Bill Gates said:
“How you gather, manage and use information to serve the needs of your customer will determine whether you win or lose in your business.”
You can’t overestimate the importance of ‘effective’ Customer Retention Marketing or CRM. In fact nothing you do in your business is more important. Simply put CRM is: “The activities a business uses to increase the likelihood of a customer purchasing again, while focusing on making that customer an Advocate of your business, thereby increasing revenues and profitability.”
Not only do loyal customers buy more often, but it costs you 80% less to keep a customer than to acquire a new one.
What does this mean for your business? The more loyal customers you have–the higher your profits. In fact, studies by Bain & Company, along with Earl Sasser of the Harvard Business School, have shown that even a 5 percent increase in customer retention can lead to an increase in profits of between 25 and 95 percent.
The fact of the matter is that unless YOU recognize just how critical ‘effective’ Customer Retention Marketing is to your business, you will never have an effective system in place.
Look at it another way: Increasing your customer retention by just 2% is the same as reducing your expenses by 10%
Anyway you look at it “Effective” CRM Equals Revenues!
Effective Customer Retention Marketing is not only a cost effective and profitable strategy, but in today’s business world it’s absolutely necessary!
Study the above for a moment. Click on it and make it bigger and digest it. Your customers are your most valued asset! Did you know that 68% of customers leave a business because they perceive that it is indifferent to them?
Now click on the graph below and ask if you know who the 8% of your customers are who generate 41% of your revenue? They not only need your attention, but they deserve it!
Companies worldwide regard CRM as an integral part of their marketing strategy.
And it is not hard to understand why effective CRM matters.
What can you do to more effectively retain your customers? GrowBiz Partners may be for you, the most cost effective resource you can use to help you more effectively retain your existing customers, make them into Advocates, and thereby increase your revenues.