1. What is Customer Relationship Management (CRM)?
In his landmark publication titled The Loyalty Effect, Frederick Reichheld of the Harvard Business School* emphasized a few very important metrics about the return on investment of customer retention marketing strategies.
The cost of acquiring a new customer can be up to five times as expensive as retaining a current customer!
A five percent reduction in customer defections can result in a 25% to 85% increase in profits, depending upon the industry in which you work.