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Paul Greenberg Author: CRM at the Speed of Light
Caveat #1: I’m not an economist
Caveat #2: CRM is not a panacea
<ul><li>Why a Problem? </li></ul><ul><ul><li>Poor economic conditions  do change  customer behaviors (transactions) </li><...
<ul><li>Why Develop Strategy? </li></ul><ul><ul><li>Acquisition costs much higher </li></ul></ul><ul><ul><ul><li>Tradition...
<ul><ul><li>Advocates are the paradigm – even in a downturn </li></ul></ul><ul><ul><li>Committed customers will help you a...
<ul><ul><li>Community Retailing – Karmaloop </li></ul></ul><ul><ul><ul><li>Combination of name brand & independently desig...
<ul><li>Investigating your situation </li></ul><ul><ul><li>Find out what customers want – and need </li></ul></ul><ul><ul>...
<ul><li>Developing your strategy </li></ul><ul><ul><li>Decide whether acquisition or retention is at the core? Or a mix …....
<ul><li>Adjusting approach </li></ul><ul><ul><li>What can you do to keep engaging customer? </li></ul></ul><ul><ul><li>Wha...
<ul><li>Economic </li></ul><ul><li>Communications </li></ul><ul><li>Engagement (Loyalty) </li></ul><ul><li>Engagement (Val...
<ul><li>Price moves to front of the line as part of overall experience </li></ul><ul><ul><li>Provide discounts where possi...
<ul><li>Communications Plan </li></ul><ul><ul><li>Find out how customers want to control their engagement - frequency, cha...
<ul><li>Communications Plan </li></ul><ul><ul><li>Find out what they want from you during downturn </li></ul></ul><ul><ul>...
<ul><li>If you have loyalty program: </li></ul><ul><ul><li>Adjust loyalty program to fit need but  </li></ul></ul><ul><ul>...
<ul><li>Operate as business leader, not sales person </li></ul><ul><ul><li>Treat customer as human partner, not object of ...
<ul><li>Use of CRM tools </li></ul><ul><ul><li>On demand v. on premise </li></ul></ul><ul><ul><li>Good financing terms </l...
<ul><li>High End Cruise Line </li></ul><ul><ul><li>Sent out letter to prospects that began with scare tactics about econom...
<ul><li>Car dealers in Midwest </li></ul><ul><ul><li>Providing multiple financing options outside standard “vehicles” </li...
<ul><li>Caretaker of the Islands of the Great Barrier Reef – Tourism Queensland  </li></ul><ul><ul><li>Dissecting the elem...
<ul><li>Most important to remember, these tips/tactics aren’t only for a downturn </li></ul><ul><ul><li>Downturn simply he...
Author: CRM at the Speed of Light (4th Edition, February 2009) President: The 56 Group, LLC Managing Partner/CCO: BPT Part...
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Retaining Customers In An Economic Downturn03

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How to use CRM 2.0 tools, strategies, and techniques to retain your customers during the recession.

Publicado en: Empresariales

Retaining Customers In An Economic Downturn03

  1. Paul Greenberg Author: CRM at the Speed of Light
  2. Caveat #1: I’m not an economist
  3. Caveat #2: CRM is not a panacea
  4. <ul><li>Why a Problem? </li></ul><ul><ul><li>Poor economic conditions do change customer behaviors (transactions) </li></ul></ul><ul><ul><ul><li>Customers desire to spend greatly diminished </li></ul></ul></ul><ul><ul><ul><li>Makes it easier to do nothing – or bolt </li></ul></ul></ul><ul><ul><ul><li>Your ability to spend on customers reduced </li></ul></ul></ul><ul><ul><li>It can affect customer attitude but not always (interactions) </li></ul></ul><ul><ul><ul><li>Your business has some control over this </li></ul></ul></ul>
  5. <ul><li>Why Develop Strategy? </li></ul><ul><ul><li>Acquisition costs much higher </li></ul></ul><ul><ul><ul><li>Traditionally, 6 to 13X the cost of retention </li></ul></ul></ul><ul><ul><ul><li>David’s Bridal – shift in view of customer </li></ul></ul></ul><ul><ul><li>Loyal customers will continue to spend with you because they trust you and are comfortable with you </li></ul></ul>
  6. <ul><ul><li>Advocates are the paradigm – even in a downturn </li></ul></ul><ul><ul><li>Committed customers will help you acquire new customers </li></ul></ul><ul><ul><li>Because they will market and sell for you </li></ul></ul><ul><ul><ul><li>Community retailing – Karmaloop, Threadless </li></ul></ul></ul>
  7. <ul><ul><li>Community Retailing – Karmaloop </li></ul></ul><ul><ul><ul><li>Combination of name brand & independently designed clothes </li></ul></ul></ul><ul><ul><ul><li>Community building (nearly million) key focus via UGC, indie design exposure, and street teams who are incented to sell – and to be involved in community building </li></ul></ul></ul><ul><ul><ul><ul><li>20% discount </li></ul></ul></ul></ul><ul><ul><ul><li>One percent of that community drives 15% of their total revenue through buying and WOM </li></ul></ul></ul><ul><ul><ul><ul><li>2006 - $4 million </li></ul></ul></ul></ul><ul><ul><ul><ul><li>2008 - $40 million (with 30% reduction in original forecast due to recession) </li></ul></ul></ul></ul>
  8. <ul><li>Investigating your situation </li></ul><ul><ul><li>Find out what customers want – and need </li></ul></ul><ul><ul><ul><li>What have they been buying is important here too </li></ul></ul></ul><ul><ul><ul><li>How? Call them up; email them; tweet them if you’re so inclined </li></ul></ul></ul><ul><ul><li>Determine what you have to give them – and what you need to do </li></ul></ul><ul><ul><ul><li>Obviously price/cost is a consideration </li></ul></ul></ul><ul><ul><ul><li>Clean out ineffective processes – those with no value to you or your customer </li></ul></ul></ul><ul><ul><ul><li>Using Web 2.0 tools to provide customers with what they want. </li></ul></ul></ul>
  9. <ul><li>Developing your strategy </li></ul><ul><ul><li>Decide whether acquisition or retention is at the core? Or a mix …. </li></ul></ul><ul><ul><li>Recognize that your customer moves from being a “client” to a “partner” – or needs to be </li></ul></ul><ul><ul><li>Understand that there are three things that you have to do for the customer </li></ul></ul><ul><ul><ul><li>Communications </li></ul></ul></ul><ul><ul><ul><li>Value </li></ul></ul></ul><ul><ul><ul><li>Service </li></ul></ul></ul>
  10. <ul><li>Adjusting approach </li></ul><ul><ul><li>What can you do to keep engaging customer? </li></ul></ul><ul><ul><li>What can you do to intensify loyalty w/customer as a partner? </li></ul></ul><ul><ul><li>What kind of value can you provide customer when price takes center stage? </li></ul></ul><ul><ul><li>Think in terms of operating as a business leader not just a sales organization </li></ul></ul>
  11. <ul><li>Economic </li></ul><ul><li>Communications </li></ul><ul><li>Engagement (Loyalty) </li></ul><ul><li>Engagement (Value) </li></ul><ul><li>Technology </li></ul><ul><li>Doing it Wrong </li></ul><ul><li>Doing it Right </li></ul>
  12. <ul><li>Price moves to front of the line as part of overall experience </li></ul><ul><ul><li>Provide discounts where possible to: </li></ul></ul><ul><ul><ul><li>Customers directly </li></ul></ul></ul><ul><ul><ul><li>Partners in your business ecosystem if large enough </li></ul></ul></ul><ul><ul><li>Financing options </li></ul></ul><ul><ul><ul><li>Give customer payment options based on what you can do </li></ul></ul></ul><ul><ul><ul><ul><li>Large company – multiple financing options </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Small company – informal options to avoid difficulty </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Sometimes, you have to compromise </li></ul></ul></ul></ul>
  13. <ul><li>Communications Plan </li></ul><ul><ul><li>Find out how customers want to control their engagement - frequency, channel etc. </li></ul></ul><ul><ul><ul><li>Opt-in, not opt-out </li></ul></ul></ul><ul><ul><li>Find out where they congregate (e.g. Facebook, local bar) </li></ul></ul><ul><ul><ul><li>Stay in touch - outreach </li></ul></ul></ul>
  14. <ul><li>Communications Plan </li></ul><ul><ul><li>Find out what they want from you during downturn </li></ul></ul><ul><ul><ul><li>Their interests will matter </li></ul></ul></ul><ul><ul><li>Make clear what your own situation is (transparency) </li></ul></ul><ul><ul><li>But don’t forget your own business plan – customer needs to be partner – and understand you too (authenticity) </li></ul></ul>
  15. <ul><li>If you have loyalty program: </li></ul><ul><ul><li>Adjust loyalty program to fit need but </li></ul></ul><ul><ul><li>Be sure you fulfill obligations you already made </li></ul></ul><ul><li>If you don’t: </li></ul><ul><ul><li>Provide best customers with some unsolicited awards – small tokens of appreciation are fine </li></ul></ul><ul><ul><ul><li>“ Thanks for sticking with us during these difficult times” </li></ul></ul></ul>
  16. <ul><li>Operate as business leader, not sales person </li></ul><ul><ul><li>Treat customer as human partner, not object of sale subject to your desperation </li></ul></ul><ul><ul><li>Provide information on how to cope with bad economy – both as business, and personal </li></ul></ul><ul><ul><ul><li>Large company – do webinars; provide ebooks; send out targeted emails to customers on how to handle specific issues; corporate blogs, podcasts; create communities </li></ul></ul></ul><ul><ul><ul><li>Small company – send links to articles of interest; blogs and podcasts; phone calls to key customers </li></ul></ul></ul>
  17. <ul><li>Use of CRM tools </li></ul><ul><ul><li>On demand v. on premise </li></ul></ul><ul><ul><li>Good financing terms </li></ul></ul><ul><ul><li>Customer service </li></ul></ul><ul><li>Social media tools </li></ul><ul><ul><li>Blogging tools either server-based or SaaS </li></ul></ul><ul><ul><li>Podcasting tools </li></ul></ul><ul><ul><li>Community creation for larger companies </li></ul></ul>
  18. <ul><li>High End Cruise Line </li></ul><ul><ul><li>Sent out letter to prospects that began with scare tactics about economy </li></ul></ul><ul><ul><ul><li>Stressed stress and said solution to the stress was to effectively engage nature – by traveling with them </li></ul></ul></ul><ul><ul><ul><li>Letter was signed “personally” by the owner of the company and addressed to “Dear Traveler” </li></ul></ul></ul>
  19. <ul><li>Car dealers in Midwest </li></ul><ul><ul><li>Providing multiple financing options outside standard “vehicles” </li></ul></ul><ul><ul><ul><li>Working with local & smaller regional banks to get financing </li></ul></ul></ul><ul><ul><li>Preparing leaseholders in advance on their options so that they aren’t surprised </li></ul></ul><ul><li>Sports teams </li></ul><ul><ul><li>Nets free tickets to unemployed fans </li></ul></ul><ul><ul><ul><li>Resumes posted to Nets website </li></ul></ul></ul><ul><ul><ul><li>Resumes go to team sponsors </li></ul></ul></ul>
  20. <ul><li>Caretaker of the Islands of the Great Barrier Reef – Tourism Queensland </li></ul><ul><ul><li>Dissecting the elements </li></ul></ul><ul><ul><ul><li>Watched a podcast on the job availability which is primarily to blog for 6 months. </li></ul></ul></ul><ul><ul><ul><li>Marketing Manager talks about “word of mouth being important now.” </li></ul></ul></ul><ul><ul><ul><li>Your relevant experience is to be highlighted in 60 second uploaded video (UGC) </li></ul></ul></ul><ul><ul><ul><li>The video is voted on and commented on by visitors to site (UGC) </li></ul></ul></ul><ul><ul><ul><li>10 finalists chosen by committee; one “wildcard” by visitors </li></ul></ul></ul>
  21. <ul><li>Most important to remember, these tips/tactics aren’t only for a downturn </li></ul><ul><ul><li>Downturn simply helps filter the selection due to the emotional/mental state of the customer </li></ul></ul><ul><ul><li>The type of likely customer experience is what determines which approaches, tactics, etc. you use </li></ul></ul><ul><ul><li>AND, remember, I’m NOT an economist </li></ul></ul><ul><ul><li>BUT I do know something about customers & CRM </li></ul></ul>
  22. Author: CRM at the Speed of Light (4th Edition, February 2009) President: The 56 Group, LLC Managing Partner/CCO: BPT Partners, EVP: National CRM Assn. Co-Chair: Rutgers CRM Research Center Named #1 CRM Influencer (Non Vendor) by InsideCRM 2007 Named #1 CRM Blogger 2005, twice in 2007 by TechTarget and InsideCRM & InsideCRM 2008 CRM Magazine 2008 Top Influencer PGreenblog: http://the56group.typepad.com ZDNET Blog: http://blogs.zdnet.com/crm Email: [email_address] Twitter: http://www.twitter.com/pgreenbe Cell phone: 703-551-2337 THANK YOU

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