Despite global sales of customer relationship management (CRM) systems reached US $20.4bn in 2013, more than double the amount invested in 2008, a group of Harvard Business Review (HBR) researchers claim that most of these systems fail to provide sufficient insight into client relationships.
Their report is based on a major survey published in the HBR in collaboration with the international research group GfK. It argues that relational intelligence is vital to companies striving to attract and retain clients, who are becoming increasingly selective and demanding.
The research was conducted over two decades and examined more than 200 brands across 11 industries in the US, Germany, Spain and China. The report was authored by US academics Jill Avery and Susan Fournier, and John Wittenbraker, GfK's global director of innovation, brand and customer experience.
The HBR report claims that consumer companies often manage relationships haphazardly and unprofitably, committing blunders that undermine their connections with clients. Consumers are frequently frustrated by the inability of companies to meet their relationship expectations.
Inappropriate responses result in missed sales opportunities and the loss of long-standing clients.
The ability to understand and manage the wide variety of different relationships clients have with a company significantly enhances the effectiveness of consumer data. It enables companies to meet the needs of their clients better and allows them to improve the profitability of these connections, says the report.
The relational intelligence webinars will take place on 16 April, 14 May and 11 June 2015. The first is titled 'Building Brand Loyalty in an Experience Economy' at 11am on 16 April. To register, click here. For a cull copy of the report, email Bradley Taylor at moc.kfg@rolyat.yeldarb or Rachel Thompson at moc.kfg@nospmoht.lehcar.
