Many companies have a customer strategy, or believe they have one, but do they really? We have asked a number of companies to show us their customer strategy and, oftentimes, they struggle to do so. We believe that a well-developed, articulated, and implemented customer strategy is essential to optimized customer relationship management.
“Customer strategy” is defined as a data-driven approach to maximizing the financial value of customers by combining a deep understanding of customer needs, behaviors, and value with the ability to engage specific customers in the optimal way at various touch-points across the entire relationship with those customers.
Customer strategy is important because it ensures the alignment of customer experience investment to the areas of greatest economic opportunity and provides a toolset for management to consistently set, monitor, and adjust against changing business strategy and market conditions.
[whitepaper nid="4303" width="50%" title="Download the Whitepaper" align="right"][/whitepaper]A well-developed and executed customer strategy gives executive leadership a systematic way to manage their customers as an investment portfolio. It involves a critical financial component which is built around experiences delivered to segments and customers with an expected return. The customer strategy should provide clear direction on where to invest against segments and the customer lifecycle. Furthermore, it should provide direction on marketing and product mix. In addition, this type of strategy provides consumer insight for experience delivery.
Gain more insights from the full whitepaper, “Customer Strategy…I’ll Show You Mine if You Show Me Yours: A well-developed, articulated, and implemented customer strategy is essential to optimized customer relationship management.”