“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
“The impact on an organisation can at times be subtle and distributed throughout the enterprise…Cost savings and productivity enhancements can be seen in saving a sales person 20 minutes per week in writing activity reports, or answering four times the volume of web-based service requests in the same amount of time.”
–Mary Wardley, vice-president of IDC’s CRM applications research.
“On average, sales and marketing costs average from 15%-35% of total corporate costs. So the effort to automate for more sales efficiency is absolutely essential. In cases reviewed, sales increases due to advanced CRM technology have ranged from 10% to more than 30%.”
“A business absolutely devoted to Customer Service Excellence will have only one worry about profits. They will be embarrassingly large.”
-Sir Henry Ford
“The purpose of business is to create and keep a customer.”
“We’ve spent the last 30 years focusing on the T in IT, and we’ll spend the next 30 years focusing on the I.”
“..The 17 leading SMB companies all declared they were doing more implementations now than in 2004, with eight of them handling at least 60 percent of customer implementations… Of the winning enterprise vendors all but one does 70 percent or more of its implementations in house… He notes that CRM implementation by vendors is a trend that he predicts will eventually reach 90 percent… CRM Award Winners Survey, March, 2005”
-CRM guru, Barton Goldenberg
“Almost all quality improvement comes via simplification of design, manufacturing… layout, processes, and procedures.”
“The cost of retention is $180 per customer,” he says. “But most automotive dealerships are set up for customer acquisition – which is crazy when you consider the average cost of customer acquisition is $1,000 or more.”
–Arthur Hughes, author of several books on using databases to enhance CRM.
“As an old saying at PricewaterhouseCoopers change practice used to run,”
‘OO + NT = EOO’ (Old Organisation + New Technology = Expensive Old Organisation).
“Patronage by loyal customers yields 65 percent of a typical business’ volume.”
-American Management Association.
“Successful CRM is about competing in the relationship dimension. Not as an alternative to having a competitive product or reasonable price- but as a differentiator. If your competitors are doing the same thing you are (as they generally are), product and price won’t give you a long-term, sustainable competitive advantage. But if you can get an edge based on how customers feel about your company, it’s a much stickier–sustainable–relationship over the long haul.”
–Bob Thompson, CustomerThink Corporation
“…. dissatisfied customers would tell between 7-10 people while a satisfied customer would recommend a company to 3-4 of their friends.”
“..estimating all customer service problems would double profit growth over a five-year period.”
“80% of tradeshow leads are never followed up.”
– Center for Exhibition Industry Research (CEIR)
“The average time a sales representative spends on sales: 47%; on administrative tasks; 39%.”
– Selling Power Magazine
“Percent of qualified telemarketing leads that have only marginal follow-up: 40%; that are never called 50%.”
“1% of repeat purchases are made out of indifference and not out of loyalty.”
– Industry analysts estimate
“Dissatisfied customers communicate with 7-10 people while a satisfied customer will recommend a company to 3-4 of their friends.”
“The absolute fundamental aim is to make money out of satisfying customers.”
-Sir John Egan
“How you gather, manage and use information will determine whether you win or lose.”
CRM Quotations continued..
Yet more famous CRM quotations & Definitions:
Writing in the Harvard Business Review, management consultants Frederick Reichheld and Earl Sasser estimate that “companies can boost profits by almost 100 percent by retaining just five percent more of their customers,” whether you are a Big Six accounting firm, Microsoft, or Olga’s Blintz and Borscht Parlor.
“Customer retention obviously has profound implications for all businesses:
Finding a new customer costs from three to seven times more than keeping an existing one, and for many large companies, up to 95% of profits come from long-term customers.”
On the over-use of the word “guru” by CRM consultants: “People use the word ‘guru’ only because ‘charlatan’ is too long”.
– Peter Drucker
Customer Relationship Management (CRM) software refers to the applications that help organizations perform activities in three aspects: Operational, Collaborative, and Analytical. CRM softwares facilitate companies to efficiently gather customer information, capitalize customer buying behavior, and leverage technology investments by improving quality of sales and services.
“Plans are only good intentions unless they immediately degenerate into hard work.”
– Peter Drucker
“This new customer-focus approach to business has evolved in the past few years, because retaining the customer is cheaper than acquiring a new one.”
“The big benefit of CRM is the visibility of everything relating to customers going on in your company. If you want to provide a better service to your customer, you have to be able to manage everything from complaints to sales opportunities.”
–Roger Cole, CRM consultant at reseller CPiO
“..in general, small companies are latecomers to CRM, so they have the advantage of avoiding the early adopters’ mistakes.”
“70 to 90 percent of decisions not to repeat a purchase of anything are not about product or price. They are about some dimension of service.”
–Barry Gibbons, former CEO, Burger King
15% of customers defect due to technical quality reasons; a further 15% leave because of price and the remaining 70% leave because contact from the old suppliers personnel was “poor in quality”.
-Forum Corporation, Mass.
“Said another way, you can succeed with CRM by being SMART: Define a customer-centric Strategy; use appropriate Metrics ; ensure your organization is Aligned with your objectives; Redesign work processes as needed;
and use appropriate Technology tools as enablers. But it all starts by putting your customers first and creating a better relationship with them than your competitors offer.”
–Bob Thompson, CustomerThink Corporation
“You don’t close a sale, you open a relationship if you want to build a long-term, successful enterprise.”
“If you torture the data enough, they will confess.”
–Ronald H. Coase, Nobel Prize Laureate in Economic Science
(submitted by Jessica Fish)
“Everyone lives by selling something.”
–Robert Louis Stevenson
“I am the world’s worst salesman, therefore, I must make it easy for people to buy.”
–F.W. Woolworth (1852-1919).
80% of all sales are made on the 5th – 12th contact. 15 years ago it took on average 2 – 4 contacts before concluding a sale.
–The National Association of Sales Executives
“But then you get to a point in your career where everybody around you gets results. It’s no longer a differentiator. The people who couldn’t get results peaked earlier and are in lower-level jobs. You’ve risen to a level where what differentiates people is RELATIONSHIPS. It’s political- who you know and how you know them – but it’s also about how well you use those relationships.”
Stephen B. Kincaid, Heidrick & Struggles’ Global Leadership Services
“By failing to prepare,
you are preparing to fail”.
–Benjamin Franklin. (1706-1790)
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.”
“I never worry about action, only inaction.”
“The only place success comes before work is in the dictionary.”
“Advice is judged by results, not by good intentions.”
–Cicero 106BC – 43-BC
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