William Bard, Jessica Harrington, Erin Kinikin, and John Ragsdale, Evaluation of Top Enterprise CRM Software Vendors Across 177 Criteria, Forrester Research, 2005. According to Forrester research, only 10 percent of business and IT executives surveyed strongly agreed that business results anticipated from implementing CRM were met or exceeded. We believe that many businesses are falling short.Īlthough companies are investing record amounts of money in traditional loyalty programs, in customer-relationship-management (CRM) technology, and in general service-quality improvements, most of these initiatives end in disappointment.
The success of this strategy ultimately depends on expanding the breadth and depth of customer relationships and on translating the resulting loyalty into higher sales of goods and services, as well as a healthier bottom line. As many academic studies have noted, the costs of doing so tend to be much lower than those of acquiring new ones. In recent years, mature companies with far-flung networks of frontline sales staff-banks, retailers, airlines, and incumbent telecom providers, for example-have devoted a great deal of money and effort to retaining their current customers.
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