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ABSTRACT:
It costs five times as much to acquire a new customer than to retain a current one and yet, many companies are leaving their long-time customers by the wayside thanks to problems with customer data management. More than half of the respondents in a new CMO Council study, "Business Gain From How Your Retain," say they have little to no data-driven knowledge of their customers - with 85% citing "silo- ism" and inadequate or incompatible IT systems or databases as the reasons why. Only 50% of global marketers report having a strategy for further penetrating or monetizing key account relationships. In addition, a surprising 45% rate the effectiveness of customer relationship management (CRM) systems as deficient or needing more work, with only 15% of companies rating themselves extremely good or effective at integrating disparate customer data sources and repositories.
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