In the past decade, companies were drawn to the concept of forming customer-centric organizations. Countless books were written on the topic. Billions of dollars were spent on customer relationship management (CRM) applications that would allow companies to more efficiently and effectively gather and share data about their customers. Yet, surprisingly, after all the hype, few companies can quickly answer more than a handful of basic questions about their customers.
The take-away
Most companies do not truly know who their customers are. They know the names, but fail to realize the importance of each customer. By account targeting, one will be able to identify customers with large potential or who bring in a lot of revenue, but are expensive to serve.
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