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crm related terms2 - Some CRM Related Terms COMM 224 Dr K...

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Some CRM Related Terms COMM 224 – Dr. K. Büyükkurt The following measures (also called metrics) appear in Customer Relationship Management (CRM) often. The increasing importance of CRM in marketing is discussed in Chapter 1 of your textbook. Customer attrition rate , also known as customer churn , customer turnover rate , or customer defection rate , is a measure to represent how severe the loss of clients or customers to other brands is. It is usually measured as the percentage of customers that are lost to all other brands from one period of interest to the other. Banks , telephone service companies, Internet service providers , pay TV companies, insurance firms, and alarm monitoring services, often use customer attrition analysis and customer attrition rates as one of their key business metrics (along with cash flow , EBITDA , etc.) because the "... cost of retaining an existing customer is far less than acquiring a new one. Companies from these sectors often have customer service branches
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