Customer Relationship Management

Why do customers leave a company?

  • 68% leave because of the treatment they receive
  • 14% are dissatisfied with products & services
  • 9% do business with competitors
  • 5% seek alternatives
  • 3% move away 1

it costs 5 to 10x more
to acquire new customers than it does to keep current ones 2

The probability of selling to an existing customer is

60-70 %


The probability of selling to a new prospect is

5-20 %3

Reducing customer churn by 5%
can increase profits 25 to 125%4

  • Profits with 5% churn reduction (high estimate)
  • Profits with 5% churn reduction (low estimate)
  • Profits with typical churn
For every customer COMPLAINT, there are 26 others who have remained silent 5
$83 BILLION is the cost of poor customer service in the US6 6
$32.4
$50.6
  • Business abandoned or lost to the entire industry
  • Customer churn and defection in the industry

A social customer will tell...

42

people about a good experience

&

53

people about a bad experience7
70 %
  • Almost 70% of customer churn is due to poor quality service
21 %
  • But businesses only attribute 21% to poor quality service 8
$243 GLOBAL
$289 US
  • The value of each lost customer 9
Companies that prioritize customer experience
generate 60% higher profits 10

Relevant emails drive 18x more revenue than broadcast emails

Triggered messages have click rates 119% higher than "business as usual" messages

Personalized emails improve conversion rates by 10% 11

At its core, customer relationship management is a model for managing all interactions between a company and customer. It is a business strategy implemented to increase profitability by building and maintaining customer loyalty. Customer relationship management marries all data sources within your organization to clearly define your most valuable asset – the customer.

But the insights garnered through customer relationship management practices do more than help you gain a better understanding of your customer. They also help with retention, attracting new customers and increasing profitability – all while decreasing costs through increased efficiencies. Customer relationship management is a customer-centric philosophy – one that must be implemented throughout an entire company, its people and brands.

Information Resources
  1. The Reason Customers Leave You is You
  2. Keeping Your Customers with Email Marketing
  3. 8 Customer Facts Marketers Can't Ignore
  4. Winning the War on Customer Churn with Big Data
  5. The Value of Complaints
  6. Poor Customer Service Costs Companies $83 Billion Annually
  1. Why Social Media Means Customer Service Can Make or Break Your Brand
  2. 15 Statistics that Should Change the Business World – But Haven't
  3. The Cost of Poor Quality Service
  4. Customer Experience: The Next Corporate Battleground
  5. Trigger Emails Score 119% Higher Click Rates than "Business as Usual" Messages

Let’s work together

Because every Brand has a story to tell