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This is the cornerstone of modern business, and is especially critical for hospitality and recreational marine businesses. Unfor-tunately, it is often the most misunderstood and sorely neglected. Most owners do understand the benefits of a firm handshake, a pleasant attitude, good customer service and old sayings like; "the customer is always right." Additionally, many owners will train their employees on how to greet and handle customers in a consistent manner... but very few understand the depth and scope of true Customer Relationship Management or what is now commonly referred to as "CRM". CRM has been made possible and affordable with the advent of modern technologies and communications. It is really a relatively new vision for management of your customers entire experience and relationship with you throughout their lifetime - not just their most recent visit or telephone call. In the highly mobile and fast paced lifestyle we have today, it is very easy for us to change any of our shopping, dining or recreational habits at the drop of a hat. Most people won't give a moment's pause about driving 30 minutes to an hour for a nominal savings. Some will drive much longer for the same deal. You would be surprised to know that studies show while the "offer" is the stimulus that gets people to react - it's the lack of a great relationship that motivates the customer to make the drive or commitment to a different product or experience. Do you really know how much money you spend to get each person into your restaurant, hotel, marina, showroom or |
service department? If you don't, you really should... because you only want to spend that amount once...but you want that customer to keep coming back for the rest of their life. Once you start to closely examine all the things that you really have to do to bring a new customer through your front door or even to get them to pick up the telephone and call you, whether they purchase anything or not .... you begin to understand how important it is to make a lifetime customer from every available opportunity you are given. It is one thing to maximize the oppor-tunity of a single visit or sale, but it is quite another to quantify and capture the lifetime value of a customer and that's what a good CRM program is all about. Automobile companies are probably the best example of manufacturers that understand the role of branding and "lifetime value." They know that instilling their brand into children at an early age, following them throughout their growth cycles with products, services and ideas that align with their needs at every interval is going to produce lifelong relationships and unmatchable value. Grocery stores, pharmacies and big box retailers have expounded on what the auto companies started and have taken it to a new level. Every time you swipe your little savings card...more information is added to your personal profile. The more companies are able to understand your "likes and dislikes and buying habits", the better they can serve you (and them) through tailored products, ad campaigns, coupons and seasonal inventories to name just a few of the most obvious strategies. The last thing they want you to do, is to shop somewhere else. Over just the next 20 years (not counting inflation) I will spend no less than $156,000 at the grocery store. How much of that amount any one store gets, depends on how well they treat me and meet my specific needs. What's the lifetime value of a customer to your operation, and how will you insure you get the largest piece of the pie? |
