CRM - February 2009 - (Page 40)

Strategy spend more time going over budgets and realigning priorities. “Loyalty is there,”Adams says.“Particularly with the kind of customers we want to do business with. The valuable customers—the ones that are looking for value and who are looking to create something in their own rights for their own customers—they want to work with suppliers who deliver those same values.” Paul Greenberg, president of CRM consultancy The 56 Group and author of CRM at the Speed of Light, writes in a presentation on “CRM in a recession” that poor economic conditions change customer behavior. But loyal customers are the ones who will continue to spend with you—even through tough times. “Advocates are the paradigm,” he points out. “Even in a downturn.” THE LONG HAUL “During a recession you don’t want to forget about the long term. At the same time you have to shift priorities in getting through the current downturn,” Andrews says. With a recession come opportunities. Adams says those who are able to pull ahead in times like these will really win when we come out of 2009. “The companies that have the STRATEGY WILL SQUASH THE RECESSION In recessionary times, many are pulling the plug on proposed projects—trying to penny-pinch and cut unnecessary costs. Ray Wang, an analyst with Forrester Research, cautions against such haste. In fact, he says, the expense of abandoning in-the-works projects might exceed the cost of following through. Instead, organizations should look to breathe new life into in-flight projects. In “Five Steps to Building a Recession-Proof Packaged Applications Strategy,” Wang offers a plan that aligns with business drivers, gains executive support, and makes the company more efficient. Wang says that appeasing the executive team and reinvigorating current application strategies comes down to two goals: cost-saving and cost-avoidance (in the form of regulatory compliance). “A number of clients are cancelling [implementations]—but leaving so much effort and momentum on the table,” Wang says. “What you’re looking [to prioritize] is a project that addresses regulatory compliance, something you have to do, or something that will help you save money.” Wang’s five-step approach: 1) Align your strategy with recession-relevant business drivers; 2) organize stakeholders for sustainable change; 3) identify opportunities in commoditized and differentiated processes; 4) select effective technology strategies; 5) re-examine your vendor relationships. 40 CUSTOMER RELATIONSHIP MANAGEMENT | FEBRUARY 2009 www.destinationCRM.com http://www.destinationCRM.com

Table of Contents Feed for the Digital Edition of CRM - February 2009

CRM - February 2009 Contents Front Office Reality Check Customer Centricity The Tipping Point Express Service CRM on Twitter Breaking Customer Service Tradition Outsprinted That’s (Not) Entertainment Running on Empty Required Reading Up Against the Downturn The Numbers Tell the Tale Make Marketing Your Megaphone! Hold Onto Your Customers! Spend Your Way Out! Constructing a Virtual Customer Experience Next Customer, Please! It’s Showtime! From A(erospace) to Z(oology) Secret of My Success Re:Tooling Scouting Report Pint of View

CRM - February 2009

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.