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  "Our Take"

(Past Editions by: Date, Title, Topic)

 
About "Our Take" 
"Our Take" is a collection of daily vignettes covering a wide range of CRM topics. It's an attempt to add our own spin to the world of CRM. We will use the column to share our perspectives, opinions, epiphanies, web nuggets, or quite frankly anything that moves us. Get ready to expect the unexpected. And, don't be shy about sharing your thoughts.
 
 
6/5/06 - Recruiting or Retaining: Which is Harder?
New week, new thought. Consider the following: if you have a pot of money to spend on customers, how would you divide it up between investing in getting new customers versus investing in keeping your current customers? Unconsciously, that is what most organizations do every day.
 
You may not realize it but budget decisions dividing money between recruiting and retention say quite a bit about an organization and how it views customers. Is it easier to find new customers than to keep the existing ones "in the fold" or is there a better return on your investment by taking the extra steps to make them a recurring revenue source?
 
Let me propose the following exercise: determine the ratio of revenue from new customers versus existing customers and compare that to the ratio of money spent of customer acquisition versus retention. How do the two ratios correlate? Let me know if this gives you new insight into your organization's focus.
 
Gary Lemke, Publisher
(Share your thoughts)
 

 
 

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