- Posted by Neeraj Maurya
- On December 13, 2017
- Courting the Customer of Today
With big data and social media becoming a big deal, developing and maintaining customer relationships is growing to be more complex.
Back in the day, all you had to do was ask. It was simple and if they said a yes or ok, you took it to the next step. Today, you do not have the opportunity to gauge the customer’s interest or determine what their expectations are.
Instead, you try to monitor their online behavior, collect data, analyze it, gain insights, and then apply all those strategies you developed using those insights, hoping that your efforts pay off. Like we said, it’s complex.
A Little History
In the early 80s and 90s, CRM or Customer Relationship Management primarily rested on sales and marketing teams seeing them as individual investments with good returns, mutually beneficial partnerships, or the results of linear mathematical formulas that established the balance between customer acquisition and customer retention.
However, we’ve come a long way from that. Today, businesses leverage big data, algorithms, and various CRM software packages. But, that hasn’t stopped age-old practices and ideas from creeping in every now and then.
This is the reason why businesses have a hard time figuring out their customers completely.
The problem with the strategies of the past is that they aren’t set in stone. For instance, mutually beneficial partnerships can always turn sour and investments can always fail. The mathematical approach might feel like a solid approach, but does it really work in a landscape where the social impac