Unlock the Mysteries of Your Customer Relationships

Despite the $11 billion spent on CRM software annually, many consumer companies don�t understand customer relationships at all. They aren�t aware of the variety of relationship types and don�t understand what kind their customers want. Through research in a wide variety of consumer industries, the authors have identified 29 types of relationships. For example, some customers want to be best friends with a brand; others are looking for a passionate fling; still others find themselves as ex-friends and would welcome a closer bond. To understand the current portfolio of relationships, companies must pick up on signals from multiple sources. Companies can then build a strategic mix of connections by bolstering desired relationships and shifting customers to more-valuable types. There are many issues to consider: For example, some relationship types are more profitable than others. No actions will bear fruit unless a relationship orientation pervades not just the marketing function but every aspect of the company that touches customers or affects interactions with them. Customers don�t just represent the next upsell or cross-sell opportunity; they are individuals looking for a certain kind of interaction. Companies need to respond accordingly.