Success factors in CRM | KPMG | DK

Success factors in CRM

Success factors in CRM

The right support is crucial for succeeding with Customer Experience Management.

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CRM

By Jan Heimann, Senior Manager, Advisory

At the core of all businesses are the customers. Customer orientation is one of the market drivers today. It will make successful companies stand out from the crowd. Being competitive and driving profitable growth is the name of the game.

Customer Relationship Management (CRM) is about effectively managing your relationships with your customers and efforts to maximise the value of each customer. An efficient CRM strategy and execution can help organisations survive in the rapidly changing marketplace, by being more focused on delivering personal and relevant customer engagement in every customer interaction across every channel.

The most successful CRM implementations are the ones supported by three things:

  1. A well-built defined Customer Strategy in all phases, from Lead to Nurture
  2. A dedicated top management that supports the customer centric strategy
  3. Abillity to act agile and adopt changes and demands from your customers fast

Many organisations rely solely on customer growth based on market share rather than maintaining or prolonging the relationship to their existing customers, despite the cost of acquiring a new customer is known to be 4 to 5 times higher than keeping and growing an existing. Intelligently using your data by applying appropriate analytical tools and automation processes, you gain insights into your customers' behaviours and motivations, enabling you to proactively manage and interact to avoid or delay potential churn, an issue for many large organisations. Along with acquiring new customers, this will support a customer centric strategy and set your organisation apart from competition.

© 2017 KPMG P/S, a Danish limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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