AETINSMINDSHARE
October 2012

Build that ideal bridge with effective CRM

Do you know that it cost 6 times more to sell something to a prospect than to sell the same to a customer? This is why organisations focus on customer retention, building customer loyalty, keeping their customers happy. Build a bridge for your customers to get them from where they are to where they want to be. Customer relationship management (CRM) requires a company-wide strategy and effort to ‘build that ideal bridge’

By: Jacqueline Lee

CRM for Insurance Companies Sept 2012 By: Jacqueline Lee

Consider these statistics:

Repeat customers spend 33% more than new customer

Referrals among repeat customers are 107% greater than non-customers

It costs 6 times more to sell something to a prospect than to sell the same thing to a customer

This is a wake-up call. Before you go around chasing for prospects, see that your marketing dollars will go further if you use it to build, nurture and develop your customer relationships. While a growing business needs to constantly capture new customers, the focus and priority should be on pleasing your existing customer base. Customer relationship management (CRM) became increasingly popular when technology enabling CRM came into existence. CRM software helps insurance companies to streamline the process of keeping track of contacts and conversations with customers, ensuring different departments that deal with the same customer gets to reference information exchanges. These information is highly valuable when turned into ‘intelligence’ to benefit the insurance companies in marketing, selling, and servicing their customers effectively. However, it should be clearly mentioned that CRM is not only a technology project. Instead, an effective CRM is a company-wide strategy both to recruit new customers and to nurture and retain existing