The Problem: The targeted is not the targeter!!!
CRM stands for Customer Relationship Management, at present day the only thing that we manage is a one way relationship. As such current system collect info from disparate sources, in most instance this information comes from some demographic or profile data electronically gathered from disconnected systems.
Even when this information is manually acquired it is still based on a predefined set of rules that only targets a small set of data. We are then presented with the inability to effectively define and target the customer.
Who can better target the customer than the customer himself? This is the main reason why the targeted should be the targeter (goal).
Let's bring a utopian dimension to the discussion and extrapolate on some of the technical and inherent difficulties attached to the goal defined above.
Marketing folk’s usually look for the 10% return feedback rate; as such send a mailer to 1000 people, 100 will read it. 10 will buy. Based on current and past experience it is more less 7 thru 8%.
We also know that in most cases 20% of any customer base generates 80% of company revenues. Again the above is based on years of analysis based on incomplete customer demographic and profiling.
Alright, I'm getting to the point.
Although new technology platform like SOA (Service Oriented Architecture), RSS and the web 2.0 have helped bridging the GAP in knowing our customer. We are still far behind in our customer assessment.
Potential Solution(s):
The key is to now help the customer target his own network needs.
As an example, I went to Lens Crafter and needed a new prescription. The clerk asked me to provide him with the same information that I had already provided to the other 2 lens crafter that I had done business with in the past, same thing happened with my broken shoulder. How many times do I have to give out my SSN, Policy number and address? On top of that who knows what the clerk does with my information, shred it, right, sure!
Could I just give the clerk a web key for this transaction so he could connect to Eric's Web network? He could get the information that he needs based on the key that I gave him and call it the day.
Even better yet, would it be possible for me Eric the customer to get targeted advertising based on my vendor network.
IE, I want to buy a car (budget, type) and get a focused quote from the dealers in my area for which each quote will be pre-approved based on information shared by the network of bankers and credit institutions with whom I do business with.
Can you imagine not having to go thru the car salesman dog and poney show?
Yes, I could finally get messages of interest to me and not get spammed to death. The movie “Minority Report” gives a glimpse to what the future could hold for us; yes this is “Targeted Marketing”. Again, focus was simple but effective.
Now, let’s talk about the feasible. It is obvious that not every business would or could make the investment in building the connectors, but based on the fact that he comes down to cash. Banks (there are many banks but they all fit under 5 to 6 groups) are probably the best suited to become the purveyor of the services and de-facto the platform for customer information aggregation and integration. They already provide it without our consent and effective validation. Yes, just buy a new house and see how many new credit cards offers you get.
Many companies are working on different CRM implementation, and unfortunately they keep increasing information segmentation instead of consolidating it.
Many portals have started building customer buying trends but again it is not because that I have purchased an Ipod Nano that I have become an Apple lover.
Based on the above premises how great will it be to allow you to tap into my network, this network could not only includes, business but also friends and preferences.
We can now talk about Customer Relationship Management.
Eric Saint-Marc
Enterprise Application Architect
Terrible Herbst / Herbst Gaming
Las Vegas, NV 89118
