Intelligent CXO Issue 13 - Page 57

REGIONAL ROUND-UP

AFRICA APAC EUROPE MIDDLE EAST NORTH AMERICA

70 % OF AUSTRALIAN COMPANIES REPORT INCREASED CUSTOMER TURNOVER

A new study finds Australian customers are leaving at extraordinary rates and most Australian companies are ill-prepared to counter this trend in the rebound from the pandemic . While 70 % of Australian sales and marketing leaders agree that it is more cost-effective to keep existing customers than closing a new sale , the same percentage report increased customer turnover , compared to 52 % in a survey conducted the year prior .

These and more insights were revealed in new research from SugarCRM , based on a survey of 1,600 global sales and marketing professionals , including 400 in Australia .
The findings pinpoint organisational turbulence across the customer journey while highlighting the inadequacies of traditional CRM solutions that aren ’ t purpose-built to address today ’ s postpandemic customer experience realities .
Despite the cost of churn , a staggering 61 % of Australian companies surveyed admit they do not understand the reasons for churn and 63 % struggle to quantify and track churn rates effectively . This ‘ Great Customer Resignation ’ – yet another challenge for brands fighting an onslaught of forces including supply chain disruption and employment challenges – threatens the future of companies across all industries worldwide .
More than three-quarters of Australian respondents suspect customers are leaving due to poor customer service or experience . Likely , this is why 78 % of Australian respondents said they need to do more to improve customer trust in their brand / organisation and why 76 % underscored the need to act on customer feedback for improved customer service and experience .
Organisations need effective CRM strategies to combat customer churn and secure greater sales and marketing synergy and assurance . However , a staggering 68 % of Australian respondents report their CRM system is wasting time and money , while a massive 71 % say their current CRM system cannot be customised properly to meet their specific needs . CRM struggles are the highest in Australia , compared to 46 % of US respondents and 56 % of respondents in the UK .
“ Addressing customer churn in the rebuild from the pandemic is a missioncritical activity ,” said Jason du Preez , SVP Asia Pacific , SugarCRM . “ Australian organisations need to be more customercentric and use technology to optimise and personalise customer engagement .
Unfortunately , many companies will fail to solve these problems without leveraging purpose-built AI to solve marketing and sales challenges . Australian businesses need a CRM platform that connects marketing , sales and service with a complete real-time customer view .
“ To thrive , Australian companies need to understand the present and future needs of their customers and remove any friction points in the customer journey . They need to empower their employees with technology that can help them delight their customers and deliver an excellent customer experience .” x
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