The entire notion of CRM is based on the premise that the most difficult, and most costly, aspect of your business is acquiring a new customer. That being the case, the focus of your CRM practices should be on keeping the customers you have and maximizing their value to you.
It’s simple in theory. Good CRM practice would suggest that understanding your customers’ needs better and that meeting their needs more precisely, will pay off big. And it’s true. CRM often results in sales increases and cost reductions. New sales come from being able to better anticipate customer needs, from cross-selling other appropriate products and services, and through improved customer satisfaction and goodwill. CRM-derived cost reductions generally come from better targeting of your marketing, lower selling costs, and more efficient handling of customer fulfillment and service.
This is where the technology part of CRM comes in. Good customer relationship management does require good recordkeeping and the ability to easily access, analyze and correlate customer record data. That requires appropriate software or PC technology.
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