CRM is a multi-billion-dollar industry estimated to reach a by 2027. CRM solutions are now considered an essential investment for delivering excellent customer experiences in the long term.
However, the global pandemic still challenges the market, wreaking havoc on quotas and organizations’ ability to meet customer expectations and grow their businesses effectively. We also don’t have a clear picture of what causes the poor customer experiences impacting customer churn, satisfaction, and retention.
With marketing under huge pressure to impact revenue and sales struggling to find new ways to approach customers, how do you ensure you’re on the right path?
The new 2022 CRM Impact Report from SugarCRM is all about that — offering a path forward. Read on to see some of our key findings from 1,600 sales and marketing leaders around the world.
Customer Churn: The Result of Poor CX
The average customer churn rate is 32% globally.
Customers are increasingly demanding towards the companies that serve them. Failing to achieve their expectations impacts your business’s growth and usually results in customer churn. Every customer interaction is a moment of truth, and their experience can turn sour at any moment for numerous reasons. In fact, 55% are unable to identify customers at the risk of churning.
One of the first steps you should take when focusing on customer retention is gathering key data points that indicate how customers engage with your brand and identify customer sentiment indicators, cross-referenced with peer review sites, social media, and Net Promoter Score (NPS). The key to understanding the potential for churn is to fill in the gaps between customer expectation and their experience.
Managing Customer Feedback
73% of respondents admitted they need to implement customer feedback to improve customer service and experience.
Read more about our 2022 CRM Impact Report here.
