Owning the customer franchise: The key to success

Abstract

This paper looks at the relationship whereby a customer allows a business to provide him with a service. It assesses the dynamism of the ‘virtual customer relationship’ and shows how the intelligent capture, analysis and management of customer data is the key to building a true knowledge and understanding of customers. Successful customer management then involves a multi-stage process of assembling and analysing dynamic data, using information from all sources to give a multi-faceted picture of an organisation's interactions with its customers. This data can then drive strategies that will lengthen an organisation's relationships with its customers and can increase the sales and term profitability of its business.