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Business today is undergoing
a silent revolution of the most unimaginable of
proportions. For the first time, businesses are
recognizing the power of the INDIVIDUAL.
Marketing is increasingly being done at an
individual level by big and small business
alike.
Why is this change happening?
What has suddenly caused business to look at the
insignificant you and me?
The reasons are not too difficult to see.
For one, it is now well
recognized that retaining an old customer is 70%
easier than bringing in a new one because of
ever-surmounting competition and an overfed
market. As a consequence, business philosophy is
rapidly moving away from a "share of the market"
approach to a "share of the customer" concept.
In this world, cluttered with
rival companies screaming to be heard by an
increasingly choosy customer, the winner will be
the one that knows how to "manage" its
customers. A satisfied customer offers the
unique opportunity to market to him repeatedly
with an assortment of products or services.
The second and perhaps the
most important reason is the rapid advances in
technology that allow applications to be
developed around the individual on a mass scale.
"Mass-personalization" is no longer an oxymoron.
The capacity to cater to individuals, personally
and on a mass scale is the single most important
driver of this silent revolution.
Ground rules for future
business
It is abundantly clear that
the next battle turf will be "invisible".
Companies will increasingly be servicing their
domain - their existing clients - because
competition will make the cost of new customer
procurement prohibitive. The segmentation will
take place around the customer - the most valued
customer versus the modest customer.
This approach will call for
tremendous skills in the sphere of Customer
Relationship Management, popularly known as CRM.
It is no wonder that CRM is being recognized as
the hottest tool of the next business
revolution.
This one-one approach is no
longer a fad or a luxury - it has become
urgently necessary.
You may like to read related
articles on getting a better understanding of
CRM and how to adopt it in your business
strategy :
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