Why Customer Relationship Management? What Makes CRM Viable?

Customer Relationship Management CRM > Forum > Why Customer Relationship Management? What Makes CRM Viable?

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....Sign up

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...Sign up

Viability of Customer Relationship Management (CRM)
Stefania Escobar, Student (University), Colombia, Member
I agree too! And one way of estimating customer profitability is the CLV (Customer Lifetime Value) Concept, a good approach to know what...Sign up

Customer Relationship Management is not Just Signing New Customers
Tracking Works, Manager, United States, Member
One of the main functions of CRM can be to increase the spend of your current clients. Make them realize why they need additional services you can pro...Sign up

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