Customer MasterDatabase Management SoftwareUpdated on Oct 7, 2014 View more like this | Visit RARITAN, NJ | Contact SynapZen |
Customer Master
For many businesses, it is generally true that 80% of their revenue comes from 20% of their customers. Studies from the U.S. Small Business Administration and U.S. Chamber of Commerce have found that acquiring new customers can cost as much as five to seven times more than simply retaining existing customers. The fact that customer profitability tends to increase over the life of a retained customer is added incentive for businesses to allocate more resources to sharpening their customer retention strategies.
Here are the top three reasons identified in the research as to why customers may leave you:
• 68% leave because they are unhappy with the service they receive.
• 14% are unhappy with the product or service.
• 9% decide to use a competitor.
SynapZen's MDM Customer Hub (for both B2B and B2C clients) enables clients to significantly improve thir customer retention and acquisition initiatives.
The SynapZen MDM Hub allows our clients to achieve the following goals:
• The SynapZen MDM Hub creates a 360 degree view of your customer data (both B2B and B2C) and keeps this information most accurate and up to date using all internal and external data sources. This provides a foundation for various initiatives taken by departments such as Marketing, Sales, Operations, Support, Website, etc.
• SynapZen's MDM Hub provides state-of-the-art tools to perform functions such as Standardize, Cleanse, Validate, De-duplicate, Search, Relate, Resolve and Governance for all types of customer data. These tools can be extended and configured to each client's specific business requirements.
• SynapZen's MDM hub provides automation tools, reducing time-consuming tasks that require manual intervention to be standardized into repeatable processes. By standardizing your processes and setting expectations for service levels, you can increase customer loyalty, leading to improved customer retention rates.
• SynapZen's MDM allows you to build KPI’s around customer service. With our MDM technology you can easily reward customers by measuring performance and provide incentives based on their level of service, all of which closely tied to the client’s goals.
• Connect with your customers online. Connecting with customers and building communities takes more effort and time than typical social media acquisition strategies. Use channels such as LinkedIn, Facebook, and Twitter to aggressively communicate with your customers. Start linking out to valuable and relevant content, share your thoughts on topics, and engage with clients who leave comments and feedback.
