Many will know the pain that can be associated with getting the Board to understand the role that digital plays in a business. Back in the day, it was often difficult to sell the value of a digital department – it spent a lot of money, the returns weren’t instant, there were a lot of unknowns, and the reasons for all of the above were littered with long words and acronymns – and people who didn’t always have the personal skills for effective stakeholder management (sorry, but it’s true).
All too often I hear CRM referred to as Customer Retention Management. I’m afraid you’re missing the point.
At the heart of retention, is loyalty. In modern business, loyalty is driven by pleasure, by affordability, by experience, by knowledge, by personal preference and fit. In short, a business builds a relationship with a customer. Relationships can be fruitful, and in the long term, relationships turn to retention. Continue reading