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Why Customer Relationship Management? What Makes CRM Viable?
Ankit Kedia, Australia, Member
What makes CRM a viable option is the cost dynamics
- The cost of getting a new customer is 4 times the cost of retaining an existing customer.
- 80% of a firm's business comes from 20% of the customers.
Hence the firm should channelise its efforts in retaining this 20% section of customers through its CRM activities....
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What Makes Customer Relationship Management Viable
Emiel Veenstra, Business Consultant, Netherlands, Member Ankit, I completely agree. Although one important factor should not be forgotten: to check whether the customer, even if he is one of the 20%, is prof...
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