CRM Provides Greater Value than Customer Acquisition

I made the point, in recent classes dealing with changing event strategies and measurement for an economic downturn, that Customer Relationship Management (CRM) provides the greatest return to a company, especially in a tight economy. Customer relationship management and the associated customer/ revenue retention is one of the four elements of payback in my trade show and event ROI model.

In support of my observation, I saw this today in a "Business Management Daily" post:

"Although it’s difficult to measure ROI with the level of accuracy achievable in some other areas of running a business, researchers continue to explore the impact of customer service training on customer loyalty, as measured by customer retention, and a company’s customer service standards. Customer satisfaction research by Richardson, Texas–based KnowledgeBase Marketing Inc. concluded that investments in customer retention (such as money spent on customer service training) provide a far greater return than investments in customer acquisition. The research also showed that, compared with other customers, long-term loyal customers:

• Buy more per year
• Buy higher-priced options
• Buy more often
• Are less price-sensitive
• Are less costly to serve
• Have a higher lifetime value"

- Fuel Net

If you have not yet considered this element as an important part of your 2009 event strategy you should. An example is giving your customers access to executives, and introducing special programs for mutual benefit.

Keeping a tight grip on existing customers may prove essential to your company's well- being.

Ed

Honored Awards and Nominations

Spring and early summer have been very good to Constellation Communication Corp.

First, our Trade Show Planning and Measurment Tool won the Innovation Award from "Trade Show Executive Magazine."

See the full article here:

http://www.tradeshowexecutive.com/data/pdf/June08InnovationAwards.pdf

and

We were nominated for an Exhibitors Choice Award from TSEA!

Voting is still open - please consider voting for us!

100 + LEADING TRADE SHOW INDUSTRY SUPPLIERS NOMINATED FOR
TSEA’S NEW RED DIAMOND AWARDS

Chicago, IL –June 22, 2009 – The nominations are in, and 100+ leading trade show industry suppliers have been nominated for the new Trade Show Exhibitor’s Association “Exhibitor’s Choice” Red Diamond Awards. Voting is now open for the Trade Show Exhibitors Association (TSEA) Exhibitors’ Choice Awards at http://www.tsea.org/Foundation/ExhibitorsChoiceAwards/tabid/281/Default.aspx. The awards will be presented at the TSEA Foundation Gala on the evening of July 22, 2009 (during TS2.) The nominees include:

. . .

• Favorite Best of the Rest – APCO; Constellation Communications Corp.; Creative Training Solutions; Exhibit Surveys; ExpoCall; Kaon Interactive, Inc; ListenNational Corporation; NMR Staging and Events; Siskind Training International; Spearhead Creative; Trade Show Teacher; United Service Companies

“We’re thrilled at the enthusiastic response to this new program,” said Margit Weisgal, TSEA’s President. “Exhibitors and attendees are this industry’s ultimate customers, and these prestigious awards will be quite a marketing tool in the future.”

Voting will continue until July 8, 2009. Tickets to the Gala, at Chicago Illuminating Company, http://www.chicagoilluminatingcompany.com are available for $20 at www.tsea.org or can be purchased during TS2 at TSEA’s booth during show hours. The event is sponsored by several leading industry companies and Chicago restaurants.

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See the full article and vote here:

http://www.tsea.org/Foundation/ExhibitorsChoiceAwards/tabid/281/Default.aspx

Thanks to those who nominated us.

Ed