Question

Topic: Student Questions

Customer Focus

Posted by Anonymous on 3/14/2004 at 3:21 AM ET 250 Points
In general it has been said that marketing organisations will need to be even more customer oriented and market driven than they have been. Why is this?
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RESPONSES

  • Posted by Pepper Blue on 3/14/2004 at 10:42 AM Accepted
    The focus is becoming on strengthening and deepening relationships with existing customers rather than on developing relationships with new prospects.

    It cost 5-15 times less to keep your current customers than to get new ones.

    And, customer attrition can be as high as up to 30% in some businesses/industries.

    By strengthening and deepening these existing relationships you are increasing your frequency of contact, loyalty and value to these customers.

    The goal here is to get them to purchase more products/services more frequently, and to tell all their friends and family about you.

    The best way to do this is to listen to your customers, or "the market" and respond with the products/services that they want and need (market demand), not what you think they want and need.

    Good luck, I hope that helps.

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