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 "Our Take"
| | 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.
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6/12/06 - The Retention Challenge
In the last week, this column has been home to a lively dialog on allocating budget for customer activities. Specifically, how much should be spent to get new customers versus how much to spend to keep existing customers. One reader wrote:
"I challenge companies to state what their retention budget is on an annual basis. Most companies I see will tell you they invest in retention, but they don't create a budget and business plan on how to retain customers, so in the end the retention activity becomes a spontaneous activity versus a planned one."
I would like to echo those thoughts and say that I find that retention analysis is often a reaction to someone asking the retention question rather than a planned, on-going metric. Do you have a story about how customer retention is done in your company?
Gary Lemke, Publisher
(Share your thoughts)
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