Marketing professionals may be interested in the latest comments of one expert regarding the implementation of customer relationship management (CRM) initiatives.
According to industry expert Mike Welsh, direct marketing can play an important role in improving an organization's CRM system.
Writing for Marketing Week, Mr Welsh explains that companies are now increasingly focussing on retaining and developing their relationships with their existing customers.
Indeed, he claims that it is seven times more expensive to acquire a new customer than retain an existing one.
"Overall it marks a shift away from a pure numbers game to customer relationship marketing. But not just banging out mailings, emails and statement stuffers. It's about the way the brand behaves and communicates," Mr Welsh explains.
Meanwhile, speaking to DM News, David Northridge, vice-president of client retention at Experian QAS, has recommended that organizations look to leverage relationships with existing customers for "up-selling and cross-selling opportunities".
The expert suggested that while loyalty programs have clear and detailed benefits, it is important to ensure that they contain accurate contact data for analysis and communication.
Posted by Richard Jones