To achieve positive results from eCRM efforts, companies must develop a comprehensive strategy for managing and utilizing customer knowledge. This strategy should include three key objectives:
Know Your Customer
Know Your Customer is about understanding your individual customer’s value and needs. This understanding comes only from collecting information that customers provide in their interactions with your company, and developing a 360-degree view of customer behavior across all touch points. As you begin a dialogue with individual customers, you create a learning relationship with your customers; each interaction becomes an opportunity to build and extend your relationship with that customer. The more extensive the learning relationship, the more invested the customer becomes in the relationship and the more difficult it will be for the customer to switch to a competitor.
Reach Your Customer
Reach Your Customer is about reaching the right customers with the right offer at the right time through the right channel. Based on your knowledge of each customer, you are able to reach specific customers with targeted offers, information, products, and services. You reach each customer with a personalized message based on his or her needs, behaviors, and value.
Grow Your Customer
Grow Your Customer refers to your company’s ability to effectively execute Marketing strategies based on your knowledge of customer share and customer lifetime value. You must use scarce investment dollars to target your efforts to your best, most valuable customers. Increasing the total value of your customer base by retaining and growing your best customers, is significantly less expensive than trying to generate the same amount of value by acquiring new customers. Focusing on your best customers requires you to re-examine and re-allocate total Marketing and sales investments from less profitable customers and the acquisition of new customers.
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