Study says CMOs are failing to use CRM well

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Marketers worldwide are under-utilizing data and analyt­ics, particularly when it comes to customer retention, according to a recent study released by the Chief Marketing Officer Council.

Only half of marketers have a strategy in place for growing key account relationships, and 45% believe CRM systems are not effective enough. Further, only 15% of companies rated them­selves extremely good or effective at integrating disparate customer data sources, and 6% of marketers reported having “excellent knowl­edge” of customer data such as demographics, psychographics or transactional history.

“We have a situation where marketers are very outbound campaign driven,” said Donovan Neale-May, executive director of the CMO Council.

More than 31% of marketers reported churn rates of more than 10%, but two-thirds had no system in place to re-activate dormant or lost customers.

Neale-May compared the pro­cess to a “leaking bucket.”

“So many companies are spend­ing to acquire new customers, but in effect they're losing as many as they're acquiring,” he said.

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