Retailers Can Bank On This: “The Truth Cannot Be Disguised”
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.
Peter Weedfald is the Senior Vice President of Sales and Marketing for Sharp Home Electronics Company of America (SHCA). He has also served as President of Gen One Ventures, 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.