Were you aware that proactive customer retention management (CRM) can increase profits? All too often, CRM is on the proverbial back burner of a business’ operations, but now is the time to place this front and center. Consider the following… Standout statistics Here are findings that reveal how businesses can profit if they give proper attention and curation to CRM. (Source: Super Office.) A mere 5% increase in customer retention can boost profitability by 75%. Selling to existing customers has a 60%-to-70% success rate, as opposed to 5%-to-20% to new customers. The cost of keeping an existing customer is approximately $10, while a new customer is more expensive at upwards of $50. Impressive, yes? The substantial savings of keeping even a single existing customer is both cost-effective and helps yield higher profits. The paradox of CRM, however, is that too many business owners assume their existing customers will stay—forever. Not true. Because of the tendency to place effort on attracting new customers is strong, existing (read: loyal) customers do not receive the attention they deserve. Taking the paradox further, this lack of attention is a major reason why these once loyal customers give up on a business. In short, business owners aren’t aware of the hidden treasures they already have in their existing customer base. As mentioned above, now is the time to change perceptions and especially practices about CRM for the better. One major—and positive—emerging influence on CRM is the expanding use of artificial intelligence (AI). A better and brighter future for CRM outcomes The EGC Group and Intuit Mailchimp have joined forces to present “The New Loyalty Equation: Unlocking CRM and Retention in the Age of AI,” a round table discussion which will take place on October 30. Here, attendees will receive more detailed insights on the importance of CRM and guidance on how to keep existing customers while growing their businesses. Click on the image to learn more and register. Clients of EGC will be given priority seating, but this event is open to anyone who wishes to attend. Simply click the image above which will take you to the register form. Recently, EGC made the list. (The list of “America’s Fastest Growing Private Companies” by Inc. 5000, that is.) Why not add your name to the list of attendees at “The New Loyalty Equation: Unlocking CRM and Retention in the Age of AI”?
