Open Enrollment | Subscribe to Dealerscope HERE
Connect
Follow us on
 
President of Gen One Ventures

Dare To Lead

By Peter Weedfald

About Peter

Peter Weedfald is President of Gen One Ventures, a sales, marketing and brand-product consulting company. He has served as SVP, Chief Marketing Officer of Circuit City, SVP of Sales and Marketing in North America for Samsung, and SVP of global marketing and EEVP, GM & Chief Marketing Officer for ViewSonic.
 

Retailers Can Bank On This: “The Truth Cannot Be Disguised”

20
 
Get the Flash Player to see this rotator.
 
I continue to be amazed… that in the year 2014 there are still a multitude of global companies who have not mastered nor employed/deployed a viable SCRM (Social Customer Relationship Management) data base mining foundation. Perhaps if we officially change the acronym CRM from “Customer Relationship Management” to “Customers Really Matter” executive leadership will then vision, build and deploy SCRM, finally realizing customer intimacy must always begin with relevant one to one discovery before engagement.

They will realize this one-to-one tectonic platform delivers the highest ROI and ROR (return on reputation,) ensuring competitive growth and highly profitable engagements. Oh yes and let us not forget, will also deliver happy, highly valuable lifetime customers who will pull for your brand and products through their own social engagements. Just as important, SCRM is much more than a digital data container designed to mine consumers and build extensive relationships. SCRM is a philosophy which should be painted, orchestrated and guerdoned to all consumer engagements whether in brick retail locations or amongst the clouds. Perhaps inside every retail store, leadership should tutor floor sales associates on SCRM. In the brick environment SCRM should smartly stand for “Serving Cures Retail Mediocrity.”

Any questions, just tap on your brakes and steer over to the great example of Jeff Bezos highly competitive and hyper-profit-fueling SCRM machine at www.Amazon.com. Perhaps with respect to Jeff, CRM really stands for “Customers Realize More”… more selection, more service, more support, more savings, more value, more free shipping, more tax savings, more one-to-one relevance, more concern for consumer happiness, more time saved: more repeat customers.

So, what’s the point? The point is clear: Since customers in good economies want more, just imagine what they want in downtrodden economies. One industry I am sure we all wish would take a SCRM lesson from Amazon are our banks. To be clear, banks are retailers. They think, look, market and profit like any retail organization in brick, online. How I yearn someday for just one of my banks to run their business like Amazon. How I wish they would find a way to make me and my family matter. Connect and council across assets, recommend ways to help in the language of wealth accumulation and selection, understand what is relevant to my family, to our personal goals, to our financial problems, to our financial opportunities.

Like you, during the past 25 years I opened up an IRA (not through my core bank), I have paid off two mortgages (not through my core bank), I put my daughter through college (not through my core bank), I paid off several car loans (not through my core bank), I have several credit cards (not through my core bank). The sad part is if “my core bank” was reading this I am very sure they would say “why didn’t Peter contact us on these loan opportunities… this is his fault, after all, we are his core bank.” Sad, but true, I have to believe a multitude of banks are in the sales avoidance business and just do not understand the SCRM model which has built the retail and e-commerce competitive scotching machine, which consumers sure seem to prefer, sure seem to pull themselves to, called Amazon.

Finally, to kick us right in the head, unlike Amazon, which does not run much broadcast advertising, banks address us through blandishment styles of TV advertising campaigns promising us a magical experience, promising us “convenience and superior customer care” instead of addressing us personally through a one to one relationship in our hyper-connected digital world.

We are too smart to be drawn in, to be sold by such expensive, nonsense advertising fanfaronade. We do not ask for much from banking retailers and institutions, we just want to be treated like we are important as we troll through a rough and tumble economy to earn our pennies for our families. Disguising banks through energizing,  jaunty television advertising must surely make banking executives  happy. If you want to make your customers happy Mr. Banker, then be reflective, be listening, be caring, be direct. Learn something about us and we will assuredly learn something about your bank, your brand, your products your services.

Trust me: Trust your savvy consumers. The truth in lending, the truth in selling, the truth in retail excellence cannot be faked, cannot be disguised. Congressed brick and cloud SCRM is your most potent customer caring, customer sharing, customer building bankable compass. Customers know through your approach, intimacy and one-to-one relevance if you really care about them Mr. Banker, Mr. Retailer, Mr. Manufacturer, Mr. Car Dealer, Mr. Plumber. And when you do care about them, your bank book results are simply amazing… err, make that “your results are simply Amazon.”

Peter Weedfald is president of Gen One Ventures and author of Green Reign Leadership

Companies Mentioned:

20

COMMENTS

Click here to leave a comment...
Comment *
Most Recent Comments: