Customer Relationship Management

Retaining Customers

Retaining customers is SMEs top concern

Losing customer contracts is small firms’ main concern during the economic downturn, according to venture capital firm Spark Ventures. Research from Spark Ventures found that 69% of small businesses said that customers delaying or cancelling contracts was their biggest worry — outstripping concerns about cashflow and access to finance. Spark Ventures spokeswoman Wendy Svirakova said cancelled and delayed contracts are the biggest concern for small firms because they can lead to further problems, including lending difficulties and reduced cashflow. Spark Ventures chief executive officer Andrew Carruthers said: “Cancelled contracts can have a dramatic effect on a firm’s cashflow, especially if long expected orders are cancelled. Banks are also less willing to lend to ... »

Customer Satisfaction

Firms Fail to measure Customer Satisfaction

Firms are missing out on critical feedback on their products and services, because they are failing to monitor customer satisfaction effectively, according to market research firm Shape the Future. The research revealed that while 70% of businesses monitor their customers’ satisfaction, 56% of these are only using basic and informal techniques. The remaining 30% of businesses do not measure customer satisfaction at all as they believe customers would approach them if there were problems, or they are too busy. Shape the Future managing director Peter Martin said; “Businesses think that customers will come back to them with problems, but in reality they will just walk down the high street to the nearest competitor. The only time you get unsolicited feedback is when people either ... »

CRM – Customer Relationship Management

Introduction Customers are key to all businesses, regardless of size or industry. Successful businesses build their reputation based on long term relationships with satisfied customers Customer Relationship Management (CRM) is a business philosophy, not just a technology – understanding your customers’ needs enables you to build better relationships and increase sales. Practicing CRM helps you stay close to existing customers and win new ones Although a sound customer relations strategy has to come first, it can be effectively supported by technology, such as CRM software. This business advice article based on Crown Copyright © 2004-2014 »