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Don't let your customers take their business elsewhere...

I saw this article on destinationCRM - I'm Taking My Business Elsewhere - and a couple of the comments made in it really resonated with me:

Forty-seven percent of the 1,000 U.S. consumers Accenture surveyed have stopped doing business with a company within the past year, despite continued investment in CRM technology by U.S. industries.

So clearly investments in traditional CRM technologies are not getting it done. Now if, like me, you believe that one definition of insanity is "doing the same thing, the same way and expecting a different result" then clearly more CRM technology investments are not going to work.

To rectify these problems, Wollan says the next wave of CRM investments will be driven not by the "need to have," such as in the late 1990s, or by the "need to cut costs," as in 2000, but by a need to improve the customer experience by adjusting to their interactions and demands. "Companies will focus on translating their existing service technology investments into satisfying experiences that keep customers coming back."

It seems to me that companies trying to solve these problems need to think about new approaches, new technology to address these issues. I won't repeat myself as I haveposted before on little known ways to improve customer experience on my other blog and have a section on CRM/customer service on this one.

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