Sometimes those with the goods search in vain for those with the money, and vice versa. Some magic is needed to bring them together. This magic is called “marketing”.
Customers need to be placed at the heart of a successful marketing strategy. At its most basic, marketing is about finding out what customers want and providing it.
If understanding and awareness of this simple definition was common across the minds of everybody who works in an organisation, not just amongst marketing managers, there would be fewer product failures, less financial losses and many more successful companies.
Managers get so embroiled in solving their day-to-day problems and facing the competition that they often lose sight of the very basics of marketing.
Key CRM principles: Hence a good CRM solution should allow for:
• Differentiate Customers: All customers are not equal; Recognize and reward best customers disproportionately.
• Differentiate Offerings: Customers appreciate customized offerings.
• Keep Existing Customers: It’s 5-10 times cheaper to retain current customers than acquire
new ones.
• Maximize Lifetime Value: Exploit Up-Selling and Cross-Selling potential.
• Increase Loyalty: Loyal customers are more profitable.
Customers need to be placed at the heart of a successful marketing strategy. At its most basic, marketing is about finding out what customers want and providing it.
If understanding and awareness of this simple definition was common across the minds of everybody who works in an organisation, not just amongst marketing managers, there would be fewer product failures, less financial losses and many more successful companies.
Managers get so embroiled in solving their day-to-day problems and facing the competition that they often lose sight of the very basics of marketing.
Key CRM principles: Hence a good CRM solution should allow for:
• Differentiate Customers: All customers are not equal; Recognize and reward best customers disproportionately.
• Differentiate Offerings: Customers appreciate customized offerings.
• Keep Existing Customers: It’s 5-10 times cheaper to retain current customers than acquire
new ones.
• Maximize Lifetime Value: Exploit Up-Selling and Cross-Selling potential.
• Increase Loyalty: Loyal customers are more profitable.