Challenges of a Customer-Centric Business Strategy
- Topics:
- Strategy Formulation
- Source:
- Investcorp
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Overview: Companies are beginning to understand that retaining customers over the long term is key to profitability. While much has been written on the values of such customer-centric or relationship marketing efforts, less attention has been given to its implementation - especially the key role that the information technology (IT) organization plays in its eventual success. For maintaining relationship and loyalty with customer, an organization must truly understand its existing customer base, paying attention to the customers' needs and recording their interactions with the organization. The marketing model shifts from mass marketing to one-to-one marketing where the classic market segments become, theoretically, a one- person segment. The growth of the customer-centric business strategy has led to an increasing emphasis on finding the overall profitability by customer and calculating a customer lifetime value. Article discusses few challenges faced by a diversified financial services firm that implements a customer relationship marketing program.
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Format: HTML | Date: Mar 2002 | Pages: 1
