrated tool in sales and marketing strategies, not just as a standalone tool.”

At BSP, we believe that it’s important to manage customer relationships, regardless of the type of business you run. If you have any questions, feel free to contact us with just one click.

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