Woman paying in a coffee shop
In today’s always-on media culture, being able to effectively manage customer relationships is more important than ever. Customers now expect a prompt and personalised response, and to be able to communicate with you on a variety of platforms, which means that as a business it’s essential that you have the data you need at your fingertips.
You don’t need to have a huge team to support that. CRM systems allow companies to move away from static tools like spreadsheets, and towards more efficient and collaborative tools that provide greater access to customer information exactly where and when you need it – and this is especially crucial for small businesses.
For these companies, customer engagement is a top priority. In a recent survey we conducted, 97% of SMEs said customer engagement was “essential” or “important” to their business.
Indeed, the statistics about businesses who don’t capture accurate customer data offer food for thought. Research from Experian Data Quality shows that inaccurate data has a direct impact on the bottom line of 88% of companies, with the average company losing 12% of potential revenue from wasted marketing spend, resources and staff time.
“To provide a unified view of the customer and generate timely customer insight, small and medium-sized businesses need to invest in technology,” according to a report on customer engagement.