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Customer relationship management

A way of designing structures and systems so that they are focused on providing consumers with what they want, rather than on what a company wants them to want

Sep 18th 2009 | Online extra

Customer relationship management, commonly known as CRM, is a way of designing structures and systems so that they are focused on providing consumers with what they want, rather than on what a company wants them to want. It usually involves a restructuring of the company's IT systems and a reorganisation of its staff.

CRM is heavily dependent on a technique called data warehousing, a way of integrating disparate information about customers from different parts of the organisation and putting it together in one huge IT “warehouse”. Dale Renner, once the boss of a data-mining business, said that CRM is something that encompasses “identifying, attracting and retaining the most valuable customers to sustain profitable growth”.

This is contrary to the product-oriented way in which most firms grew up, when divisions and business units were built around products and product groups. It was not then unusual for each group to have its own accounts department, its own IT unit and its own marketing team. People who worked for these vertically integrated silos were often competing as much against other silos within the same organisation as against outside rivals in the marketplace. Their loyalty to their silo frequently blinded them to the wider interests of the company as a whole.

CRM is about putting structures and systems in place that cut across the vertical lines of the traditional firm and focus on individual customers. Before it was introduced, customers might be approached by the same firm in several different product guises over a short period. No one bit of the firm would know what any other bit was doing at any particular time.

The phrase “the customer is king” was first coined long before it was true. Only towards the end of the 20th century, when advances in technology and widespread market deregulation put enormous new power into the hands of consumers, did it begin to stop sounding hollow.

Two things in particular brought home to companies the need to take better care of their customers. First, some terrible mistakes were made because of the blinkers imposed by the old product-silo approach. For example, market share was the main goal and yardstick of such structures. Yet when IBM was king of the mainframe computer market, it came to understand just in time that 100% of a market that was rapidly shrinking would soon be 100% of nothing. What its customers really wanted was not mainframe computers as such, but rather the power to process information electronically. Academics have described this different concept of a market as “a market space”. Children's playtime is a market space. A doll is a product.

The second thing that drove companies to focus more closely on their customers was a growing awareness that building up profits by aggregating narrow margins from the sale of individual products might not be the best way of ensuring the long-term health of the organisation. Companies that did this would always be vulnerable either to cherry-pickers or to nimble newcomers that were built on a different cost base, made possible by deregulation or by changing distribution channels.

More companies want to regard their customers as customers for life and not just as the one-off purchasers of a product —it is far less expensive to retain an existing customer than it is to acquire a new one. It then becomes important to measure a customer's lifetime value, and to think about cross-subsidising different periods in their lives. Banks make little or no money out of their student customers, for example, in the hope that they will become more valuable in later years.

This strategy was questioned by Werner Reinartz and V. Kumar, professors at INSEAD, a leading European business school in Fontainebleau, France, in an article in Harvard Business Review. Their research found no relationship between customer loyalty and profits. Not all loyal customers, it seems, are profitable, and not all profitable customers are loyal.

Kotler, P., “Managing Customer Relationships: Lessons from the Leaders”, The Economist Intelligence Unit, 1998

Peppers D. and Rogers, M., “Managing customer relationships: A Strategic Framework”, John Wiley & Sons, 2004

Reinartz, W. and Kumar, V., “The Mismanagement of Customer Loyalty”, Harvard Business Review, July 2002

Silverstein, M. and Butman, J., “Treasure Hunt: Inside the Mind of the New Consumer”, Portfolio, 2006

More management ideas

This article is adapted from “The Economist Guide to Management Ideas and Gurus”, by Tim Hindle (Profile Books; 322 pages; £20). The guide has the low-down on over 100 of the most influential business-management ideas and more than 50 of the world's most influential management thinkers.

Giving Thanks

A cornucopia of ideas to show your customers you appreciate their business.

Julie B. Davis - Magazine Contributor

This story appears in the November 1996 issue of Startups. Subscribe »

Every holiday season, Mel Willis's customers' eyes light up when he arrives with Christmas gifts. Within minutes, the crinkling of cellophane fills the office as recipients open their presents--Willis's company mugs, each filled with M&Ms and a pen.

Many customers might be surprised to know that the cost of all this commotion is minimal for Willis, who spends just $4 a mug on this popular gift. Last holiday season it cost him under $250 to thank all his customers for their business.

"I thought at first that women would appreciate the mugs and candy the most, but I've found the guys like them just as much," says Willis, whose homebased Yorba Linda, California, company, Wastewater Technology Services, provides water treatment for heavy-industrial companies in the Los Angeles basin. He has given out the mugs since he started his business three years ago.

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"People like the presents and have come to expect them," says Willis. "Gifts are good marketing. They keep your company name in front of your clients. Every time I visit a refinery, I see my company's logo on cups and pens all around the office."

Even more importantly, the giving of holiday gifts promotes good customer relations.

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"People can't help but like you when you give them gifts," says Willis. "Getting a Christmas present appeals to the child in all of us. When you give gifts, it strengthens your relationship with clients and often prompts them to reciprocate by giving you more business."

Though popular, Willis's annual Christmas gift isn't complicated. He had company mugs and pens made up at a specialty wholesale manufacturer. Every December he simply buys M&Ms in bulk, fills the mugs, inserts a pen, covers the mugs with clear cellophane, and secures them with green, red and blue ribbon.

Many homebased businesses don't have the budget to send all their clients candy-filled mugs during the holidays. Fortunately, there are other innovative gift ideas homebased business owners can use--no matter how many clients they have--that won't drain their bank accounts and may even outshine their more well-heeled competitors.

Buy Bulk Items. Thousands of specialty-merchandise manufacturers have high-quality gifts for sale, such as pens, coffee mugs, drinking glasses, letter openers, calendars and clocks. Such merchandise can often be found at very reasonable prices, because manufacturers may have great quantities they need to sell, says Joi Faustini, owner of Splendor in a Basket, a gift-basket company located in Newport Beach, California.

"Find a good source for bulk orders, and you can pay just a few cents apiece for some items," says Faustini, "which will make it economically feasible to thank even hundreds of clients. It's also possible to have your company name and number imprinted on the gifts for a reasonable cost."

Locate specialty-merchandise manufacturers in the phone book by looking under giftware items (such as "glassware") and then searching for wholesale warehouses or distributors. You can also look in newspaper and trade magazine ads, or call the Chamber of Commerce in various cities and ask for recommendations.

Call the manufacturer and ask what they have available that would work as Christmas gifts. Some specialty-merchandise manufacturers have outlets or distribution centers you can visit to see their products. If you find something you like, ask how many you must buy in order to get a price break. To buy in bulk at wholesale prices, you may have to show your business permit or license.

Other places to locate high-quality items at a good price include membership warehouse stores and discount chains, which often carry overstock on high-end items. Some catalogs also offer bulk prices and can ship directly to your clients on your behalf.

Tap into Your Creativity. Once you have a number of inexpensive gift items to work with, use some imagination to spruce them up. This can be as simple as inserting a packet of hot chocolate into a company mug and tying a ribbon on the handle, to something as elaborate as employing a clever theme.

"A friend of mine, a caterer, bought cooking whisks in bulk, filled them with red and green chocolate kisses, and put a card on them that said, `We whisk you a Merry Kissmas,' " says Faustini. "It cost her just $1 apiece to do, and everyone just loved them."

Think Thanksgiving. Instead of waiting until Christmas to thank customers, why not give thanks when we all traditionally do so--at Thanksgiving time?...

Customer Relationship Management - What is CRM ?

Every business unit emphasizes on spurting a long term relationship with customers to nurture its stability in today’s blooming market. Customer’s expectations are now not only limited to get best products and services, they also need a face-to-face business in which they want to receive exactly what they demand and in a quick time.

Customer Relationship Management is an upright concept or strategy to solidify relations with customers and at the same time reducing cost and enhancing productivity and profitability in business. An ideal CRM system is a centralized collection all data sources under an organization and provides an atomistic real time vision of customer information. A CRM system is vast and significant, but it be can implemented for small business, as well as large enterprises also as the main goal is to assist the customers efficiently.

Usually an organization consists of various departments which predominantly have access to customer’s information either directly or indirectly. A CRM system piles up this information centrally, examines it and then makes it addressable within all the departments.

Lets take an example of an international call center which uses a CRM tool called ‘xyz’ and is integrated with a phone and a computer system or laptop. Now this system automatically perceives which customer is calling. Before the executive attends the phone the CRM system brings forth the customer details on the computer or laptop screen and also indicates what the opportunity of deals is with that particular customer, what the customer had already purchased or ordered in past and what is the probability of buying in future. Not only this, it can also highlight what all products best suit this customer. For finance department it may show the information regarding the current balance and for accounting department it may pop out the information regarding the recent purchases by the customer. All these pieces of data are stored in the CRM database and are available as and when it is needed.

According to this example, CRM system provides a well defined platform for all business units to interact with their clients and fulfill all their needs and demands very effectively and to build long-term relationship.

Wangling this kind of relationship with customers is not easy to manage and it depends on how the systematically and flexibly a CRM system is implemented or integrated. But once it’s accomplished it serves the best way in dealing with customers. In turn customers feels gratitude of self-satisfaction and loyalty which results in better bonding with supplier and hence increasing the business.

A CRM system is not only used to deal with the existing customers but is also useful in acquiring new customers. The process first starts with identifying a customer and maintaining all the corresponding details into the CRM system which is also called an ‘Opportunity of Business’. The Sales and Field representatives then try getting business out of these customers by sophistically following up with them and converting them into a winning deal.

Customer Relationship Management strategies have given a new outlook to all the suppliers and customers to keep the business going under an estimable relationship by fulfilling mutual needs of buying and selling.

What is Customer Relationship ?

In CRM the alphabet ‘R’ means relationship. But there is always an ambiguity to understand the actual meaning of this relationship. This relationship between supplier and customer is not a personal relationship or a one-time transaction relationship; for example buying a refrigerator from a consumer’s outlet would not be called as a relationship.

Relationship between any two parties is actually the interaction or transaction done between the two over-times or consists of a continuous series of synergistic episode of interaction many a times. This relationship only exists when the two parties diverge from a state of autonomy to mutual or interdependent. Occasionally having a cup of tea from a café does not mean that there is a relationship. If the customer returns to the café and orders the same tea again because he likes the environment and taste or the method of making tea, more looks like a relationship.

Relationship with customers can change from time to time because it is evolved under distinguished situations. Following are the stages from where the relationship with customers can evolve-

Exploration- Exploration is the process when customer investigates or tests the supplier’s capabilities and performance or cross verifies the product’s or brand’s usefulness. If the test results fail to satisfy customer’s demands, the relationship can drastically come to an end.
Awareness- Awareness is the process when the customer understands the motivational values of supplier or the products he sells.
Expansion- Expansion is the process when the supplier wins customer’s faith and customer falls under huge interdependence of the supplier. This is time when there are more chances of business with that particular customer and expand business.
Commitment- Commitment is a powerful stage when suppliers learn to adapting business rules and goal to excel.
Dissolution- Dissolution is a stage when customer requirement suddenly changes and he looks for better perspectives. This sudden change is the end of relationship.

Relationship can come to an end due to many reasons like - customer is not satisfied with the services of supplier or customer diverges to other better brands and products. Suppliers can also prefer to break relationships due to customer failing to be a part to increase sales volume or when the suppliers are entangled with fraud cases.

Broadly there can be two distinguished attributes of a developed relationship between supplier and customer:

Trust: Trust means confidence and security in any relationship and can be treated as the biggest investment in building long term relationships. Trust is developed between the two parties when they experience flawless and satisfied motives between each other. As a result of knowing more about each other, all the doubts and risks are minimized and leads to inevitably smooth business. Lack of trust on the other hand weakens the relationship foundation and...

Giving Thanks

A cornucopia of ideas to show your customers you appreciate their business.

Julie B. Davis - Magazine Contributor

This story appears in the November 1996 issue of Startups. Subscribe »

ADVERTISING

Even more importantly, the giving of holiday gifts promotes good customer relations.

Sponsored Content

Branding Your Business for Maximum Exposure

By Staples

Sponsored Content

How These Entrepreneurs Attracted an Army of Loyal Customers

By Staples

Sponsored Content

Keys to Building a Passionate, Engaged Team

By Staples

Buy Bulk Items. Thousands of specialty-merchandise manufacturers have high-quality gifts for sale, such as pens, coffee mugs, drinking glasses, letter openers, calendars and clocks. Such merchandise can often be found at very reasonable prices, because manufacturers may have great quantities they need to sell, says Joi Faustini, owner of Splendor in a Basket, a gift-basket company located in Newport Beach, California.

Tap into Your Creativity. Once you have a number of inexpensive gift items to work with, use some imagination to spruce them up. This can be as simple as inserting a packet of hot chocolate into a company mug and tying a ribbon on the handle, to something as elaborate as employing a clever theme.

Think Thanksgiving. Instead of waiting until Christmas to thank customers, why not give thanks when we all traditionally do so--at Thanksgiving time?...

Customer Relationship Management - What is CRM ?

Idea

All latest updates

Customer relationship management

A way of designing structures and systems so that they are focused on providing consumers with what they want, rather than on what a company wants them to want

Sep 18th 2009 | Online extra

Customer relationship management, commonly known as CRM, is a way of designing structures and systems so that they are focused on providing consumers with what they want, rather than on what a company wants them to want. It usually involves a restructuring of the company's IT systems and a reorganisation of its staff.

CRM is heavily dependent on a technique called data warehousing, a way of integrating disparate information about customers from different parts of the organisation and putting it together in one huge IT “warehouse”. Dale Renner, once the boss of a data-mining business, said that CRM is something that encompasses “identifying, attracting and retaining the most valuable customers to sustain profitable growth”.

This is contrary to the product-oriented way in which most firms grew up, when divisions and business units were built around products and product groups. It was not then unusual for each group to have its own accounts department, its own IT unit and its own marketing team. People who worked for these vertically integrated silos were often competing as much against other silos within the same organisation as against outside rivals in the marketplace. Their loyalty to their silo frequently blinded them to the wider interests of the company as a whole.

CRM is about putting structures and systems in place that cut across the vertical lines of the traditional firm and focus on individual customers. Before it was introduced, customers might be approached by the same firm in several different product guises over a short period. No one bit of the firm would know what any other bit was doing at any particular time.

The phrase “the customer is king” was first coined long before it was true. Only towards the end of the 20th century, when advances in technology and widespread market deregulation put enormous new power into the hands of consumers, did it begin to stop sounding hollow.

Two things in particular brought home to companies the need to take better care of their customers. First, some terrible mistakes were made because of the blinkers imposed by the old product-silo approach. For example, market share was the main goal and yardstick of such structures. Yet when IBM was king of the mainframe computer market, it came to understand just in time that 100% of a market that was rapidly shrinking would soon be 100% of nothing. What its customers really wanted was not mainframe computers as such, but rather the power to process information electronically. Academics have described this different concept of a market as “a market space”. Children's playtime is a market space. A doll is a product.

The second thing that drove companies to focus more closely on their customers was a growing awareness that building up profits by aggregating narrow margins from the sale of individual products might not be the best way of ensuring the long-term health of the organisation. Companies that did this would always be vulnerable either to cherry-pickers or to nimble newcomers that were built on a different cost base, made possible by deregulation or by changing distribution channels.

More companies want to regard their customers as customers for life and not just as the one-off purchasers of a product —it is far less expensive to retain an existing customer than it is to acquire a new one. It then becomes important to measure a customer's lifetime value, and to think about cross-subsidising different periods in their lives. Banks make little or no money out of their student customers, for example, in the hope that they will become more valuable in later years.

This strategy was questioned by Werner Reinartz and V. Kumar, professors at INSEAD, a leading European business school in Fontainebleau, France, in an article in Harvard Business Review. Their research found no relationship between customer loyalty and profits. Not all loyal customers, it seems, are profitable, and not all profitable customers are loyal.

Kotler, P., “Managing Customer Relationships: Lessons from the Leaders”, The Economist Intelligence Unit, 1998

Peppers D. and Rogers, M., “Managing customer relationships: A Strategic Framework”, John Wiley & Sons, 2004

Reinartz, W. and Kumar, V., “The Mismanagement of Customer Loyalty”, Harvard Business Review, July 2002

Silverstein, M. and Butman, J., “Treasure Hunt: Inside the Mind of the New Consumer”, Portfolio, 2006

More management ideas

This article is adapted from “The Economist Guide to Management Ideas and Gurus”, by Tim Hindle (Profile Books; 322 pages; £20). The guide has the low-down on over 100 of the most influential business-management ideas and more than 50 of the world's most influential management thinkers.

What is Customer Relationship ?

Relationship with customers can change from time to time because it is evolved under distinguished situations. Following are the stages from where the relationship with customers can evolve-

Exploration- Exploration is the process when customer investigates or tests the supplier’s capabilities and performance or cross verifies the product’s or brand’s usefulness. If the test results fail to satisfy customer’s demands, the relationship can drastically come to an end.
Awareness- Awareness is the process when the customer understands the motivational values of supplier or the products he sells.
Expansion- Expansion is the process when the supplier wins customer’s faith and customer falls under huge interdependence of the supplier. This is time when there are more chances of business with that particular customer and expand business.
Commitment- Commitment is a powerful stage when suppliers learn to adapting business rules and goal to excel.
Dissolution- Dissolution is a stage when customer requirement suddenly changes and he looks for better perspectives. This sudden change is the end of relationship.

Broadly there can be two distinguished attributes of a developed relationship between supplier and customer:

Trust: Trust means confidence and security in any relationship and can be treated as the biggest investment in building long term relationships. Trust is developed between the two parties when they experience flawless and satisfied motives between each other. As a result of knowing more about each other, all the doubts and risks are minimized and leads to inevitably smooth business. Lack of trust on the other hand weakens the relationship foundation and...

To All of Our Informative-Purposers, …; Supporting-Measurers, …; Interesting-Investigators, Measurable-Staffs, …; Interesting-Incliners, …; Reformative-Producers, …; Conformative-Workers, …:

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Informative-methods, …; would and could ought, …; to keep remaining, …; to support -people, …; and among those -things, …; any of those -ways, …; through and right, …; whence and ought, …; of-quite and much, …; of our focused-, …; and meaningful-times, …; and provisional-instincts, …; and productive-ways, …; to hence much and-or, …; by those -measures, …; of our supporting-times, …; and focused-agendas, …; to that/those -mean (s), …; through and right …. Informative-meanings, …; would and should such, …; to keep informing, …; and proposing to -people, …; of those interesting-, …; and among those -things, …; of-quite and much …. Informative-meanings, …; would and should just, …; to remain and right, …; in all of those -needs, …; whencefortes (s) and such, …; of our informed-, …; and necessitating- and-or, …; focal-examples, …; professional-ways, …; through and much …. The interesting- and-or, meaningful-concepts, to that/those -mean (s), whencefortes (s) and ought, of our focal-ways, and-or modern-means, hencefortes (s) and such, of our right and-or, meaningful-times, and provisional-ways, hencefortes (s) and ought, …; of our measurable-logistics, …; and hencefortes (s) thence, …; to that/those -mean (s), of-quite and such, …. The interesting-supports, …; would and should such, …; to keep informing, …; hencefortes (s) and right, …; to pacify and whence, …; to accept of-quite, …; to continue and ought, …; to focus whence, …; or be of ultimate-justice, …; as far and ought, …; to be impactful else, …; to be contemplative, …; to be informative, …; to be …. The assuring-measures, would and could ought, remain whence, and-or of-quite thus, among those -things, to that/ those -end (s), would and should such, to be of hence, and-or among those -means, to that/those -effort (s), …; would and could quite, to continue of much, hencefortes (s) and right, …; in all of those -times, …; and meaningful-ways, …; hencefortes (s) and quite, …; of much and thence, …; in all of those necessary-, and-or of much, meaningful-needs, …; to continue of right, …; to keep supporting, …; and providing for, …; …; of ultimate-times, …; and professional-means, whencefortes (s) and ought, …; by those -ways, …; to that/those -effort (s), …; of hence and ought, …; of-quite and such, …; whencefortes (s) and right, …. The informative-measures, must and quite, to keep informing, and producing engagement (s), to that/those fact (s), …. Informative-measures, not only must to be, of right justice, …; not only to thence, …. The interesting-supports, and measurable-agendas, would and could forth, whence and else, thence and quite, and among those -things, of our ultimate-times, of our principal-purposes, and professional-needs, to continue of else, to keep supporting, and apportioning measurement (s), …. The interesting-measure (s), …; and professional-ways, …; would and thus forth, …; to keep informing, …; and by those -times, …; to remain and quite, …; of those -times and-or, …; of ourselves and quite, …; focal and whence or, …; informative-measures, …; and conformed-principles, …; and interesting-means, …; through and whence, …; hencefortes (s) and much …. The informed-means, would and should such, to keep influencing, to remain sustaining, …. The measurable-agendas, of our -times thence, …. The focal-perpetuities, …. The interesting-means, through and right, to such much whence, …; and among those -things, hencefortes (s) and ought, …; would and fortes (s), …; to that/those -time (s), …; by those -ways, …; hencefortes (s) and ought, …; in all of our meaningful-, …; and provisional-meanings, …; and supporting-concepts, …; hencefortes (s) and quite, …; of our informed-disciplines, …; through and ought, of our methodological-, …; and informative-times, …; and measurable-information (s), …; and whencefortes (s) and-or, …; among those -things, …; to that/those -mean (s), …; are acceptable and-or, …; provisional-efforts, …; to hencefortes (s) and-or, …; by those -influences, …; through and right, …; of-quite and such, …; to all of our productive-, …; and informative-means, …; to thence -times, and-or of-quite, …; of focal-aspects, …; and measurable-inputs, …; by those -needs, …; to any of those -ways, …; to that/those -extension (s), …; hencefortes (s) and quite, …; of ourselves and much …. Informative-meanings, …. Supporting-purposes, …; would and should thus, …; remain and right, …; among those -things, …; to that/those -time (s), could and quite, …; remain hencefortes (s), …; of much and thus, …; in all of those -ways, …; of right and such, …; of our purposeful-means, …; and productive-times, …; and measurable-agendas, …; and focal-conceptions, … and interesting-needs, …; to continue whence, …; to remain forth, …; to keep impacting, …; to continue of-quite, …; to support -people, …. The interesting- and-or, …; informed-principles, …; influential-mechanisms, …; would and else forth, to quite and much, of-quite and else, …; by those -meanings, of ourselves and thus, …. The interesting- and-or, …; meaningful-principles, …; would and should thus, …; to keep being thus, …; among those -things, …; to that/those -aspect (s), …; of our meaningful-times, …; and productive-influences, …; and meaningful-disciplines, …; and measurable-agendas, … and informed-conformation (s), …; of our conceptual-needs, …. The assuring-meanings, …. The impactful-needs …. Informative-approaches …. Supporting-purposes …. The interesting-awareness, …; of-quite and such, …; whencefortes and quite, …; by those meaningful-, …; and interesting-times, …; and focal-perceptions, …; of our engaging-lives, …; …. The supporting-means, …; through and right, …; to that/those -forth (es/s), …; would and should ought, to keep influencing, to remain steadfasting, …; of-quite and thence, …; by those -ways, …; through and forth, …; of-quite and much, …. Informative-supports, and conceptual-means, …; would and should just, …; to continue of-quite, …; by those -meanings, …; hencefortes (s) and quite, whencefortes (s) and-or, …. Informed-measures, and-or of-quite thence, …. Informed-principles, would and right fortes (s), …. Measurable-awareness, to that/those -mean (s), of-quite and thence, …; of our necessitating-times, …. Informed-purposes, …. The assuring-principles, …. Informed-times, to that/ those -extreme (s), …. Measurable-impacts, …. Informative-meanings, …. Focal-purposes, of-quite and such, …. Informed-supports, …. Measurable-measures, …. Inclined-disciplines, …. Provisional-awareness, …. The interesting- and-or, supporting-purposes, …. Informed-measures, …; to that/those -whence (s), …; to keep installing, …; and by those -times, …; and-or of ought, …; in our even-disciplines, …; to hence such and-or, …; among those -ways, …; of ultimate -times, …; and professional-awareness, …; of our remediable-, …; and inclined-focuses, …; and necessitating- and-or, …; meaningful-ideologies, …; of our engaging-, …; and creative-, …; of-quite and such …. The measurable-influences, …; would and should forth, …; to remain and right …; to keep conceiving, …; and informing else, …; and meaningful-needs, …; to continue of much, …. The assuring-measures, …; and productive-times, …; to that/those -time (s), …; would and should right, …; to keep supporting, …; of-quite and thence, …; of those meaningful-, …; and provisional-times, …; and among those -needs, to conceiving, …; and of-quite else, …; to remain focused, …; of those measurable-, …; and informative-times, …; of-quite and right, …; to -intentions, …; hencefortes (s) and-or, of our even-times, …; of-quite and such, …; whencefortes (s) and ought, …; of our purposeful-agendas, …; and focal-conceptions, …; and interesting- and-or, …; -focuses and such, …; contemplative-agendas, …; interesting-mechanisms, …. The impactful-means, …; to that/those -effort (s), …; would and should such, …; remain and much, …; to keep conceiving, …; to continue henceforth, …; to accept whence or, …; by those -times, …; to influence thence, …; of those meaningful-, …; and professional- whence, …; and conceptual-meanings, …; and productive-conceptions, …; and necessitating-agendas, …; of our modern-times …. The important-measures, would and right forth, …; could of-quite thence, …; to remain of now thence, …; to support -people, to accept thence, …; of-quite and much, …; to influence of whence, …; to continue of -times, to be supporting, and-or of-quite thence, …. The interesting-measures, and professional-aspect (s), …. Informative-supports, and of-quite and ought, to that/those -time (s), would and should such, …. The interesting-aspects, could and ought forth, …. Informative-meanings, …. Supporting-concepts, …. Impactful-measurements, …. Informed-contemplation (s), …. Awaring-times and-or, …; conceptual-importance (s), …; engaging-disciplines, …; meaningful-mindsets, …; provisional-supports, and meaningful-means, would and should such, to keep influencing, and-or of-quite hence, and among those -things, …; to that/those much, of-quite and right, of such -times hence, …. Informed-meanings, …. Proposed-agendas, …. Contemplative-measurement (s) …. Informed-awareness, and-or of-quite, …; focal-disciplines, …. Impactful-ways, …. Supporting-times, …. Elaborate-methods, …. Impactful-provisions, …. Exemplifying- thence, …; informed-measures, …; to that/those -time (s), …; would and could ought, …; to keep supporting, …; and informing -people, …; and by those -needs, …; informed-principles, …. and-or of-quite and right, …; supporting-purposes, …; of-quite and else, …; impactful-agendas, …; to shall and ought, …; of ourselves and thus, …; focal and else such, …; confocal-methods, …; provisional-aspects, …; meaningful-conceptions, …. The assuring-measures, …; and informative-agendas, …; would and much, …; to keep influencing, …; and accepting ought, …; of-quite and much, …; in all of those -ways …. Informed-conceptions, …. Meaningful-times, and-or of much thus, …. Impactful-needs, of-right and whence, …. The interesting- and-or, …. Informative-measures, …. The supporting-aspects, …. Informed-disciplines, …. Necessary-agendas, …. Focal-purposes, …. Methodological-needs, …. Informed-conceptions, …. The impactful-times, …. Focal-measurements, …. Professional-awareness, ….

The interesting- such; contemplative-means; would and could forth, …; to keep influencing, …; and by those -ways, …; and-or of-quite, …; among those -things, hencefortes (s) and-or, …; of our meaningful-, …; and supporting-means, …; and professional-ways, …; through and quite, …; to that/those -extension (s), …; of-quite and ought, …; of ourselves and much …. Informative-measurements, …. The interesting- and-or, supporting-principles, …. Informed-measures, …. Impactful-agendas, …. Conceptual-necessities, …. Of-quite and much, …; to such -means else, …; would and forth, …; to that/those -mean (s), …; could and would ought, …; to keep remaining, …; of-quite and right, …; whencefortes (s) and thus, …; of such -terms and-or, …. Meaningful-conceptions, …. Focal-agendas, …. Interesting-measurements, …. Informed-times, …. Perceptual-ways, to that/those -time (s), must and hence, …. Informed-principles, would and right quite, …. Informed-conceptions, …. Informative-meanings, …. Supporting-purposes, …. Awaring-results, …. The impactful-measures, …. Measurable-agendas, …; conformed-policy (ies), …; alleviating-needs, …; exemplifying-portraits, …. The informed-purposes, …. Inclined-measures, …. Impactful-times, …. Ongoing-processes, …. Conceptual-meanings, …. Installing-figures, …. Productive-affairs, …. Intermediating and-or, of-quite and such, …; among those -means, …; whencefortes and ought, to such -times, …; and by those -means, …; through and right, …; of our measurable-figure (s), …; and productive-necessities, …. The inclined-principles, …. to that/those -forth (es/s), …; would and could much, to keep impacting, and-or of-quite whence, …; to remain and-or, among those -things, …; of those -ways, …; of our perpetual-times, …; and meaningful-tendency (ies), …; and professional-measure (s) …. The informative- hence, supporting-means, would and could quite, to keep influencing, and modernzing thus, of our supposing- and -or, measurable-awareness, with ourselves and quite, …; impactful-supporters, …; productive-impacts, …; conceptual-times, …. The interesting- and-or, …. Informed-supports, …. Measurable-conceptions, examining-needs, …; modern-modes, …; to that ought such, …; would and could thus, …; to keep informing, …; and supporting-times, …. Provisional-necessities, …. Informative-awareness, …. Impactful-principles, …; to that/those much -ought (s), …; could of-quite and-or, …; by those -means, …; would and should such, …; to remediate and-or, to suppor -people, to accept of much, to conform whence, to associate and quite, to keep impacting, …. The measurable-needs, …; of such -terms and-or, …; by those -ways, …; through and right, …; to of fortes (s), …; of-quite and right, …; whencefortes (s) and quite, …; to that/those such -sense (s), …; of ourselves and much …. Informative-measures, would and could forth, to keep influencing, …; to remain supporting, …; to acquire diligently, …; to incline else or, …; to of-quite and much, …; to remain perceptual/perpetual, …; to inclined whence thence, …; needing not much, …; supporting of ought, …; and positing else, …. The inclined-principles, …; would and fortes (s), …; to be among those -things, …; to that/those -mean (s) …; would and should right, of-quite and else, …; of much and ought, …; of that/those -times, meaningful-principles, …; and provisional-awareness, …; resourceful- and ought …; informed-means, …; through and right …. Of ourselves and else, meaningful-people, …; and provisional-ways, …; to that/those -time (s) …. Informative-meanings, …; could and should much, to hencefortes (s), …; by those -ways, …; through and forth, …; of our supporting-times, …. The associating-means, …. Informed-impacts, …. Inclined-conceptions, …. Informative-measures, …. Impactful-awareness, …. Conceptual-focuses, …. Impactful-methods, …. Influential-needs, …. Informed-modalities, …. Necessitating-ideologies, …. Focal-contemplation (s) …. Ongoing-measurements …. Modern-impacts, …. Interesting-aspects, …. Eventual-needs, …. Contemplative-awareness, …. Instinctive-measures, …. Assuring-measurements, …. Contemplative-impacts, …. Meaningful-professions, …. Accomodating-means, …. Procedural-measures, …. Informed-contemplation (s), …. Impactful-necessities, …. Assuring-information (s), …. Elevating-justice, …. Interesting-necessities, …. Ongoing-measurements, …. Contemplative-processes, …. Focal- and Feasible-times, …. Measurable-agendas, …. Impactful-times, …; of-quite and whence, …; by those -means, …; through and thence, …; to such -times, …; would and could ought, …; to have sustained hence, …; among those -things, to all -meanings, hencefortes and right, …; should and forth, to have being, …; of-quite and much …. Informative-measures, would and could quite, to keep focusing, …. The impactful-measurement (s), …. The interesting- else, informative-meanings, …. Instinctive-conceptions, …. Contemplative-affairs, …. Impactful-agendas, …. Exemplifying-conducts, …. Measurable-means, …. Intensive-measures, supporting-modes, …. Awaring-measurments, …. Perpetual-measurements, …. Informed-times, …; of-quite and right, …. The assuring-means, to that/those -mean (s), …. The supporting-focuses, …. Necessitating-justice, …; of-quite and right, …. Meaningful-times, …; of-quite and else, hencefortes (s) and much, …. Of our even-times, …; and provisional-needs, …; to continue and such, …; to keep remodelling, …; to allow vehemently, …; to assure indeed, …; of all -means, …; to produce hence, …; to conceive whence, …; and remain trustful, …; principalizing and-or, …; focusing -agendas and-or, …; contemplating whence, …; accepting reasonable, …; elevating -needs, …; …. The informative-meanings, would and should such, to keep envisaging, …; would and right forte (s), of ought -means, should and right, …; could and ought, …; and among those -ones, …. The interesting- and-or, meaningful-aspects, …. Informational-measures, and-or of-quite and thus, …; supporting-means, …; could and ought forth, …; to hence much and-or, …; could of-quite thence, …; to be of ought, …; to all -purposes, …; of-quite and thence, …; in all of those -ways, …. Supporting-meanings, …; informed-policy (ies), …; meaningful-agendas ….

Interesting-means, …; to that/those -effort (s), …; and of-quite and right, …; in all of those -ways, …; hencefortes (s) and-or, …; among those -things, …; of-quite and right, …; to that/those -mean (s), to such -efforts, …; could and forth ought, …; would and whence, …; hencefortes (s) and right, …; should and thence, …; to keep remaining, …; among those -ways, …; of ourselves and thus, …; meaningful-people, …; and provisional-needs, …; of ourselves and much …. The focal-purposes, …; to that/those -extreme (s), …; would and could right, …; to continue of thus, …; to remain and else, …; to keep supporting, …; and by those -times, …; to accept meaningfully, …; to keep professing, …; and-or of-quite else, …; to create thus, …. Informative-measures, …. Supporting-meanings, …. Whencefortes (s) of-quite, …; to such -means and-or, …. The interesting- and-or, meaningful-purposes, …. Informative-aspects, …. Informed-principles, and supporting-needs, must and ought forth, to keep impacting, and-or of-quite right, producing whence, among those -ways, to that/those -mean (s), of-quite and such, of our even-times, professional-ways, modern-principles, and necessitating-needs; …; focal-purposes, …; of our engaging-measurement (s), …; of-quite and right, …. Informed-disciplines, and meaningful-times, should and ought forth, to keep impacting, and allowing ought, of our measurable-times, whencefortes (s) of ought, of our inclined-means, …. The interesting-times, and-or of-quite such, supporting-meanings, of ought whence, to keep impacting, and-or of-quite else, …. Informative-needs, to such -times, and-or of-quite, to keep supporting, …. The interesting- and-or, meaningful-ways, to such -times, of-quite and whence, of our measurable-agendas, and focal-purposes; and …. Informative-meanings, …. Of-quite and else, …. Conformational-meanings, …. Professional-ways, and informed-disciplines, …. The interesting-measures, of-quite and right, …. Informed-times …. Purposeful-ideas, …. Measurable-influences, …. Exemplifying-purposes, …. The interesting-measures, …. Conceptual-means, …. Impactful-intentions, …. Productive-affairs, …. The informed-modes, …. The intensive-needs, …. to that/those -time (s), …; of-quite and whence, …; to be among those -ways, …; of such -times else, …; meaningful- else, …; purposeful-agendas, …. Interesting-measures, …; would and ought forth, …. The interesting-needs, …. Informed-times, …. and meaningful-times, to shall of-quite and-or, …; to be among those -ways, through and such, …; in all of our even-times, …; and productive-policy (ies), …. The measurable-agendas, focal-measurement (s), …. The interesting-needs …. Assuring-awareness, …. Methodological-intention (s), necessary-impacts, …. Modern-influences, …. Supporting-means, …. Informative-impacts, …. The conceptual-intentions, …. Focal-disciplines, …. Examining- whence, …; conceptual-perpetuities …. The interesting- and-or, …; of-quite and thus, …; whencefortes (s) …. Informative-measures, …; of-quite and thence, …; would and should much, …; to keep supporting, …; of-quite and right, …; to be among those -ways, …; through and thence, …; of ourselves and much …. The interesting- and-or, …; of-quite and thence, …; by those -meanings, …. Hencefortes (s) and thus, among those -means, …. Informative-examples, …. The necessary-principles, …. Informed-times, …. Focal-agendas, …. Instilled-methods, …. Productive-affairs, …. Measurable-times, …. Conceptual-productions, …. Inclined-methods, …. The interesting- whence, …. Contemporary-modes, …. Influential-necessities, …. In all of those -ways, to that/those -time (s), would and could quite, of ourselves and much …. The interesting- and such, contemporary- whence, and-or of-quite thus, …. Measurable-agendas, …. Influential-disciplines …. The interesting- and right, …. Supporting-means, …. Professional-intentions, …. Impactful-assurance (s), …. Conceptual-times, …. Ongoing-measurements …. Elevating-principles, …. The assuring-times, …. The inclined-modalities, …. Examining-means, conceptual-measurements, …; peaceful-needs, …; to that/those -time (s), …; of-quite and right, …. The measurable- and-or, …. The assumptive-means, …; instilling-necessities, …; conceptual-perpetuities, …. Focal-measurements, …; necessitating-agendas, …; influential-times, …; and supporting-measurement (s), …; of-quite and right, …; in all of those -ways, …; of ourselves and such, …; meaningful-people, …. The impactful-methods, …. The examining-modes …. The ongoing-reactions, …. Contemplative-principles, …. The assuring-promises …. Influential-times, …. The interesting- and-or, …. Mechanical-means, …. The eventual-outcomes, …. Contemplative-agendas, …. Measurable-influences, …. The summative-impacts, …. Engendering-principles, …; measurable-ways, necessitating-measures, …; contemporary-times, provisional-purposes, …; needful-outcomes, …; contemplative-awareness, …; measuring-impacts, …; inclined-methods, …. The supporting -times, to quite and thence, to ought of forth, to must and thus, to may whence, in conceptual-meanings, …; of such -needs, …; by those -necessities, …. Informative-measures, …. Awaring-rights/-rites, …; surmounting-efforts, …; ongoing-disciplines, …; examining-contemplations, …; measurable-agendas, …. The interesting- and-or, …; of our productive-, …; and measurable-ways, …. Informative-supports, …; hencefortes (s) and thus, …; measurable-meanings, …. The interesting- and-or, perpetual- and-or, meaningful-times, …; influential-necessities, …; conformed-principles, …; of-quite and thence, …; whencefortes (s) and such, …; of our -times and-or, …; of-quite and else, measurable-needs, …; and meaningful-disciplines, of our conforming, …; and necessary-times, …. The assuring-means, …; informing-perceptions; productive-awareness, …; to that/those -time (s), …; would and could quite, …; to keep informing, …; of-quite and right, …. Informative-meanings, …; conceptual-measures, …. The interesting-methods, …. The necessary-perceptions, …. The assuring-rights/-rites, …. Impactful-times, hencefortes (s), of-quite and thence, …; of those -meanings, …; of ourselves and thus, …; conceptual-means, …; through and forth …. The impactful-methods, …. Contemplative-attempts, …. Measurable-influences, …. The instinctive- and-or, …. The modelling and-or, …; whencefortes (s) and right, …; meaningful-times, …; and provisional-ways, …; through and thence …. Informative-meanings, …; of-quite and ought, …; of those -times hence, …. The meaningful- and-or, …. The instantaneous -means, …. The measurable-influences, …. The assuming-modes, …. The necessary- ….

Informational-Awareness

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Customer relationship management

A way of designing structures and systems so that they are focused on providing consumers with what they want, rather than on what a company wants them to want

Sep 18th 2009 | Online extra

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The phrase “the customer is king” was first coined long before it was true. Only towards the end of the 20th century, when advances in technology and widespread market deregulation put enormous new power into the hands of consumers, did it begin to stop sounding hollow.

Further reading

Kotler, P., “Managing Customer Relationships: Lessons from the Leaders”, The Economist Intelligence Unit, 1998

Peppers D. and Rogers, M., “Managing customer relationships: A Strategic Framework”, John Wiley & Sons, 2004

Reinartz, W. and Kumar, V., “The Mismanagement of Customer Loyalty”, Harvard Business Review, July 2002

Silverstein, M. and Butman, J., “Treasure Hunt: Inside the Mind of the New Consumer”, Portfolio, 2006

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Customer relationship management

A way of designing structures and systems so that they are focused on providing consumers with what they want, rather than on what a company wants them to want

Sep 18th 2009 | Online extra

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Related items

Idea: CultureSep 17th 2009

Idea: Cherry-pickingJul 21st 2008

The phrase “the customer is king” was first coined long before it was true. Only towards the end of the 20th century, when advances in technology and widespread market deregulation put enormous new power into the hands of consumers, did it begin to stop sounding hollow.

Further reading

Kotler, P., “Managing Customer Relationships: Lessons from the Leaders”, The Economist Intelligence Unit, 1998

Peppers D. and Rogers, M., “Managing customer relationships: A Strategic Framework”, John Wiley & Sons, 2004

Reinartz, W. and Kumar, V., “The Mismanagement of Customer Loyalty”, Harvard Business Review, July 2002

Silverstein, M. and Butman, J., “Treasure Hunt: Inside the Mind of the New Consumer”, Portfolio, 2006

More management ideas

This article is adapted from “The Economist Guide to Management Ideas and Gurus”, by Tim Hindle (Profile Books; 322 pages; £20). The guide has the low-down on over 100 of the most influential business-management ideas and more than 50 of the world's most influential management thinkers.

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read more...

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