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the opportunityAccording to GartnerGroup, CRM is a business strategy designed to optimise profitability, revenue and customer satisfaction. Bain & Co recently reported that by retaining an extra 5% of customers year-on-year, companies could increase profitability by 100%. Successful Customer Relationship Management is now fundamental to your company’s future. Beyond retention, CRM targets profitable development of existing customers and new business wins. the realityMost CRM projects undertaken so far have been focused on improving efficiency. Using technology in this way can improve the capability to foster and support more customer relationships with limited resources. However it does not ensure companies are doing business with the right customers, at the right time, through the right customer interactions. the futureIn order to realise CRM, developing the correct strategy must be the first step. Enabled by the right set of technologies and customer involvement, companies can identify existing profitable customers and how to retain them. Only then can companies attract new customers and retain and develop their existing customer base resulting in increased company profitability. |
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