Colleague: So much money has been spent and continues to be spent. On CRM. On CX – voice of the customer, journey mapping etc. In the name of customer-centricity – whatever that means. Yet, there is little to show for it.
Me: Seems that way.
Colleague: Which big company, as in the kind of company that we end up consulting to / working with, has anything to show for the time-effort-money that has been spent on the whole Customer thing?
I have been helping one of my clients grapple with growth challenges. During the course of our conversations we got around to looking at the business from the standpoint of customers. As such, I asked for an analysis of the customer base by revenue and profit.The analysis shows that the top 10 customers accounted for the lion’s share of the company’s revenues and thus its health and viability.
Customer Relationship Management, or "CRM," is a broad idea that was successfully marketed starting at the turn of the century...and then fell far short of everyone's expectations. It’s useful now, but not in the ways any of its evangelists had hoped, and I wonder if business use of social media technologies will follow a somewhat similar path.
I've been involved in a number of customer service conversations lately, as I believe that in our social media world, companies are going to have to deal a lot more with customers who complain publicly when things don't go well.
Advanced technology. Ideas that promise to revolutionize the way businesses are run. Out with the old, in with the new. Not sure how it'll make any money? Mere details. Get going or risk getting left behind. Great riches will come to those with the guts to throw caution and experience to the wind.