Customer Relationship Management = Huge Long Tail Profits?
You’ll often hear that “the money is in the list”, but a more important dimension to look at is the type of relationship you have with your list. It’s not just a quantity (ie numbers) game, the quality (relationship) game is more important.
I have a number of banking accounts and financial trading account. It’s always an interesting exercise to see what happens in September.
I got a package from Citibank, which included the following:
Blue Magnolia’s one of the premiere bakeries in Singapore and to have the bank buy me a cake on my birthday gives an indication of their priority in building a relationsip. I also got a greeting card from one of my stock brokers.
Any word from my Standard Chartered Bank banker? Or the other 6 trading houses where I have an account at?
NADA.
Just make an educated guess where I’ll be doing my banking and stock trading at?
No prizes for correct guesses.
Likewise, in the Internet Marketing world, take a look at your own Internet marketing efforts.
Sure you can blast out a “Seasons Greetings” email round about Thanksgiving and Christmas and New Years, but isn’t that what half of the marketers are already doing? [The other half are presumably holding “festive firesales” or “I need to buy a Power Ranger for my Kid firesale” —kinda pathetic in my opinion…]
What would it mean to send a handwritten greeting card to your high value clients?
What would it do to up your game?
It wouldn’t take more than a stamp and 5 minutes of your time, and it could go lightyears in cementing that relationship.
I’ve seen realtors sell multi-million dollar houses built on a relationship of sending greeting cards over a number of years.
When you think about that, doesn’t that little ounce of customer relationship management yield huge long tail profits?
5 comments on Customer Relationship Management = Huge Long Tail Profits?
2 Pingbacks & Trackbacks on Customer Relationship Management = Huge Long Tail Profits?
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[…] SG Biz Talk – Who is Andrew Wee: Customer Relationship Management = Huge Long Tail Profits? […]
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[…] Customer Relationship Management = Huge Long Tail Profits? Andrew Wee has a couple great examples of how he’s been treated by various financial institutions. Citibank sent Andrew a personalized cake for his birthday. What did the other 6 or 7 banks/trading companies he uses send him? Nothing. It’s so easy to send personalized, quality gifts and “thank yous” to customers, it just takes a bit of creativity and time. And the will. […]
James
September 14, 2007 at 12:28 am (17 years ago)It is amazing how much some companies care about people who work for them while others treat you like dirt.
Imagine what would happen to the cell phone companies or ISP’s.
Lancaster Executive Germany
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