- Research Feature
- Read Time: 24 min
Back when protesters were targeting the company, the Gap realized that it needed to overhaul the way it interacted with its critics. So the company launched a strategy of stakeholder engagement.
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Customer relationship marketing was supposed to be a “new paradigm” that yieldied more loyal customers and more profit for companies. It hasn’t. Researchers from Cranfield School of Management write that the problem is fundamental: “Most senior management teams have an unbalanced approach to managing marketing investments, and this is particularly evident in the case of CRM.” Their suggestion: successful CRM investment begins with new capabilities to improve customer relationships and then backfills the capital investment as needed.
Many think that the way to capture value through relationship marketing is to focus on the “good” customers and get rid of the “bad” ones. But there is more to best practice relationship management than maximizing revenues on individual customers and minimizing costs to serve. This article provides guidelines for companies that want to improve the value of customer relationships. For most companies, the transition to a relationship-based approach will require a significant shift in practice.
Effective social media measurement turns the traditional ROI approach on its head: "managers should begin by considering consumer motivations to use social media and then measure the social media investments customers make as they engage with the marketers’ brands."
A fundamental shift from push to pull is not limited to marketing; it’s occurring in all aspects of business, from human resources to research and development. A new book argues that companies need to adapt to this change.
Strong brands are often seen as an important corporate asset. But what happens when user communities—connected by the Internet—start to create their own brands? That question was explored in an intriguing August 2008 working paper, “Costless Creation of Strong Brands by User Communities: Implications for Producer-Owned Brands.” The paper suggests that companies with traditional brands would be wise to pay attention to this emerging arena.
Companies now have unprecedented access to data and sophisticated technology that can inform decisions as never before. How successful are they at helping forecast what customers want to watch, listen to and buy?
The discipline of marketing hasn’t kept up with the rapid changes facing 21st-century businesses. New scholarship doesn’t have enough management relevance, and practicing marketers are too often forsaking rigor. Here are seven strategies that can make marketing both relevant and rigorous in today’s world.
By unpacking the idea of a good or bad reputation into a profile of what the media says about their company, executives and public relations managers can understand and then influence their corporate reputation — and with it, their company’s real performance.
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