Many businesses assume that acquiring new customers should be of a higher spending priority than nurturing existing contacts. However, the reverse is actually true.
‘It is 6 to 7 times more costly to acquire a new customer than retain an existing one’ THE VALUE OF AN EXISTING CUSTOMER BLOG, FLOWTOWN.COM
But increasing competition means that the boundaries of traditional CRM software have now been reached. Customers (rightly) have ever higher expectations from companies, meaning that simply tracking communications and sales opportunities is no longer sufficient to create a competitive difference.
‘Companies that invest 10% or more of their revenue in customer experience have lower attrition rates and higher referral rates and customer satisfaction scores than companies that invest less in customer experience’. STRATIVITY GROUP
CUSTOMER EXPERIENCE MANAGEMENT BENCHMARK STUDY (2009 )
This startling statistic from Strativity clearly demonstrates the importance of the ‘experience’ in Customer Experience Management software. As the era of CEM takes over we can expect to see:
- Companies which adopted experience management techniques early reaping the greatest rewards
- Early adopters having more experience in shaping customer experiences, gaining a larger competitive advantage in the process
- Greater brand loyalty for businesses which focus on experience as well as relationships
- Businesses which stick with older CRM software systems losing market share to competitors which choose to use CEM
CRM software has helped raise the profile of the customer. Customer experience management simply takes this to a new level for even greater opportunities for your business to shine.
Speak with ProAptivity, ProAptivity specialize in the implementation of Maximizer CRM. Contact us today on 028 9073 5630 for your free consultation to understand how CRM can benefit your business.