2. What is the link between CRM and customer retention?
The art of customer retention is not new, but the technologies that enable a business to touch a customer at the exact moment that customer is in need of goods or services adds a compelling new dynamic to the business-to-consumer relationship. In fact, the Gartner Group predicts that customer relationship management (CRM) industry will grow to over $4 billion dollars in 2003.
According to a recent article about CRM, the economic slowdown has forced businesses to look more closely at, “small, tactical investments with short-term ROI [Return on Investment].” CRM is an excellent way for your company to generate a quick, lasting increase in revenue and profitability.