Gurus On Marketing

The consumer aspect has been well integrated in marketing concept
and technological developments and convergence of technology are
facilitating sophisticated approach to gathering information on
customers.
According to Professor David Schmittlein, 15 of Wharton School, new
technology and new approaches to marketing are allowing companies
to collect, analyse and use information about their customers.
He writes:
‘For many companies, the benefits of managing customers as strategic
assets (MCSA) have been great. They include more loyal
customers, who are less inclined to shop around or buy on price,
more efficient, effective and highly targeted communications
programmes, reactivation of very profitable ‘lost’ customers at low
cost, and more focused and successful development of new
products.’
‘Customers who have chosen a company’s products or services tend
to develop assets of characteristics that are important and advantageous
to the company. These include awareness of the breath of
its products, familiarity with their specific performance characteristics,
and accommodation of them into a lifestyle or self-image or
(for business customers) into established operating procedures.’
‘The major elements in the strategic use of customer assets begins
with the assembly of a market-oriented customer database including
marketing programme contacts with the customer, a transaction
history (inquiries, order payment), merged with any customer service
information, available geodemographic descriptions, media habits
and any responses to surveys that may be relevant. From this information,
segmentation of the customer base is a critical step
assembling groups of customers most appropriate for highly
customised marketing programmes that may include crossselling,
new product development (including mass customisation
in some cases), design and timing of customised communication
programmes, and (in the case of apparently lapsed customers) reactivation
programmes’.
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GURUS ON MARKETING