Whether you call solving the business problems related to customer profitability “customer relationship management” or just good business, you know that strengthening customer relationships is imperative for business success for one simple reason: customers drive profits.
In today’s increasingly global and competitive marketplace, customers have more options available to them than ever before. Many analysts and journalists, in fact, are calling this a “customer economy.” Attracting customers cost effectively and meeting their expectations for selection, price, quality, and service are essential to a customer value strategy. It is equally important, however, to identify and retain profitable customers, and increase their value over time. This requires the ability to anticipate customer needs and present attractive offers in the right way, at the right time. The companies who can do this will be the companies that thrive in the customer economy.
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