Do you agree that CRM plays a vital role in Customer Retention? If yes how?
I strongly agree that CRM will play a vital role in Customer Retention. If we carefully manage the customer touch points and greet them during festivals, anniversaries, birthdays etc, it will create a close intimacy between the company and the customer.
The basic objective of a CRM solution is to improve customer retention. Further, it increases customer acquisition at a low cost, without jeopardizing existing customer relations and ensuring the smooth transition of a new customer to a loyal, long-term client. Please see below few ways in which CRM aid in customer retention:
1. Builds up a comprehensive viewing of “customer journey” map.
2. Targets customers through tailor-made offers.
3. Helps create Loyalty programs.
4. Personalizing the interactions.
I definitely agree with George Spais. And it is even more important if we take into account that it takes manyfold money and efforts to gain a new customer than to retain an exising one.
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