Measuring The Strategic Value Of Customer Data Integration
Tags: Marketing Services,
Customer-centricity has become a battlefront as the "timescales from 'innovation to imitation' reduce dramatically and traditional differentials are losing their ability to differentiate companies".
"There is little doubt that customer-centricity has become a strategic battlefront in business. This momentum continues to grow as the ?timescales from ?innovation to imitation? reduce dramatically and other traditional differentials ? price, quality and service ? are losing their ability to differentiate companies? while the Internet is eroding many of the once-formidable advantages of distribution channels. Consequently, about the only thing that is left for competitive differentiation is the customer experience. Even for businesses that do not fully recognize these dynamics, internal pressures reflect customer-centric needs. These include demands to improve marketing productivity, increasing market diversity, fiercer competition, and more informed and demanding consumers. Yet, in spite of such economic and competitive realities, market research concludes that few executives are satisfied with their firm?s level of customer-centricity or customer experience management. One reason for this is a lack of financial metrics that codify the advantages of a customer-centric strategy. Executives need clear, well-articulated financial metrics that demonstrate the financial impact of improved customer value and provide the information needed to guide spending. Without this, most customer-centric investments ? even those in the millions of dollars ? cannot be managed with the understanding of their product-centric counterparts."