Executive Briefings

Focus on Keeping the Customers You Already Have

The architect, futurist, and philosopher R. Buckminster Fuller has been widely quoted as saying, "Don't fight forces, use them." But attempting to gain some competitive differentiation through increased spending means taking a very large risk. That's something most companies are simply not willing to do at this time. That would be fighting the forces and not using them.
So, keeping Fuller's words in mind, how do companies use the forces of a recessionary environment for CRM? One clear way: by turning inward and focusing on customer retention. If it is difficult to go out and acquire new customers, shift your attention--and spending--toward keeping the customers you already have.
This retention-first strategy obviously goes beyond technology, but technology can play a central role, and many vendors already have existing offerings designed for retention management.
Source: CRM Daily

The architect, futurist, and philosopher R. Buckminster Fuller has been widely quoted as saying, "Don't fight forces, use them." But attempting to gain some competitive differentiation through increased spending means taking a very large risk. That's something most companies are simply not willing to do at this time. That would be fighting the forces and not using them.
So, keeping Fuller's words in mind, how do companies use the forces of a recessionary environment for CRM? One clear way: by turning inward and focusing on customer retention. If it is difficult to go out and acquire new customers, shift your attention--and spending--toward keeping the customers you already have.
This retention-first strategy obviously goes beyond technology, but technology can play a central role, and many vendors already have existing offerings designed for retention management.
Source: CRM Daily