Marketing & Social Media SIG: The Money is in Retention. Start There. Harvest GOLD in the BIG Data Blizzard.
Relationships drive business. Yet, no one knows who does what to whom, when, for what result in marketing, sales, and customer service. Customer retention is even more of a mystery--no one is directly in charge. But, that is where the MONEY is! To thrive in the Relationship Age start with Retention. (OPPORTUNITY for Sales and Marketing to establish a new Retention function.)
For established companies some 80% of revenue comes from repeat business and referrals. Typically, only 20% comes from new customers. And typically, 80% of revenue and 100% of profit come from 20% of customers. The relationships with those priority customers was hard to know even before the BIG Data Blizzard hit. A blizzard certainly, but one carrying with it digital relationship GOLD.
Harvest the GOLD, not by being faster at looking backwards, or more complete in looking at trends by including Social Media. Nor using even fancier tools to read the tea leaves. None of that matters unless xyou’re focusing on the right customers. None of that matters if the right relationship metric is missing. The right metric, Relationship Value, is the game changer. With Relationship Value you can compete on relationships. The metric is a leading indicator for profit and satisfaction. (OPPORTUNITY for Sales and Marketing to harvest the relationship GOLD. Relationship Value makes the data come alive!)
Religence CEO Linda Sharp will show you how to focus on the most profitable customers, and how to use the breakthrough metric, Relationship Value, to thrive in the Relationship Age.
About the Speaker:
Linda Sharp, CEO, Religence
Linda Sharp is CEO of Religence, a customer-focused performance management consulting firm specializing in the Religence Framework for CRI (Customer Relationship Intelligence). Linda is the inventor of a breakthrough Relationship Age metric, Relationship Value, which applies to Communities as well as the Enterprise. Linda was well ahead of the movement to customer-centric thinking, having pioneered the use of Voice of the Customer research for strategic positioning to help build a billion dollar technology business from scratch, double an environmental engineering firms’ business, and grow an insurance company by 80% after years of shrinking market share.
Successes like these made her audacious and bold enough to try to quantify marketing, putting her propensity for math to work. Her goal was to get marketing—in the broadest sense of the word—some respect to take its rightful place at the management table. Community Leaders have a similar problem and opportunity. She understood early on that a company’s best potential customers were most likely its current customers. Leveraging these customer relationships in an Enterprise’s Stakeholder Community is What’s NEXT. Linda predicts that major Enterprises will run their entire business through their Stakeholder Community within the next five years and measure them with CRI. Another leadership OPPORTUNITY, absolutely!
Linda’s will bring a few copies of her book Customer Relationship Intelligence: A Breakthrough Way to Measure and Manage Sales and Marketing to give away in the session. Or you can get a FREE electronic copy if you check out her teams’ entries in the McKinsey-HBR Management Innovation Challenge. Their HACKs have been consistently ranked in the top 1% of over 960 innovative ideas globally. You’ll see why major Enterprise companies are paying attention. Ask her for a link: [email protected].
6:30 - 7:00 p.m. Registration / Networking / Refreshments
7:00 - 7:15 p.m. Announcements and Introductions
7:15 - 8:30 p.m. Presentation and Discussion
8:30 - 8:45 p.m. Wrap-up / Networking